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Stock markets post gains but with lower trading volumes
The European stock markets closed with gains a week of risk following the release of continued high inflation data in the US and regulatory risks in China. Nonetheless, the Euro STOXX closed the week with gains (+1.2%) driven by Travel&Leisure and Household Goods, while only the Technology sector posted losses and Energy ended with the smallest gains of the week. On the macro side, in Spain, July’s final inflation confirmed the preliminary data and remains at 2.9%, far above core inflation, which continues to be very low. In the US, the University of Michigan confidence Index deteriorated sharply in August, which might hint at falling ISM indices in 3Q’21. In China July’s retail sales and July’s industrial output came in worse than expected. In Japan, June’s industrial output came in above expectations. From the political front, tensions are rising in Afghanistan with the arrival of the Taliban in the vicinity of Kabul after 20 years of US occupation.
What we expect for today
The European stock markets would open with losses with all eyes on the rise in Delta cases in Asia, the worse macro data in China pricing in the impact from the virus and the activity slowdown and geopolitical tensions in Afghanistan, with strong recriminations against Washington. Currently, S&P futures are down -0.21% (the S&P 500 ended +0.13% higher vs. its price at the closing bell in Europe). Volatility in the US dropped to July’s lows (VIX 15.45). Asian markets are mixed (China’s CSI +0.09% and Japan’s Nikkei -1.78%).
Today we will learn in the US August’s Empire manufacturing index. In debt auctions: Germany (€ 6 Bn in 6M & 12M T-bills) and France (€ 5.4 Bn in 3M, 6M & 12M T-bills).
IBERIAN DAILY 16 AUGUST (ANÁLISIS BANCO SABADELL)
MARKETS YESTERDAY AND TODAYStock markets post gains but with lower trading volumes
The European stock markets closed with gains a week of risk following the release of continued high inflation data in the US and regulatory risks in China. Nonetheless, the Euro STOXX closed the week with gains (+1.2%) driven by Travel&Leisure and Household Goods, while only the Technology sector posted losses and Energy ended with the smallest gains of the week. On the macro side, in Spain, July’s final inflation confirmed the preliminary data and remains at 2.9%, far above core inflation, which continues to be very low. In the US, the University of Michigan confidence Index deteriorated sharply in August, which might hint at falling ISM indices in 3Q’21. In China July’s retail sales and July’s industrial output came in worse than expected. In Japan, June’s industrial output came in above expectations. From the political front, tensions are rising in Afghanistan with the arrival of the Taliban in the vicinity of Kabul after 20 years of US occupation.
What we expect for today
The European stock markets would open with losses with all eyes on the rise in Delta cases in Asia, the worse macro data in China pricing in the impact from the virus and the activity slowdown and geopolitical tensions in Afghanistan, with strong recriminations against Washington. Currently, S&P futures are down -0.21% (the S&P 500 ended +0.13% higher vs. its price at the closing bell in Europe). Volatility in the US dropped to July’s lows (VIX 15.45). Asian markets are mixed (China’s CSI +0.09% and Japan’s Nikkei -1.78%).
Today we will learn in the US August’s Empire manufacturing index. In debt auctions: Germany (€ 6 Bn in 6M & 12M T-bills) and France (€ 5.4 Bn in 3M, 6M & 12M T-bills).
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Sabadell
Research Department
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