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IBERIAN DAILY 24 SEPTEMBER (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: AENA, BANKING SECTOR, ENAGÁS, FERROVIAL, GRIFOLS, NATURGY.

MARKETS YESTERDAY AND TODAY

The market assimilates that the Fed will soon begin tapering
European stock markets rose after the Fed hinted at a possible announcement of the start of tapering towards the end of the year. In the Euro STOXX, except Media and Travel & Leisure (which closed with slight drops), the rest of the sectors showed gains, with Banks and Technology standing out. On the macro side, in the euro zone August’s manufacturing and services PMIs fell more than expected, hit partly by the supply problems, and although they continue to suggest solid growth, the consensus could cut its GDP forecasts. In Spain, the final 2Q’21 GDP worsened slightly compared to the preliminary data, standing at 17.5% YoY vs. 19.8% previously. In Japan, there were no surprises in August’s inflation data (0.0% YoY vs. 0.2% previously in the case of general inflation and -0.8% vs. -0.9% in core inflation), whereas the manufacturing PMI contracted more than expected in September and the Services PMI increased, but still stands below 50. In China, according to the WSJ, the Govt. would have warned local governments that they should prepare for a possible storm due to the Evergrande case, where there continues to be uncertainty regarding the payment of interests on offshore bonds.
What we expect for today
The European stock markets would open with slight drops, with some cyclical stocks in the spotlight due to the slowdown in macro data and Evergrande doubts. Currently, S&P futures are down -0.1% (the S&P 500 ended virtually flat vs. its price at the closing bell in Europe). Volatility in the US dropped (VIX 18.63). Asian markets are rising (China’s CSI +0.4% and Japan’s Nikkei +2%).
Today in Germany we will learn September’s IFO and in the US August’s new home sales. In debt auctions: Italy (€ 3.5 Bn in bonds due 2024 and I/L due 2030).