Report
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MARKETS YESTERDAY AND TODAY
Macro data disappoints and weekly gains deteriorate
After September started out slightly bullish, Friday’s macro data in the US erased part of the gains awaiting the ECB’s message and the minutes from the Fed meeting expected on 8-9 September. Thus, the best-performing sectors in the Euro STOXX last week were Technology and Utilities, whereas Telecoms and Basic Materials ended with the worst relative performance. On the macro side, in the euro zone July’s retail sales fell more that expected, as did August’s final services PMI. In the US, non-farm employment was disappointing, showing less job creation than expected, and August’s non-manufacturing ISM fell more than expected. In Guinea a military coup was declared, which could threaten aluminium supply.
What we expect for today
European stock markets would open with a slightly bullish slant after Friday’s drops, underpinned by the strong session in Asia, where Japan continues its rally after the PM renounced a possible reelection. Currently, S&P futures are up +0.05% (the S&P 500 ended flat vs. its price at the closing bell in Europe). Volatility in the US fell (VIX 16.41). Asian markets are rising (China’s CSI +1.8% and Japan’s Nikkei +1.8%).
Today is a bank holiday in the US. In Germany we will learn July’s factory orders and in the EMU September’s SENTIX investor confidence index.
IBERIAN DAILY 06 SEPTEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ELECTRICITY SECTOR.MARKETS YESTERDAY AND TODAY
Macro data disappoints and weekly gains deteriorate
After September started out slightly bullish, Friday’s macro data in the US erased part of the gains awaiting the ECB’s message and the minutes from the Fed meeting expected on 8-9 September. Thus, the best-performing sectors in the Euro STOXX last week were Technology and Utilities, whereas Telecoms and Basic Materials ended with the worst relative performance. On the macro side, in the euro zone July’s retail sales fell more that expected, as did August’s final services PMI. In the US, non-farm employment was disappointing, showing less job creation than expected, and August’s non-manufacturing ISM fell more than expected. In Guinea a military coup was declared, which could threaten aluminium supply.
What we expect for today
European stock markets would open with a slightly bullish slant after Friday’s drops, underpinned by the strong session in Asia, where Japan continues its rally after the PM renounced a possible reelection. Currently, S&P futures are up +0.05% (the S&P 500 ended flat vs. its price at the closing bell in Europe). Volatility in the US fell (VIX 16.41). Asian markets are rising (China’s CSI +1.8% and Japan’s Nikkei +1.8%).
Today is a bank holiday in the US. In Germany we will learn July’s factory orders and in the EMU September’s SENTIX investor confidence index.
Provider
Sabadell
Research Department
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