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The market will take what it can get
The losses over the first half of the session in Europe were reeled in after the bullish opening in the US and the euro’s depreciation. In the Euro STOXX, the best-performing sectors were Insurance and Technology, whereas Retail and Basic Materials posted the biggest losses. On the macro side, in Germany industrial output contracted more than expected in June. In the euro zone, August’s SENTIX index recovered unexpectedly, although still in negative territory. From the Fed, J. Williams expects rates to begin to fall next year depending on the economic data, whereas M. Bowman called for new rate hikes in order to bring inflation down to the 2% target. In China, July’s imports and exports fell more than expected (the fastest pace since the pandemic), jeopardising growth prospects and raising pressure for the Govt. to put stimulus measures in place to shore up demand. In US 2Q’23 business results, Tyson Foods released disappointing earnings, Paramon Global beat expectations and Viatris was in line.
What we expect for today
European stock markets would open with drops due to the more cyclical sectors more closely linked to China. Currently, S&P futures are down -0.23% (the S&P 500 was up +0.1% vs. the European closing bell). Volatility in the US fell (VIX 15.77). Asian stock markets are mixed (China’s CSI 300 -1.4%, Japan’s Nikkei +0.3%).
Today in the US we will learn June’s final wholesale inventories and in Germany July’s final inflation. In US 2Q’23 Results, Glencore, SoftBank and Duke Energy, among others, will release their earnings. In debt auctions: Spain (6M and 12M t-bills).
IBERIAN DAILY 08 AUGUST (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: N/A.The market will take what it can get
The losses over the first half of the session in Europe were reeled in after the bullish opening in the US and the euro’s depreciation. In the Euro STOXX, the best-performing sectors were Insurance and Technology, whereas Retail and Basic Materials posted the biggest losses. On the macro side, in Germany industrial output contracted more than expected in June. In the euro zone, August’s SENTIX index recovered unexpectedly, although still in negative territory. From the Fed, J. Williams expects rates to begin to fall next year depending on the economic data, whereas M. Bowman called for new rate hikes in order to bring inflation down to the 2% target. In China, July’s imports and exports fell more than expected (the fastest pace since the pandemic), jeopardising growth prospects and raising pressure for the Govt. to put stimulus measures in place to shore up demand. In US 2Q’23 business results, Tyson Foods released disappointing earnings, Paramon Global beat expectations and Viatris was in line.
What we expect for today
European stock markets would open with drops due to the more cyclical sectors more closely linked to China. Currently, S&P futures are down -0.23% (the S&P 500 was up +0.1% vs. the European closing bell). Volatility in the US fell (VIX 15.77). Asian stock markets are mixed (China’s CSI 300 -1.4%, Japan’s Nikkei +0.3%).
Today in the US we will learn June’s final wholesale inventories and in Germany July’s final inflation. In US 2Q’23 Results, Glencore, SoftBank and Duke Energy, among others, will release their earnings. In debt auctions: Spain (6M and 12M t-bills).
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Sabadell
Research Department
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