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IBEX 35 back above 11,350 points
European stock markets saw a strong rally in view of the expectations that the Fed will move its rate cuts forward. In the STOXX 600, Technology led the gains, followed by Consumer Goods, whereas Basic Materials and Banks were of the few sectors ending in the red. On the macro side, in the euro zone May’s final services PMI was lowered -0.1% vs. the preliminary data. On the regional level, we highlight the rise in Spain’s (56.9) and Germany’s (54.2) services PMIs, compared to the drop in that of France. Separately, after 16 years the ECB will approve dividend payments by Greek banks. In the US, May’s ADP private employment rose less than expected, with the previous figure being lowered. By contrast, the non-manufacturing ISM for May rose more than expected, with the price subindex falling more than the consensus expected. In Brazil, industrial output deteriorated unexpectedly in April.
What we expect for today
Stock markets would open with gains of around +0.5%, trading within the sideways range seen in the last few weeks. Currently, S&P futures are up +0.09% (the S&P 500 ended up +0.46% vs. the European closing bell). Asian stock markets are rising (China’s CSI 300 +0.35%, Japan’s Nikkei +0.78%).
Today in Spain we will learn April’s industrial output, in the euro zone the ECB will meet and in the US we will learn weekly jobless claims, unit costs and non-farm productivity for 1Q’24.
COMPANY NEWS
CHANGES IBEX 35. Technical Advisory Committee to meet on the 12th of June. We do not expect any changes.
At the closing bell on 12 June the IBEX 35 Technical Advisory Committee will meet for its first control meeting of the year (the other one being in December). We expect no changes to be made in the components. In the event of changes in weightings, they would be of little impact (for example with Colonial following the move by Criteria, which has acquired a 17% stake).
IBERIAN DAILY 06 JUNE (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: CHANGES IBEX 35, IAG.IBEX 35 back above 11,350 points
European stock markets saw a strong rally in view of the expectations that the Fed will move its rate cuts forward. In the STOXX 600, Technology led the gains, followed by Consumer Goods, whereas Basic Materials and Banks were of the few sectors ending in the red. On the macro side, in the euro zone May’s final services PMI was lowered -0.1% vs. the preliminary data. On the regional level, we highlight the rise in Spain’s (56.9) and Germany’s (54.2) services PMIs, compared to the drop in that of France. Separately, after 16 years the ECB will approve dividend payments by Greek banks. In the US, May’s ADP private employment rose less than expected, with the previous figure being lowered. By contrast, the non-manufacturing ISM for May rose more than expected, with the price subindex falling more than the consensus expected. In Brazil, industrial output deteriorated unexpectedly in April.
What we expect for today
Stock markets would open with gains of around +0.5%, trading within the sideways range seen in the last few weeks. Currently, S&P futures are up +0.09% (the S&P 500 ended up +0.46% vs. the European closing bell). Asian stock markets are rising (China’s CSI 300 +0.35%, Japan’s Nikkei +0.78%).
Today in Spain we will learn April’s industrial output, in the euro zone the ECB will meet and in the US we will learn weekly jobless claims, unit costs and non-farm productivity for 1Q’24.
COMPANY NEWS
CHANGES IBEX 35. Technical Advisory Committee to meet on the 12th of June. We do not expect any changes.
At the closing bell on 12 June the IBEX 35 Technical Advisory Committee will meet for its first control meeting of the year (the other one being in December). We expect no changes to be made in the components. In the event of changes in weightings, they would be of little impact (for example with Colonial following the move by Criteria, which has acquired a 17% stake).
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
Research Department
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