EUR 100.00 For Business Accounts Only

IBERIAN DAILY 23 SEPTEMBER (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: CELLNEX, GRIFOLS, NATURGY, SOLARIA.

Wave of rate hikes to bring inflation under control
It was yet another session of losses on the European stock markets, dragged down by the Fed’s hawkish tone following the 75bps hike and the increased tension in Ukraine. Half a dozen central banks followed in the Fed’s and the BoE’s steps (the latter raised rates by 50bps as expected), from Indonesia to Norway or Switzerland, which in the end raised rates by 75bps, with all the CBs leaving the door open to further rate hikes. Thus, within the Euro STOXX, only Banks and Food managed to end in the black, vs. the drops in Real Estate and Technology. On the macro side, in the Euro zone, the ECB’s minutes added nothing new, insisting on a monetary policy dependent on how inflation develops. Moreover, I. Schabel announced the need to raise rates further at upcoming meetings. Separately, consumer confidence fell to May’09 lows. In the US, weekly jobless claims increased less than expected. On the geopolitical front, the EU is analysing the possibility of capping Russian crude oil prices at its next package of sanctions to Russia.
What we expect for today
The European stock markets would see a slightly bullish opening following yesterday’s sell-offs. Currently, S&P futures are down -0.1% (the S&P 500 ended -0.1% lower yesterday vs. the European closing bell). Volatility in the US dropped (VIX 27.35). Asian markets are sliding (China’s CSI 300 -0.4% and Japan’s Nikkei closed).
Today we will learn in the Euro zone and the US, September’s PMIs and in Spain the final 2Q’22 GDP.