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The Ibex falls below the 9,200-point level
It was a new session of drops for European stock markets, where the hawkish statements made by different Fed members and by the ECB, along with the good job vacancy data in the US led to new rises in sovereign debt interests, hitting 2007 highs in several segments of the curve. Thus, in the STOXX, all the sectors ended in the red, led by Basic Resources and Utilities vs. the best relative performance of Media and Food. On the macro side, in Spain registered unemployment dropped (in unseasonalised terms), remaining at the previous -7.5% level, whereas registered employment continued to see a 2.7% YoY rise. In the US, job vacancies (JOLTs) climbed unexpectedly in August, which continues to underscore the high pressure in the job market. Separately, the Republican party leader of the House of Representatives, K. McCarthy, was voted out by his own party after having negotiated with Democrats to avoid a shutdown. From the ECB, L. de Guindos ruled out rate cuts and warned that the 2% inflation target will be complicated. On another note, P. Lane did not rule out new rises to tackle inflation.
What we expect for today
European stock markets would open with drops of as much as -0.50%, dragged down by the rise in interest rates again, with the US 10Y bond yield exceeding 4.80%. Currently, S&P futures are down -0.22% (the S&P 500 ended unchanged vs. the European closing bell). Volatility in the US rose (VIX 19.78). Asian stock markets are falling (China’s CSI 300 closed, Japan’s Nikkei -1.77%).
Today in the euro zone we will learn August’s retail sales and September’s final services PMI, in Spain September’s services PMI and in the US the ADP employment report and September’s non-manufacturing ISM. In debt auctions: Germany (€ 3 Bn in bonds due 2030).
IBERIAN DAILY 04 OCTOBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: N/A.The Ibex falls below the 9,200-point level
It was a new session of drops for European stock markets, where the hawkish statements made by different Fed members and by the ECB, along with the good job vacancy data in the US led to new rises in sovereign debt interests, hitting 2007 highs in several segments of the curve. Thus, in the STOXX, all the sectors ended in the red, led by Basic Resources and Utilities vs. the best relative performance of Media and Food. On the macro side, in Spain registered unemployment dropped (in unseasonalised terms), remaining at the previous -7.5% level, whereas registered employment continued to see a 2.7% YoY rise. In the US, job vacancies (JOLTs) climbed unexpectedly in August, which continues to underscore the high pressure in the job market. Separately, the Republican party leader of the House of Representatives, K. McCarthy, was voted out by his own party after having negotiated with Democrats to avoid a shutdown. From the ECB, L. de Guindos ruled out rate cuts and warned that the 2% inflation target will be complicated. On another note, P. Lane did not rule out new rises to tackle inflation.
What we expect for today
European stock markets would open with drops of as much as -0.50%, dragged down by the rise in interest rates again, with the US 10Y bond yield exceeding 4.80%. Currently, S&P futures are down -0.22% (the S&P 500 ended unchanged vs. the European closing bell). Volatility in the US rose (VIX 19.78). Asian stock markets are falling (China’s CSI 300 closed, Japan’s Nikkei -1.77%).
Today in the euro zone we will learn August’s retail sales and September’s final services PMI, in Spain September’s services PMI and in the US the ADP employment report and September’s non-manufacturing ISM. In debt auctions: Germany (€ 3 Bn in bonds due 2030).
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Sabadell
Research Department
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