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US macro shows weakness
After a slow start, European stock markets rallied throughout the session (aided by positive macro data) and closed with gains. In the STOXX 600, the defensive sectors Telecoms and Utilities posted the biggest gains, whereas Energy and Basic Materials fell the most. On the macro side, in the euro zone, the second reading of the 1Q’25 GDP confirmed the figure of 1.2% YoY, with March’s industrial output and 1Q’25 job creation rising more than expected. In the UK, 1Q’25 GDP growth was higher than expected. In the US, May’s Empire manufacturing index fell in line with expectations, while the Philadelphia Fed rose more than expected. Core retail sales and industrial output for April were disappointing after contracting and stagnating, respectively, whereas production prices fell unexpectedly. In Japan, the 1Q’25 GDP was lowered more than expected. In trade news, the US would be considering a block of exports from Chinese chip manufacturers. Meanwhile, NVIDIA plans to invest in an R&D centre in Shanghai. In US business results, Walmart and Deere beat expectations.
What we expect for today
European stock markets would open with slight gains in a session with few drivers. Currently, S&P futures are flat (the S&P 500 ended +0.20% higher vs. the European closing bell). Asian markets are falling (China’s CSI 300 -0.5% and Japan’s Nikkei -0.1%).
Today in Europe we will learn the trade balance and in the US May’s U. Michigan consumer confidence, building permits and housing starts for April.
IBERIAN DAILY 16 MAY (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: N/A.US macro shows weakness
After a slow start, European stock markets rallied throughout the session (aided by positive macro data) and closed with gains. In the STOXX 600, the defensive sectors Telecoms and Utilities posted the biggest gains, whereas Energy and Basic Materials fell the most. On the macro side, in the euro zone, the second reading of the 1Q’25 GDP confirmed the figure of 1.2% YoY, with March’s industrial output and 1Q’25 job creation rising more than expected. In the UK, 1Q’25 GDP growth was higher than expected. In the US, May’s Empire manufacturing index fell in line with expectations, while the Philadelphia Fed rose more than expected. Core retail sales and industrial output for April were disappointing after contracting and stagnating, respectively, whereas production prices fell unexpectedly. In Japan, the 1Q’25 GDP was lowered more than expected. In trade news, the US would be considering a block of exports from Chinese chip manufacturers. Meanwhile, NVIDIA plans to invest in an R&D centre in Shanghai. In US business results, Walmart and Deere beat expectations.
What we expect for today
European stock markets would open with slight gains in a session with few drivers. Currently, S&P futures are flat (the S&P 500 ended +0.20% higher vs. the European closing bell). Asian markets are falling (China’s CSI 300 -0.5% and Japan’s Nikkei -0.1%).
Today in Europe we will learn the trade balance and in the US May’s U. Michigan consumer confidence, building permits and housing starts for April.
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Sabadell
Research Department
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