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MARKETS YESTERDAY AND TODAY
The Ibex puts an end to 7 consecutive weeks of gains
European stock markets ended mixed last Friday although with generalized gains during the week, especially the DAX and MIB (above +1.1%). On the contrary, the Ibex was the only index ending with losses, dragged down by Utilities. Thus, in the Euro STOXX most sectors ended the week in positive territory, mainly Automobiles and Household vs. the drops of defensive sectors such as Utilities and Pharma. On the macro side, in the euro zone May’s retail sales were slightly disappointing, climbing less than expected in YoY terms. In the US, non-farm job creation rose slightly less than expected and May’s unemployment rate dropped more than expected given the decrease in working population while wage gains rose more than expected. J. Yellen encouraged Biden to continue his fiscal expansion plan worth US$ 4 Trillion even though it generates inflation and higher interest rates. In China, the trade surplus and June’s exports growth came in below expectations while imports speeded up, as expected. On another note, the G-7 reached a memorandum of understanding for a minimum 15% corporate tax that should be confirmed at the meetings to be held on 11-16/06 and by the G-20 at the end of July. Lastly, the world’s three largest chip manufacturer (Flex) warned that the shortage could last until mid 2022.
What we expect for today
European stock markets would open with some bearish bias. Currently, S&P futures are down -0.15% (the S&P 500 ended +0.22% higher vs. its price at the closing bell in Europe). Volatility in the US decreased (VIX 16.42). Asian markets are mixed (China’s CSI -0.5% and Japan’s Nikkei +0.3%).
Today in the euro zone we will learn June’s Sentix index, in Germany April’s factory orders and in Spain April’s industrial output. As for auctions, Germany will issue € 6 Bn in 4 & 9 M T-bills and Holland € 2 Bn in 3 & 6M T-bills.
COMPANY NEWS
ANTI-TOB PROTECTION SPAIN. The Govt. considers increasing protection for strategic companies.
According to the press, the Govt. could extend the timeframe for TOB protection measures taken in March’20 and extended in November’20 to stop investors from being able to take control of Spanish companies in strategic sectors (energy infrastructure, transport, water, healthcare, communications, data treatment or storage, aerospace, defence, electoral or financial) and that basically banned new stakes from these investors equal to or above 10% of share capital, and any investment will require the Government’s express authorisation. This measure was to end on 30 June for EU investors, with no ending date set for investors outside the EU, and authorities would be working to extend the measure for the former group until a definitive regulation has been passed.
IBERIAN DAILY 07 JUNE (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ANTI-TOB PROTECTION.MARKETS YESTERDAY AND TODAY
The Ibex puts an end to 7 consecutive weeks of gains
European stock markets ended mixed last Friday although with generalized gains during the week, especially the DAX and MIB (above +1.1%). On the contrary, the Ibex was the only index ending with losses, dragged down by Utilities. Thus, in the Euro STOXX most sectors ended the week in positive territory, mainly Automobiles and Household vs. the drops of defensive sectors such as Utilities and Pharma. On the macro side, in the euro zone May’s retail sales were slightly disappointing, climbing less than expected in YoY terms. In the US, non-farm job creation rose slightly less than expected and May’s unemployment rate dropped more than expected given the decrease in working population while wage gains rose more than expected. J. Yellen encouraged Biden to continue his fiscal expansion plan worth US$ 4 Trillion even though it generates inflation and higher interest rates. In China, the trade surplus and June’s exports growth came in below expectations while imports speeded up, as expected. On another note, the G-7 reached a memorandum of understanding for a minimum 15% corporate tax that should be confirmed at the meetings to be held on 11-16/06 and by the G-20 at the end of July. Lastly, the world’s three largest chip manufacturer (Flex) warned that the shortage could last until mid 2022.
What we expect for today
European stock markets would open with some bearish bias. Currently, S&P futures are down -0.15% (the S&P 500 ended +0.22% higher vs. its price at the closing bell in Europe). Volatility in the US decreased (VIX 16.42). Asian markets are mixed (China’s CSI -0.5% and Japan’s Nikkei +0.3%).
Today in the euro zone we will learn June’s Sentix index, in Germany April’s factory orders and in Spain April’s industrial output. As for auctions, Germany will issue € 6 Bn in 4 & 9 M T-bills and Holland € 2 Bn in 3 & 6M T-bills.
COMPANY NEWS
ANTI-TOB PROTECTION SPAIN. The Govt. considers increasing protection for strategic companies.
According to the press, the Govt. could extend the timeframe for TOB protection measures taken in March’20 and extended in November’20 to stop investors from being able to take control of Spanish companies in strategic sectors (energy infrastructure, transport, water, healthcare, communications, data treatment or storage, aerospace, defence, electoral or financial) and that basically banned new stakes from these investors equal to or above 10% of share capital, and any investment will require the Government’s express authorisation. This measure was to end on 30 June for EU investors, with no ending date set for investors outside the EU, and authorities would be working to extend the measure for the former group until a definitive regulation has been passed.
Provider
Sabadell
Research Department
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