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US weekly jobless claims save the day
After a bearish opening once again dominated by risk aversion, the drop in US weekly jobless claims calmed the markets and allowed Wall Street to open with gains and European markets to rally and close with slight gains. In the STOXX 600, Leisure led the gains after being the hardest-hit sector on Wednesday in view of the signs of slowing consumption in the US seen in some companies’ quarterly results, followed by Pharma. On the negative side were Household Goods, Chemicals, Real Estate and Media. On the macro side, in the US weekly jobless claims fell more than expected. From the Fed, J. Schmid mentioned that he does not expect interest rates to be cut until inflation is closer to its target (currently futures continue to price in nearly -115bps of rate cuts for this year). In Mexico, July’s inflation was in line with expectations and the CB lowered the reference rate (as expected) -25bps to 10.75%. In China, July’s inflation beat expectations, but even so the data, which was aided by the base effect and the weather, remains low, reflecting the weak internal consumption. In US business results, Eli Lilly, Paramount and Gilead Sciences beat expectations, NewsCorp was in line.
What we expect for today
Stock markets would open with losses of around -1%. Currently, S&P futures are flat (the S&P 500 ended up +0.5% vs. the European closing bell). Volatility on the S&P500 (VIX) fell to below 24. Asian markets are rising slightly (Japan’s Nikkei +0.3% and China’s CSI 300 +0.1%).
Today in Brazil we will learn July’s inflation and in Mexico June’s industrial output. In US business results, only Evergy will release its results.
IBERIAN DAILY 09 AUGUST (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: N/A.US weekly jobless claims save the day
After a bearish opening once again dominated by risk aversion, the drop in US weekly jobless claims calmed the markets and allowed Wall Street to open with gains and European markets to rally and close with slight gains. In the STOXX 600, Leisure led the gains after being the hardest-hit sector on Wednesday in view of the signs of slowing consumption in the US seen in some companies’ quarterly results, followed by Pharma. On the negative side were Household Goods, Chemicals, Real Estate and Media. On the macro side, in the US weekly jobless claims fell more than expected. From the Fed, J. Schmid mentioned that he does not expect interest rates to be cut until inflation is closer to its target (currently futures continue to price in nearly -115bps of rate cuts for this year). In Mexico, July’s inflation was in line with expectations and the CB lowered the reference rate (as expected) -25bps to 10.75%. In China, July’s inflation beat expectations, but even so the data, which was aided by the base effect and the weather, remains low, reflecting the weak internal consumption. In US business results, Eli Lilly, Paramount and Gilead Sciences beat expectations, NewsCorp was in line.
What we expect for today
Stock markets would open with losses of around -1%. Currently, S&P futures are flat (the S&P 500 ended up +0.5% vs. the European closing bell). Volatility on the S&P500 (VIX) fell to below 24. Asian markets are rising slightly (Japan’s Nikkei +0.3% and China’s CSI 300 +0.1%).
Today in Brazil we will learn July’s inflation and in Mexico June’s industrial output. In US business results, only Evergy will release its results.
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Sabadell
Research Department
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