EUR 100.00 For Business Accounts Only

IBERIAN DAILY 09 SEPTEMBER (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: IBERDROLA, TELEFÓNICA.

Volatility with the US employment data
In the end, the US non-farm employment data came in slightly worse than expected and was not enough to drive the markets, which ended up falling sharply (and closed with weekly losses near -4.0%). In the STOXX 600, most sectors (16/20) ended the week with losses, led by Technology and Basic Materials, with defensive sectors like Real Estate and Utilities being the best performers. On the macro side, in the euro zone the final 2Q’24 GDP was lowered -0.1% to 0.2% QoQ. In the US employment data was mixed, with non-farm job creation below expectations, but the unemployment rate fell to 4.2%, as expected, with salary gains rising more than expected. Meanwhile, C. Waller was open to rate hikes of -50bps. In Japan, the final 2Q’24 GDP growth was cut by one tenth. In China, August’s inflation climbed less than expected to 0.6% YoY whereas the slowdown of production prices aggravated more than expected.
What we expect for today
Stock markets would open with gains of +0.5% with some recovery in cyclical stocks, among them oil companies, backed by the rally in Brent prices. Currently, S&P futures are up +0.44% (the S&P 500 ended -0.10% lower vs. the European closing bell). Asian markets are sliding (China’s CSI -1.05% and Japan’s Nikkei -0.85%).
Today in the euro zone we will learn September’s Sentix index and in Mexico August’s inflation.