EUR 100.00 For Business Accounts Only

IBERIAN DAILY 28 JUNE (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: GRIFOLS, INDRA, OHLA, REDEIA.


The Ibex falls below 11,000 points
With the exception of the DAX that rose in the end, in the euro zone the old (Spain, Italy) an new (France) peripheral countries fell >-0.7%. Thus, in the STOXX 600 Real Estate and Media saw the biggest gains vs. Retail and Automobiles that were the worst performers. On the macro side, in the euro zone, July’s economic confidence index fell unexpectedly. In the US, the final 1Q’24 GDP was raised slightly to 1.4% Q/Qa, as well as the core consumption deflator. May’s durable goods orders rose more than expected although the drop in the core segment was disappointing and May’s pending home sales fell more than expected. As for the debate, D. Trump’s position was reinforced vs. a doubtful J. Biden that led part of his own team and donors to bet on a change of candidate. In Mexico, as expected, the Central Bank kept the benchmark rate unchanged at 11.0% and even though it expects the disinflation process to continue it see upward risks, suggesting limited rate cuts in 2024 . In Japan, June’s Tokyo inflation speeded up more than expected and May’s industrial output rose more than expected.
What we expect for today
Stock markets would open with slight gains ahead of the French elections. Currently, S&P futures are up +0.26% (the S&P 500 ended flat vs. the European closing bell). Asian stock markets are climbing (China’s CSI 300 +0.67%, Japan’s Nikkei +0.40%).
Today in Spain we will learn June’s inflation, in Germany May’s retail sales and June’s number of unemployed, in the US May’s personal outlays and core consumption deflator, June’s services PMI and existing home sales.