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MARKETS YESTERDAY AND TODAY
Volatility reigns
European markets paralleled bond performance, showing erratic behavior over the entire session, and although the main European indices were down by close to -1.0% at one point, they closed largely unchanged. In the Euro Stoxx, the more cyclical sectors such as Autos and Travel & Leisure recorded the biggest losses, whereas defensive sectors like Utilities and Telecoms led the slight gains. On the macro side, in the US there were mixed data releases, with positive surprises coming in July’s retail sales (beating expectations), August’s Empire index (which remained at July’s levels) and the Philadelphia Fed index for August (falling less than expected). Industrial output fell unexpectedly in July, and all signs point toward an annual contraction in the coming months. Lastly, construction sector confidence rose slightly more than expected in August. In the UK, retail sales rose more than expected, boosted by online sales. In the euro zone, Olli Rehn (Bank of Finland) spoke in favour of exceeding market expectations with September’s monetary stimuli. Thus, he warned that the ECB could consider purchasing equity assets in addition to modifying the debt purchase limits of 33% in each issuance. In this regard, the WTO warned that it expects a contraction in global trade in 3Q’19, something that had been anticipated by many leading indicators. In Mexico, the Central Bank unexpectedly cut the reference rate by -25bps to 8.0% for the first time in 5 years. In China, the Govt. announced that it will retaliate against the new tariffs imposed by Trump, but the door remains open to negotiations with the US. In US business results, Walmart and Nvidia beat expectations.
What we expect for today
The markets are rising +0.5% following Rehn’s comments yesterday. Currently, S&P futures are up +0.6% (the S&P 500 closed +0.1% above its price at the closing bell in Europe). Volatility in the US fell slightly (VIX 19.1%). Asian markets are trading with mixed results (Japan flat and Hong Kong +0.8%).
Today in the US we will learn July’s housing starts and August’s U. of Michigan consumer confidence. In US business results, John Deere will release its earnings.
IBERIAN DAILY 16 AUGUST (ANÃLISIS BANCO SABADELL)
NEWS SUMMARY: PRISA.MARKETS YESTERDAY AND TODAY
Volatility reigns
European markets paralleled bond performance, showing erratic behavior over the entire session, and although the main European indices were down by close to -1.0% at one point, they closed largely unchanged. In the Euro Stoxx, the more cyclical sectors such as Autos and Travel & Leisure recorded the biggest losses, whereas defensive sectors like Utilities and Telecoms led the slight gains. On the macro side, in the US there were mixed data releases, with positive surprises coming in July’s retail sales (beating expectations), August’s Empire index (which remained at July’s levels) and the Philadelphia Fed index for August (falling less than expected). Industrial output fell unexpectedly in July, and all signs point toward an annual contraction in the coming months. Lastly, construction sector confidence rose slightly more than expected in August. In the UK, retail sales rose more than expected, boosted by online sales. In the euro zone, Olli Rehn (Bank of Finland) spoke in favour of exceeding market expectations with September’s monetary stimuli. Thus, he warned that the ECB could consider purchasing equity assets in addition to modifying the debt purchase limits of 33% in each issuance. In this regard, the WTO warned that it expects a contraction in global trade in 3Q’19, something that had been anticipated by many leading indicators. In Mexico, the Central Bank unexpectedly cut the reference rate by -25bps to 8.0% for the first time in 5 years. In China, the Govt. announced that it will retaliate against the new tariffs imposed by Trump, but the door remains open to negotiations with the US. In US business results, Walmart and Nvidia beat expectations.
What we expect for today
The markets are rising +0.5% following Rehn’s comments yesterday. Currently, S&P futures are up +0.6% (the S&P 500 closed +0.1% above its price at the closing bell in Europe). Volatility in the US fell slightly (VIX 19.1%). Asian markets are trading with mixed results (Japan flat and Hong Kong +0.8%).
Today in the US we will learn July’s housing starts and August’s U. of Michigan consumer confidence. In US business results, John Deere will release its earnings.
Underlying
Grupo Prisa (PRS SM)
Provider
Sabadell
Research Department
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