IBERIAN DAILY 25 AUGUST (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: FCC.Market still in standby
The global drop in business activity and the poor macro data continued to dim future economic prospects; however, the main European indices were able to avoid losses yesterday (except the IBEX). By sectors, in the Euro STOXX, Consumer Goods and Household Goods were the best performers, with Energy and Basic Materials the biggest losers. On the macro side, in the US, July’s durable goods orders were worse than expected, with pending home sales slightly beating expectations (although falling for the sixth straight month). In China, the State Council bolstered its economic stimulus with a US$ 146 Bn package through 19 policies including infrastructure spending, added to the US$ 300 Bn already announced in June.
What we expect for today
European stock markets would open with a bullish slant, boosted by the gains in Asia and the new support measures from the Govt. awaiting Powell’s speech at Jackson Hole. Currently, S&P futures are up +0.30% (the S&P 500 ended up +0.16% vs. the European closing bell). Volatility in the US fell slightly (VIX 22.82%). Asian markets are rising (China’s CSI 300 +0.26% and Japan’s Nikkei +0.74%).
Today in the US we will learn unemployment claims and the second reading of the 2Q’22 GDP and in Germany August’s IFO. In debt auctions: Italy (€ 2.5 Bn in bonds due 2024).
Fomento de Construcciones y Contratas is the parent company of a group engaged in sanitation services, cleaning, maintaining, purification and distribution of water, construction of highways, hydraulic works, marine works, air and rail transport infrastructure, urban developments, housing, non-residential buildings, office buildings, toll highways, parking garages, marinas and water treatment plants. Co. is also engaged in the manufacture and sale of cement and cement infrastructures, such as precast concrete elements; and in the financial markets, and real estate development, leasing and tourism.
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