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The Ibex exceeds the 11,000-point level, opening the door to further rises
It was a session of gains on both sides of the Atlantic, positive for cyclical and value stocks, with the Ibex standing out among the best-performing indices. In the STOXX 600, Basic Resources and Retail led the gains, whereas Technology and Food saw the lowest rises. On the macro side, no relevant macro references were released but this morning China, as expected, kept 1 & 5-year loan rates at 3.35% and 3.855%, respectively. On the political front, in the US K. Harris will propose an increase in corporate tax to 28% whereas D. Trump would eliminate the US$ 7,500 subsidy to acquire electric cars. In US 2Q’24 business results, Estee Lauder and Palo Alto beat expectations.
What we expect for today
Stock markets would open with slight gains but with the oil sector still hit by the drop in Brent crude. Currently, S&P futures are flat (the S&P 500 ended up +0.5% vs. the European closing bell). Volatility on the S&P 500 (VIX) fell to 14.6. Asian markets are mixed (CSI -0.9% and Nikkei +2.2%).
Today we will learn July’s final inflation in the euro zone. In US business results, Lowe and Medtronic will release their 2Q’24 earnings.
IBERIAN DAILY 20 AUGUST (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: FLUIDRA.The Ibex exceeds the 11,000-point level, opening the door to further rises
It was a session of gains on both sides of the Atlantic, positive for cyclical and value stocks, with the Ibex standing out among the best-performing indices. In the STOXX 600, Basic Resources and Retail led the gains, whereas Technology and Food saw the lowest rises. On the macro side, no relevant macro references were released but this morning China, as expected, kept 1 & 5-year loan rates at 3.35% and 3.855%, respectively. On the political front, in the US K. Harris will propose an increase in corporate tax to 28% whereas D. Trump would eliminate the US$ 7,500 subsidy to acquire electric cars. In US 2Q’24 business results, Estee Lauder and Palo Alto beat expectations.
What we expect for today
Stock markets would open with slight gains but with the oil sector still hit by the drop in Brent crude. Currently, S&P futures are flat (the S&P 500 ended up +0.5% vs. the European closing bell). Volatility on the S&P 500 (VIX) fell to 14.6. Asian markets are mixed (CSI -0.9% and Nikkei +2.2%).
Today we will learn July’s final inflation in the euro zone. In US business results, Lowe and Medtronic will release their 2Q’24 earnings.
Underlying
Fluidra S.A.
Fluidra is engaged in the manufacture and commercialization of accessories and specific products for swimming pools, irrigation, and water treatment and purification systems.
Provider
Sabadell
Research Department
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