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Fearing the Fed
While debt yields continued to rise (inversion of the intraday 2/10Y slope in the US), European stock markets closed with losses of around -1.0% with all eyes on the Fed meeting today, where the organisation could show a more aggressive tone and announce +75bps rate hikes following the poor inflation data from May. Thus, in the Euro STOXX most sectors ended with losses, led by Food and Construction, with Banks and Energy being the best relative performers. On the macro side, in Germany the ZEW expectations index for June recovered less than expected, although on the whole it suggests a slight rise in the IFO. As for the ECB, although I. Schnabel did not make any explicit announcements, he warned that a fragmentation in the euro zone will not be allowed and that the ECB will hold a meeting today to discuss the market situation. On another note, Freeport’s LNG terminal in the US announced it will cease operations for 3 months whereas Russia made public a reduction in gas supply through Nord Stream 1 gas pipeline. In the UK, April’s unemployment rate rose unexpectedly, whereas salary gains slowed more than expected. In China, May’s industrial output grew more than expected whereas retail sales slowed down less than expected.
What we expect for today
European stock markets would open flat with a slight bullish slant following the solid macro data in China and the ECB’s warnings that it will not allow fragmentation in the euro zone. Currently, S&P futures are up +0.1% (the S&P 500 ended down -0.37% vs. the European closing bell). Volatility in the US fell (VIX 32.69). Asian markets are mixed (China’s CSI 300 +2.97% and Japan’s Nikkei -1.04%).
Today in the US the Fed will meet and we will learn May’s retail sales, the Empire index and June’s NAHB index and in Brazil the Selic interest rates meeting. In debt auctions: Spain (€ 5 Bn in bonds due 2027, 2030, 2037) and France (€ 13 Bn in bonds due 2025, 2028, 2029 and I/L due 2027, 2036, 2040).
IBERIAN DAILY 15 JUNE (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ELECTRICITY SECTOR, GRIFOLS.Fearing the Fed
While debt yields continued to rise (inversion of the intraday 2/10Y slope in the US), European stock markets closed with losses of around -1.0% with all eyes on the Fed meeting today, where the organisation could show a more aggressive tone and announce +75bps rate hikes following the poor inflation data from May. Thus, in the Euro STOXX most sectors ended with losses, led by Food and Construction, with Banks and Energy being the best relative performers. On the macro side, in Germany the ZEW expectations index for June recovered less than expected, although on the whole it suggests a slight rise in the IFO. As for the ECB, although I. Schnabel did not make any explicit announcements, he warned that a fragmentation in the euro zone will not be allowed and that the ECB will hold a meeting today to discuss the market situation. On another note, Freeport’s LNG terminal in the US announced it will cease operations for 3 months whereas Russia made public a reduction in gas supply through Nord Stream 1 gas pipeline. In the UK, April’s unemployment rate rose unexpectedly, whereas salary gains slowed more than expected. In China, May’s industrial output grew more than expected whereas retail sales slowed down less than expected.
What we expect for today
European stock markets would open flat with a slight bullish slant following the solid macro data in China and the ECB’s warnings that it will not allow fragmentation in the euro zone. Currently, S&P futures are up +0.1% (the S&P 500 ended down -0.37% vs. the European closing bell). Volatility in the US fell (VIX 32.69). Asian markets are mixed (China’s CSI 300 +2.97% and Japan’s Nikkei -1.04%).
Today in the US the Fed will meet and we will learn May’s retail sales, the Empire index and June’s NAHB index and in Brazil the Selic interest rates meeting. In debt auctions: Spain (€ 5 Bn in bonds due 2027, 2030, 2037) and France (€ 13 Bn in bonds due 2025, 2028, 2029 and I/L due 2027, 2036, 2040).
Underlying
Grifols (GRF SM)
Provider
Sabadell
Research Department
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