Report
Research Department
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IBERIAN DAILY 05 JUNE (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: IAG.

Stock markets resist near highs
The first week of June ended with mixed results on European stock markets, after the positive performance from the US tech sector spread and following the approval of the debt ceiling. The best-performing sectors in the Euro STOXX were Real Estate and Media, whereas Telecoms (due to the poor performance from Deutsche Post) and Consumer Goods were once again the worst performers. On the macro side, in Spain May’s unemployment fell by some -50,000 people, whereas Social Security registrations rose by 200,000, reaching a record high. From the ECB, F. Panetta sent a more cautious message against hurrying interest rate hikes, although he again insisted that rates have not reached their final level. In the US, May’s non-farm employment beat expectations, while salary gains slowed their growth. In China, May’s Caixin services PMI rose unexpectedly. In the OPEC+ meeting the organisation decided to keep crude oil cuts unchanged but to extend the cuts through 2024, although Saudi Arabia pledged to unilaterally cut 1 M b/d to counteract Russia and the increases from other countries.
What we expect for today
The European stock markets would open with drops of as much as -0.3%. Currently, S&P futures are down -0.18% (the S&P 500 ended up +0.10% vs. the European closing bell). Volatility in the US fell (VIX 14.60). Asian stock markets are mixed (China’s CSI 300 -0.45%, Japan’s Nikkei +1.82%).
Today in the euro zone we will learn May’s final services PMI and June’s SENTIX investor confidence index, in Mexico May’s consumer confidence and in the US April’s factory orders and final durable goods orders and May’s non-manufacturing ISM. In debt auctions: Germany (€ 6 Bn in 3M and 9M t-bills).
Underlying
International Consolidated Airlines Group SA

International Airlines Group is an international scheduled airline and global premium airlines. Co.'s principal place of business is London with significant presence at Heathrow, Gatwick and London City airports.

Provider
Sabadell
Sabadell

Analysts
Research Department

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