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As usual, August ended with drops
August ended with a new sideways session for most European markets in an session marked by August’s inflation The Ibex was the best-performing index on the month (-0.90%) vs. the bigger drops of the S&P500 (-1.33%) and the Euro STOXX 50 (-3.24%). Meanwhile, in the Euro STOXX, Travel&Leisure and Real Estate led gains vs. the drops of Food and Consumer Goods. On the macro side, in the euro zone, August’s inflation did not moderate, as expected (remaining at the previous 5.3% YoY) and the core data slowdown, in line with expectations to 5.3% YoY. July’s unemployment rate remained stable, as expected, at 6.4%. In Germany, the number of unemployed climbed more than expected. From the ECB, July’s minutes did not clarify September’s rise that will depend on the macroeconomic data, insisting on the elimination of the fiscal stimulus. I. Schnabel admitted that the growth prospects are weaker than expected. In Spain, the First Deputy Prime Minister, N. Calviño does not rule out the possibility of extending the one-off tax on the banking sector beyond 2024 if banks continue to obtain one-off profits. In the US, personal outlays rose slightly more than expected and July’s core consumption deflator was in line with expectations. August’s Chicago PMI climbed significantly and weekly jobless claims slowed down unexpectedly. In China, Caixin manufacturing PMI climbed in August more than expected to 51.0, highs from Feb’23.
What we expect for today
European stock markets would open flat with some bullish bias, awaiting the macroeconomic data to be released in the US. Currently, S&P futures are up +0.14% (the S&P 500 ended -0.33% lower vs. the European closing bell). Volatility in the US dropped (VIX 13.57). Asian stock markets are climbing (China’s CSI 300 +0.39%, Japan’s Nikkei +0.53%).
Today in the euro zone and Spain we will learn August’s manufacturing PMI, in the US non-farm employment, the unemployment rate, August’s wage gains and the manufacturing ISM, and in Brazil the 2Q’23.
IBERIAN DAILY 01 SEPTEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: BANKING SECTOR.As usual, August ended with drops
August ended with a new sideways session for most European markets in an session marked by August’s inflation The Ibex was the best-performing index on the month (-0.90%) vs. the bigger drops of the S&P500 (-1.33%) and the Euro STOXX 50 (-3.24%). Meanwhile, in the Euro STOXX, Travel&Leisure and Real Estate led gains vs. the drops of Food and Consumer Goods. On the macro side, in the euro zone, August’s inflation did not moderate, as expected (remaining at the previous 5.3% YoY) and the core data slowdown, in line with expectations to 5.3% YoY. July’s unemployment rate remained stable, as expected, at 6.4%. In Germany, the number of unemployed climbed more than expected. From the ECB, July’s minutes did not clarify September’s rise that will depend on the macroeconomic data, insisting on the elimination of the fiscal stimulus. I. Schnabel admitted that the growth prospects are weaker than expected. In Spain, the First Deputy Prime Minister, N. Calviño does not rule out the possibility of extending the one-off tax on the banking sector beyond 2024 if banks continue to obtain one-off profits. In the US, personal outlays rose slightly more than expected and July’s core consumption deflator was in line with expectations. August’s Chicago PMI climbed significantly and weekly jobless claims slowed down unexpectedly. In China, Caixin manufacturing PMI climbed in August more than expected to 51.0, highs from Feb’23.
What we expect for today
European stock markets would open flat with some bullish bias, awaiting the macroeconomic data to be released in the US. Currently, S&P futures are up +0.14% (the S&P 500 ended -0.33% lower vs. the European closing bell). Volatility in the US dropped (VIX 13.57). Asian stock markets are climbing (China’s CSI 300 +0.39%, Japan’s Nikkei +0.53%).
Today in the euro zone and Spain we will learn August’s manufacturing PMI, in the US non-farm employment, the unemployment rate, August’s wage gains and the manufacturing ISM, and in Brazil the 2Q’23.
Provider
Sabadell
Research Department
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