IBERIAN DAILY 31 AUGUST (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ENAGÁS.Inflation continues to hit markets
European stock markets ended the session weaker than they began, dragged down by the negative opening in the US. The IBEX, which held on to gains during most of the day, was unable to rise back above 8,000 points. In the Euro STOXX, Banks (underpinned by rate hikes) and Autos were the best performers, with Energy and Technology bringing up the rear. On the macro side, in the euro zone August’s economic confidence index fell more than expected. In Spain, August’s inflation fell slightly to 10.4% YoY, stringing together 3 straight months above +10%, and July’s retail sales fell sharply. In Germany, August’s inflation rose to 7.9% YoY, its highest level in almost 50 years. In China, August’s PMIs beat expectations slightly, although the manufacturing component remains below the expansion zone due to the worst heat waves in decades and to Covid. In Japan, July’s industrial output recovered more than expected, although it remains in negative territory. In Russia, today the NS1 maintenance will begin, which in principle will halt supply until Friday, and Germany appears willing to cap gas prices.
What we expect for today
European stock markets would open with gains after the drops over the past 2 weeks. Currently, S&P futures are up +0.7% (the S&P 500 ended down -0.16% vs. the European closing bell). Volatility in the US was unchanged (VIX 21.26). Asian markets are falling (China’s CSI 300 -0.45% and Japan’s Nikkei -0.5%).
Today in the euro zone we will learn August’s inflation and in Germany the number of unemployed.
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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