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Sales prevail
Stock exchanges saw a correction without major drivers beyond the growing slowdown risks from China. In the Euro STOXX, Household and Energy were the best-performing sectors, while Real Estate and Insurance saw the biggest drops. On the macro side, in the UK, July’s ILO unemployment rate climbed unexpectedly to 4.2%. In Germany, August’s ZEW index improved unexpectedly although remaining in negative territory, with the current situation heading deteriorating more than expected. In the US July’s retail sales came in above expectations, suggesting private consumption growth will exceed 0.8% q/qa expected by the consensus in the 2Q’23, whereas July’s Empire manufacturing index deteriorated much more than expected. From the Fed, N. Kashkari was satisfied with the progress made on inflation although he did not rule out new rate rises. On another note, Fitch outlined the risk of rating cuts in US banks. In China, the latest political meeting was marked by concerns about growth and risks stemming from default in the real estate sector and products with higher financial risk (shadow banking). In Russia, the Central Bank raised rates by 350bps, leaving the benchmark rate at 12% to halt the depreciation of the rouble and tackle inflation. In US 2Q’23 Results, Home Depot and Cardinal Health were in line with expectations.
What we expect for today
European stock markets would see a bearish opening but with lower losses than yesterday. Currently, S&P futures are down -0.1% (the S&P 500 was -1.0% lower vs. the European closing bell). Volatility in the US rose (VIX 16.46). Asian stock markets are sliding (China’s CSI 300 -0.42%, Japan’s Nikkei -1.33%).
Today in the UK we will learn July’s inflation, in the euro zone the 2Q’23 GDP, and in the US housing starts and industrial production (both for July). In US 2Q’23 Results, Cisco Systems, Amcor and Target Corp, among others, will release their earnings.
IBERIAN DAILY 16 AUGUST (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: N/A.Sales prevail
Stock exchanges saw a correction without major drivers beyond the growing slowdown risks from China. In the Euro STOXX, Household and Energy were the best-performing sectors, while Real Estate and Insurance saw the biggest drops. On the macro side, in the UK, July’s ILO unemployment rate climbed unexpectedly to 4.2%. In Germany, August’s ZEW index improved unexpectedly although remaining in negative territory, with the current situation heading deteriorating more than expected. In the US July’s retail sales came in above expectations, suggesting private consumption growth will exceed 0.8% q/qa expected by the consensus in the 2Q’23, whereas July’s Empire manufacturing index deteriorated much more than expected. From the Fed, N. Kashkari was satisfied with the progress made on inflation although he did not rule out new rate rises. On another note, Fitch outlined the risk of rating cuts in US banks. In China, the latest political meeting was marked by concerns about growth and risks stemming from default in the real estate sector and products with higher financial risk (shadow banking). In Russia, the Central Bank raised rates by 350bps, leaving the benchmark rate at 12% to halt the depreciation of the rouble and tackle inflation. In US 2Q’23 Results, Home Depot and Cardinal Health were in line with expectations.
What we expect for today
European stock markets would see a bearish opening but with lower losses than yesterday. Currently, S&P futures are down -0.1% (the S&P 500 was -1.0% lower vs. the European closing bell). Volatility in the US rose (VIX 16.46). Asian stock markets are sliding (China’s CSI 300 -0.42%, Japan’s Nikkei -1.33%).
Today in the UK we will learn July’s inflation, in the euro zone the 2Q’23 GDP, and in the US housing starts and industrial production (both for July). In US 2Q’23 Results, Cisco Systems, Amcor and Target Corp, among others, will release their earnings.
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Sabadell
Research Department
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