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Stock markets welcome the possible truce between Iran and Israel, as opposed to crude oil
The strikes on Iran nuclear sites had a limited impact on European stock markets, which ended with drops below -0.5%. US indices saw greater gains and crude oil fell sharply after Iran’s failed missile attack to the US base in Qatar, followed by a 12-hour truce between Iran and Israel announced by D. Trump. In the STOXX 600, Utilities and Technology were the best performers whereas Banks and Insurance ended with the biggest drops. On the macro side, in the euro zone, June’s preliminary PMI remained at the previous level (worse) whereas the preliminary services PMI rose in line with expectations, returning to 50 points thanks to Germany that saw a greater-than-expected recovery as opposed to France. In Spain, M. Rutte corrected P. Sánchez, warning that the country will have to spend 3.5% of GDP in defence vs. 2.1% proposed by the latter. In the US, May’s existing home sales rose unexpectedly and PMI climbed in June more than expected. On the geopolitical front, D. Trump demanded to keep crude oil prices down after Iran threatened to close Strait of Hormuz traffic.
What we expect for today
European stock markets would open with gains of more than +1.0%, with a strong penalisation of energy companies and with recovery in Travel & Leisure and cyclical consumption in general. Currently, S&P futures are up +0.6% (the S&P 500 ended +1.3% higher vs. the European closing bell). Asian markets are climbing (China’s CSI +1.2% and Japan’s Nikkei +1.2%).
Today in Germany we will learn June’s IFO index and in the US April’s home prices and June’s Conference Board consumer confidence.
IBERIAN DAILY 24 JUNE (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: GRIFOLS.Stock markets welcome the possible truce between Iran and Israel, as opposed to crude oil
The strikes on Iran nuclear sites had a limited impact on European stock markets, which ended with drops below -0.5%. US indices saw greater gains and crude oil fell sharply after Iran’s failed missile attack to the US base in Qatar, followed by a 12-hour truce between Iran and Israel announced by D. Trump. In the STOXX 600, Utilities and Technology were the best performers whereas Banks and Insurance ended with the biggest drops. On the macro side, in the euro zone, June’s preliminary PMI remained at the previous level (worse) whereas the preliminary services PMI rose in line with expectations, returning to 50 points thanks to Germany that saw a greater-than-expected recovery as opposed to France. In Spain, M. Rutte corrected P. Sánchez, warning that the country will have to spend 3.5% of GDP in defence vs. 2.1% proposed by the latter. In the US, May’s existing home sales rose unexpectedly and PMI climbed in June more than expected. On the geopolitical front, D. Trump demanded to keep crude oil prices down after Iran threatened to close Strait of Hormuz traffic.
What we expect for today
European stock markets would open with gains of more than +1.0%, with a strong penalisation of energy companies and with recovery in Travel & Leisure and cyclical consumption in general. Currently, S&P futures are up +0.6% (the S&P 500 ended +1.3% higher vs. the European closing bell). Asian markets are climbing (China’s CSI +1.2% and Japan’s Nikkei +1.2%).
Today in Germany we will learn June’s IFO index and in the US April’s home prices and June’s Conference Board consumer confidence.
Underlying
Grifols (GRF SM)
Provider
Sabadell
Research Department
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