IBERIAN DAILY 14 AUGUST (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ENAGAS.Last week was marked by doubts
The doubts surrounding the pattern to be decided by the Fed after inflation prospects that remain high dragged down stock market once more. Last week, in the Euro STOXX, Insurance and Energy were the best-performing sectors, while cyclicals industries such as Automobiles and Basic Resources saw the biggest drops. On the macro side, in the UK, the 2Q’23 GDP beat expectations at 0.4% YoY, as well as June’s industrial output, which came in above expectations. In Spain, July’s final inflation confirmed the preliminary data of 2.3%, whereas the core data climbed to 6.2%. As for the ECB, the economists panel expects a 25bps rise in September regardless of the lower inflationary pressures. In Brazil, July’s inflation rose slightly more than expected. In the US, July’s final production prices climbed more than expected due to services, whereas the preliminary confidence index of the University of Michigan moderated slightly less than expected. In China, Country Garde hit new lows after the company suspended the trading of several onshore bonds on Monday. The pressure in the real estate sector is having a contagion effect on shadow banking, with several high yield products linked to Zhongzhi Enterprise Group failing to meet the payment commitments last week.
What we expect for today
European stock markets would see a bearish opening, hit by the credit risk in the Chinese real estate and financial sectors. Currently, S&P futures are down -0.18% (the S&P 500 was down -0.1% vs. the European closing bell). Volatility in the US dropped (VIX 14.84). Asian stock markets are falling (China’s CSI 300 -1.12%, Japan’s Nikkei -1.26%).
Today no relevant data will be released.
Enagas is a gas transportation company based in Spain. Co. is engaged in the technical distribution and storage of gas through pipelines as well as the provision of regasification services. Co. and subsidiaries are engaged in the ownership, administration, storage, pipeline transportation, distribution flow, and sale of natural gas. As a transport company, Co. also provides gas and manages the gas infrastructures.
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