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September kicked off with gains and gold continues to soar
European stock markets kicked off September with gains, with the Euro STOXX50 consolidating at 5,630 points, the Ibex at 14,900 points and gold at record highs. In the STOXX 600, Industrial and Banks led the gains, whereas Utilities and Insurance recorded the biggest drops. On the macro side, in in the euro zone, August’s final manufacturing PMI improved vs. the preliminary data, confirming the return to the expansion zone at highs from the past 38 months. Spain, Italy and France fared better than expected vs. Germany that deteriorated unexpectedly. From the ECB, C. Lagarde ruled out the IMF’s intervention in France although she admitted the high risk of the government collapse. In Brazil, the manufacturing PMI fell in August to 47.7 from 48.2 previously and it climbed in Mexico to 50.2 from 49.1 in July. In Japan, the BoJ vice-governor was in favour of raising rates further but gradually due to the high uncertainty. On the trade front, D. Trump hinted that India would be offering to reduce its tariffs on US products to zero.
What we expect for today
European stock markets would open with slight corrections of -0.2%. Currently, S&P futures are down -0.13% (the S&P 500 was closed for holiday yesterday vs. the European closing bell). Asian markets are sliding (China’s CSI 300 -1.53% and Japan’s Nikkei -0.19%).
Today in Spain we will learn August’s unemployment, in the euro zone August’s inflation, in Brazil the 2Q’25 GDP and in the US August’s final manufacturing PMI, July’s construction spending and August’s manufacturing ISM.
IBERIAN DAILY 02 SEPTEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: N/A.September kicked off with gains and gold continues to soar
European stock markets kicked off September with gains, with the Euro STOXX50 consolidating at 5,630 points, the Ibex at 14,900 points and gold at record highs. In the STOXX 600, Industrial and Banks led the gains, whereas Utilities and Insurance recorded the biggest drops. On the macro side, in in the euro zone, August’s final manufacturing PMI improved vs. the preliminary data, confirming the return to the expansion zone at highs from the past 38 months. Spain, Italy and France fared better than expected vs. Germany that deteriorated unexpectedly. From the ECB, C. Lagarde ruled out the IMF’s intervention in France although she admitted the high risk of the government collapse. In Brazil, the manufacturing PMI fell in August to 47.7 from 48.2 previously and it climbed in Mexico to 50.2 from 49.1 in July. In Japan, the BoJ vice-governor was in favour of raising rates further but gradually due to the high uncertainty. On the trade front, D. Trump hinted that India would be offering to reduce its tariffs on US products to zero.
What we expect for today
European stock markets would open with slight corrections of -0.2%. Currently, S&P futures are down -0.13% (the S&P 500 was closed for holiday yesterday vs. the European closing bell). Asian markets are sliding (China’s CSI 300 -1.53% and Japan’s Nikkei -0.19%).
Today in Spain we will learn August’s unemployment, in the euro zone August’s inflation, in Brazil the 2Q’25 GDP and in the US August’s final manufacturing PMI, July’s construction spending and August’s manufacturing ISM.
Provider
Sabadell
Research Department
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