EUR 100.00 For Business Accounts Only

IBERIAN DAILY 26 SEPTEMBER (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: ECOENER, GREENING, GRIFOLS, TELEFÓNICA.

Optimism wanes
It was a negative session on European stock markets after the gains from the past few days that had brought the IBEX above 11,800 points and a high since 2015. In the STOXX 600, the best-performing sectors were Consumer Goods and Household Goods, with Energy and Autos suffering the biggest losses. On the macro side, in the US, new home sales fell less than expected. The Congress approved a measure to a avoid the shutdown until the 20th of December. Separately, there are growing concerns of a strike that could begin on 01 October in east-coast ports. In China, the Politburo pledged to take the counter-cyclical monetary or fiscal measures that may be necessary to meet the growth target. In this regard, a capital injection to the 6 large banks worth US$ 142 Bn would be being considered, which could be a fiscal stimulus option and the government will also distribute a single money amount to extreme poverty households.
What we expect for today
Stock markets would open with gains of around +1.0%, with cyclical stocks and those with exposure to China performing better. Currently, S&P futures are up +0.43% (the S&P 500 ended -0.12% lower vs. the European closing bell). Asian markets are rising (China’s CSI +1.7% and Japan’s Nikkei +2.38%).
Today in the euro zone we will learn August’s M3, in Spain August’s retail sales and in the US the final 2Q’24 GDP, durable goods orders and August’s pending home sales.