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Stock markets remain undecided
Last week European stock markets saw a mixed performance, where the IBEX 35 once again stood out as one of the few indices closing in positive numbers, along with the FTSE 100, whereas yesterday some optimism appeared to return to the markets thanks to AI and the technology sector, as well as the yen’s depreciation. In the STOXX 600, the best-performing sectors were Technology and Autos (Technology and Energy being the best performers YtD), and the worst performance came in defensive sectors, with Household Goods bringing up the rear (Leisure and Media being the worst performers YtD). On the macro side, in the euro zone the final services PMI for December was raised slightly. In Germany, the number of unemployed rose less than expected, with the unemployment rate remaining at the previous 6.15%, while December’s inflation beat expectations. In Spain, December’s registered unemployed continued to fall at a pace of -5.4% YoY, whereas December’s services PMI rose to 57.3. In the US, the manufacturing ISM recovered more than expected in December, with the prices component rising as well. In China, the Caixin services PMI improved unexpectedly.
What we expect for today
Stock markets would open with losses of less than -0.5%, with all eyes once again on US-China trade tensions after the former included new Chinese companies on its blacklist. Currently, S&P futures are down -0.12% (the S&P 500 ended -0.7% vs. the European closing bell). Asian markets are rising (China’s CSI 300 +0.2% and Japan’s Nikkei +1.95%).
Today in the euro zone we will learn December’s preliminary inflation and in the US December’s non-manufacturing ISM and November’s JOLTs job openings.
IBERIAN DAILY 07 JANUARY (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: N/A.Stock markets remain undecided
Last week European stock markets saw a mixed performance, where the IBEX 35 once again stood out as one of the few indices closing in positive numbers, along with the FTSE 100, whereas yesterday some optimism appeared to return to the markets thanks to AI and the technology sector, as well as the yen’s depreciation. In the STOXX 600, the best-performing sectors were Technology and Autos (Technology and Energy being the best performers YtD), and the worst performance came in defensive sectors, with Household Goods bringing up the rear (Leisure and Media being the worst performers YtD). On the macro side, in the euro zone the final services PMI for December was raised slightly. In Germany, the number of unemployed rose less than expected, with the unemployment rate remaining at the previous 6.15%, while December’s inflation beat expectations. In Spain, December’s registered unemployed continued to fall at a pace of -5.4% YoY, whereas December’s services PMI rose to 57.3. In the US, the manufacturing ISM recovered more than expected in December, with the prices component rising as well. In China, the Caixin services PMI improved unexpectedly.
What we expect for today
Stock markets would open with losses of less than -0.5%, with all eyes once again on US-China trade tensions after the former included new Chinese companies on its blacklist. Currently, S&P futures are down -0.12% (the S&P 500 ended -0.7% vs. the European closing bell). Asian markets are rising (China’s CSI 300 +0.2% and Japan’s Nikkei +1.95%).
Today in the euro zone we will learn December’s preliminary inflation and in the US December’s non-manufacturing ISM and November’s JOLTs job openings.
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Sabadell
Research Department
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