Report
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For Business Accounts Only
MARKETS YESTERDAY AND TODAY
The (technical) rally on stock markets continues
European markets opened with gains that grew throughout the session. In the Euro Stoxx, cyclical sectors (harder hit in the pat sessions) led gains, especially Basic Materials, with Pharma also standing out (Bayer climbed on the possible sale of its animal health business). Telecommunications, Utilities and Real Estate ended almost flat. In Italy, as expected, the vice-president, M. Salvini, considers that the government coalition with M5E is broken and calls for elections as soon as possible (probably in Sept/Oct). On the macro side, in Spain, June’s industrial production grew more than expected. In the US, June’s sales and wholesale inventories came in slightly worse than expected. In Mexico, July’s inflation was in line with expectations. In Japan, the 2Q’19 GDP slowed down less than expected. In China, July’s inflation remained in line with expectations. In US business results, Viacom and News Corp came in better than expected, CBS in line.
What we expect for today
We expect European markets to open with mixed results. Currently, the S&P futures are down -0.4% (the S&P 500 was +0.5% higher vs. its price at the closing bell in Europe). Volatility in the US fell (VIX 16.9%). Asian markets are trading with mixed results (Hong Kong flat and Japan +0.6%).
Today in the US we will learn July’s industrial production prices and in the UK and Mexico June’s industrial output. In debt auctions, Italy will issue € 6.5 Bn in 12M t-bills. As for US business results, no earnings will be released today.
IBERIAN DAILY 09 AUGUST (ANÃLISIS BANCO SABADELL)
NEWS SUMMARY: CAF, IAG.MARKETS YESTERDAY AND TODAY
The (technical) rally on stock markets continues
European markets opened with gains that grew throughout the session. In the Euro Stoxx, cyclical sectors (harder hit in the pat sessions) led gains, especially Basic Materials, with Pharma also standing out (Bayer climbed on the possible sale of its animal health business). Telecommunications, Utilities and Real Estate ended almost flat. In Italy, as expected, the vice-president, M. Salvini, considers that the government coalition with M5E is broken and calls for elections as soon as possible (probably in Sept/Oct). On the macro side, in Spain, June’s industrial production grew more than expected. In the US, June’s sales and wholesale inventories came in slightly worse than expected. In Mexico, July’s inflation was in line with expectations. In Japan, the 2Q’19 GDP slowed down less than expected. In China, July’s inflation remained in line with expectations. In US business results, Viacom and News Corp came in better than expected, CBS in line.
What we expect for today
We expect European markets to open with mixed results. Currently, the S&P futures are down -0.4% (the S&P 500 was +0.5% higher vs. its price at the closing bell in Europe). Volatility in the US fell (VIX 16.9%). Asian markets are trading with mixed results (Hong Kong flat and Japan +0.6%).
Today in the US we will learn July’s industrial production prices and in the UK and Mexico June’s industrial output. In debt auctions, Italy will issue € 6.5 Bn in 12M t-bills. As for US business results, no earnings will be released today.
Underlyings
Construcciones Y Auxiliar De Ferrocarriles, S.A.
International Consolidated Airlines Group SA
International Airlines Group is an international scheduled airline and global premium airlines. Co.'s principal place of business is London with significant presence at Heathrow, Gatwick and London City airports.
Provider
Sabadell
Research Department
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