EUR 100.00 For Business Accounts Only

IBERIAN DAILY 08 AUGUST (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: ENAGÁS.

Stock markets near highs
It was a positive session for European stock markets, which climbed >1.3% despite the implementation of tariffs. Even though it lagged behind Europe, the Ibex hit new highs. Thus, in the STOXX 600 all sectors except Energy, Telecom and Utilities ended with gain, led by Travel&Leisure and Chemicals. On the macro side, in the UK, as expected, the BoE cut rates by 25bps to 4.0% although with a tight vote (5 votes in favour vs. 4). In Germany, June’s industrial output fell more than expected to Covid-19 levels. From the ECB, the minutes showed that inflation has lowered households pressure, with wages growing slower and reiterating that the upcoming decisions will be data dependant. In the US, weekly jobless claims rose more than expected. In Mexico, July’s inflation moderated in line with expectations. In Japan, household spending dropped more than expected. D. Trump’s deadline to raise sanctions to Russia if the latter does not cease its attacks to Ukraine ends today. In US business results, Warner Bross Motorola and Ralph Lauren beat expectations, Gilead was in line.
What we expect for today
European stock markets would open with slight gains, possibly ending every session of the week higher. Currently, S&P futures are up +0.15% (the S&P 500 ended unchanged vs. the European closing bell). Asian markets are mixed (China’s CSI 300 -0.10% and Japan’s Nikkei +1.90%).
Today no relevant macroeconomic data will be released today.