EUR 100.00 For Business Accounts Only

IBERIAN DAILY 06 SEPTEMBER (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: ENCE, PUIG BRANDS.

All eyes on the US job market
European stock markets saw slight corrections, with the market dynamics remaining practically unchanged. Thus, the STOXX 600 saw significant dispersion, with Utilities and Real Estate being the best-performing sectors whereas Consumer Goods (the luxury segment remains highly punished by China) and Pharma posted the biggest drops. On the macro side, in the euro zone, retail sales rose in line with expectations. In France, E. Macron appointed the former Minister and Commissionaire M. Barnier (conservative profile) as France’s Prime Minister to overcome the political standstill. In the US, weekly jobless claims moderated more than expected although August’s ADP private employment survey was disappointing, showing the lowest job creation in the past 3.5 years. However, August’s non-manufacturing ISM climbed again unexpectedly. From the Fed, M. Daly considers it necessary to cut rates to fuel the job market. On another note, the Trade Department released new controls on advanced technology and quantum computing. In Japan, July’s household spending slowed down more than expected. OPEC+ reached an agreement in the end to postpone for 2 months the oil increase expected starting in October.
What we expect for today
Stock markets would see a bearish opening, awaiting the US job data where job creation below 100,000 could lead to strong corrections. Currently, S&P futures are down -0.12% (the S&P 500 ended +0.35% higher vs. the European closing bell). Asian markets are sliding (China’s CSI -0.24% and Japan’s Nikkei -0.62%).
Today in Germany we will learn July’s industrial output, in the euro zone the final 2Q’24 GDP and job creation and in the US August’s job creation, unemployment rate and wage gains.