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Banks again taking the brunt of the punishment
European stock markets posted losses due to the tax Italy has announced on the banking sector and the credit rating downgrade for several US institutions by Moody’s. In the Euro STOXX, among the few sectors keeping the punishment at bay were Utilities and Consumer Goods, whereas Banks and Basic Materials headed up the losses. On the macro side, in Germany July’s final inflation confirmed the preliminary data of 6.2%. while the core figure remained at 5.5%, still very high levels. In the US, June’s trade deficit fell more than expected, whereas June’s wholesale inventories contracted slightly more than initially expected. From the Fed, P. Harker left the door open to maintaining rates barring disappointing data, although he admitted that rates will remain where they stand for some time. In China, July’s inflation and producer prices contracted in YoY terms, questioning how solid the recovery is. Separately, Country Garden, one of the largest developers in the country, admitted it has not paid interest on two debt issuances due to pressure on liquidity and deteriorating sales. In US 2Q’23 business results, Glencore, SoftBank and Duke Energy beat expectations.
What we expect for today
European stock markets would open with losses in view of the poor data coming out of Asia and the risks of possible additional rating downgrades in other companies. Currently, S&P futures are up +0.14% (the S&P 500 was up +0.22% vs. the European closing bell). Volatility in the US fell (VIX 15.99). Asian stock markets are falling (China’s CSI 300 -0.49%, Japan’s Nikkei -0.3%).
Today in Mexico we will learn July’s inflation and in Brazil June’s retail sales. In US 2Q’23 Results, Walt Disney and Illuminia, among others, will release their earnings.
IBERIAN DAILY 09 AUGUST (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: N/A.Banks again taking the brunt of the punishment
European stock markets posted losses due to the tax Italy has announced on the banking sector and the credit rating downgrade for several US institutions by Moody’s. In the Euro STOXX, among the few sectors keeping the punishment at bay were Utilities and Consumer Goods, whereas Banks and Basic Materials headed up the losses. On the macro side, in Germany July’s final inflation confirmed the preliminary data of 6.2%. while the core figure remained at 5.5%, still very high levels. In the US, June’s trade deficit fell more than expected, whereas June’s wholesale inventories contracted slightly more than initially expected. From the Fed, P. Harker left the door open to maintaining rates barring disappointing data, although he admitted that rates will remain where they stand for some time. In China, July’s inflation and producer prices contracted in YoY terms, questioning how solid the recovery is. Separately, Country Garden, one of the largest developers in the country, admitted it has not paid interest on two debt issuances due to pressure on liquidity and deteriorating sales. In US 2Q’23 business results, Glencore, SoftBank and Duke Energy beat expectations.
What we expect for today
European stock markets would open with losses in view of the poor data coming out of Asia and the risks of possible additional rating downgrades in other companies. Currently, S&P futures are up +0.14% (the S&P 500 was up +0.22% vs. the European closing bell). Volatility in the US fell (VIX 15.99). Asian stock markets are falling (China’s CSI 300 -0.49%, Japan’s Nikkei -0.3%).
Today in Mexico we will learn July’s inflation and in Brazil June’s retail sales. In US 2Q’23 Results, Walt Disney and Illuminia, among others, will release their earnings.
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Sabadell
Research Department
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