EUR 100.00 For Business Accounts Only

IBERIAN DAILY 29 MAY (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: CAIXABANK, GRIFOLS, NH HOTELES.

Last week was marked by the US debt ceiling
European stock exchanges saw an increasing performance last week that ended with drops, whereas the US managed to close in positive territory thanks to the progress made in t the negotiations to raise the debt ceiling and the momentum of technology groups linked to AI. Thus, in the Euro STOXX, the only sector that managed to end last week in positive territory was Technology vs. the big drops of Financial Services and Consumer Goods. From the ECB, Knot was in favour of additional 25bps rise in each of the meetings to be held in June and July, not seeing rate cuts in 2024. In Spain, the Popular Party (PP) won the regional elections (recovering at least 6 out of the 10 PSOE regions and it will rule on its own in Madrid) and the municipal elections (winning most of the most relevant towns). On the macro side, in the US durable goods orders and April’s personal spending climbed more than expected, as well as the personal income deflator. Lastly, the Democrats and the Republicans reached an agreement on the debt ceiling that will be discussed next Wednesday at the Congress. In Turkey, T. Erdogan won the election and will be again the country’s president.
What we expect for today
European stock markets would open with gains of around +0.2%. Currently, S&P futures are up +0.26% (the S&P 500 ended +0.22% higher vs. the European closing bell). Volatility in the US fell (VIX 17.91). Asian stock markets are mixed (China’s CSI 300 -0.37%, Japan’s Nikkei +1.15%).
Today no relevant macroeconomic data will be released.