IBERIAN DAILY 19 SEPTEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: CAF, ECOENER, NATURGY, TALGO.Doubts on growth weight on stock markets
With markets almost already taking for granted an imminent recession, last week ended with drops in the main indices, dragged down by the surprise in the US inflation data that opens the door to a rise of as much as +100bps by the Fed. Thus, within the Euro STOXX, Banks and Retail were the best performers last week, whereas Technology and Industrials saw the biggest losses after the rise in debt bonds. On the macro side, in the euro zone, J. Nagel and Lane (ECB chief economist) warned they will continue to raise interest rates and C. Lagarde outlined that the priority at the moment is inflation vs. growth. In the US, the University of Michigan consumer confidence for September dropped slightly less than expected, whereas the 1Y and 5Yinflation expectations of the confidence indicator moderated slightly more than expected to 12-month lows. In China, sanctions will be imposed on US directives due to the sale of weapons to Taiwan, which led to the depreciation of the Yuan to lows from the past 26 months.
What we expect for today
European stock markets would open with a bullish and cautious slant, awaiting the Fed decision to be announced next Wednesday. Currently, S&P futures are down -0.2% (the S&P 500 ended +0.37% last Friday vs. the European closing bell). Volatility in the US rose (VIX 26.30). Asian markets are climbing (China’s CSI 300 +0.14% and Japan’s Nikkei is closed).
Today in the US we will learn September’s NAHB confidence in the real estate sector. As for auctions, Germany will issue € 3 Bn in 12M T-bills.
Talgo is engaged in designing, manufacturing, repairing and maintaining the railway rolling stock, as well as the manufacturing, assembling, repairing and maintaining the engines, machinery and parts of the railway systems. Co. has an industrial presence in seven countries: Spain, Germany, Kazakhstan, Uzbekistan, Russia, Saudi Arabia and U.S.A. Co. has an active fleet in Europe, Asia and North America that comprises of 94 high-speed trains and more than 1,400 Talgo tilting passenger cars. Also, Co. purchases, redesigns, constructs, leases and sells all types of real estate.
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