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MARKETS YESTERDAY AND TODAY
Profit-taking continues
The European stock markets ended the session with losses for the second consecutive day, impacted by the rise in Delta variant cases (new mobility restrictions in China) and doubts concerning the Afghanistan crisis, which might lead to a possible migration crisis towards Europe. Thus, the Euro STOXX fell -0.14%, with sectors such as Autos and Banks leading losses. On the macro side, in the US, macro data were a mixed bag, with July’s industrial output coming in above expectations and retail sales below. Meanwhile, Powell warned about the impact from the pandemic on economic activity. In the Euro zone, the 2Q GDP came in as expected. In Japan, June’s machinery orders came in above expectations. On the geopolitical front, negotiations over the formation of a new Govt. continue in Afghanistan (a more open an inclusive tone on the part of the Taliban), with international flights being resumed at the capital’s airport. In this regard, the market assumes China will play an important role in trade relations and the reconstruction of the country (unlike in 2001).
What we expect for today
After falling for two consecutive days, the European stock markets could stabilise and post gains in view of the performance of the Asian markets. Currently, S&P futures are up +0.10% (the S&P 500 ended +0.04% higher vs. its price at the closing bell in Europe). Volatility in the US increased (VIX 17.91). Asian markets are rising (China’s CSI +1.46% and Japan’s Nikkei +0.71%).
Today we will learn in the US the Fed minutes from July’s meeting, and July’s housing starts and construction permits, in the Euro zone July’s final CPI and in Japan July’s trade balance. In debt auctions: Germany (€ 1 Bn in bonds due 2050).
IBERIAN DAILY 18 AUGUST (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: CONSTRUCTION SECTOR, ELECTRICITY SECTOR.MARKETS YESTERDAY AND TODAY
Profit-taking continues
The European stock markets ended the session with losses for the second consecutive day, impacted by the rise in Delta variant cases (new mobility restrictions in China) and doubts concerning the Afghanistan crisis, which might lead to a possible migration crisis towards Europe. Thus, the Euro STOXX fell -0.14%, with sectors such as Autos and Banks leading losses. On the macro side, in the US, macro data were a mixed bag, with July’s industrial output coming in above expectations and retail sales below. Meanwhile, Powell warned about the impact from the pandemic on economic activity. In the Euro zone, the 2Q GDP came in as expected. In Japan, June’s machinery orders came in above expectations. On the geopolitical front, negotiations over the formation of a new Govt. continue in Afghanistan (a more open an inclusive tone on the part of the Taliban), with international flights being resumed at the capital’s airport. In this regard, the market assumes China will play an important role in trade relations and the reconstruction of the country (unlike in 2001).
What we expect for today
After falling for two consecutive days, the European stock markets could stabilise and post gains in view of the performance of the Asian markets. Currently, S&P futures are up +0.10% (the S&P 500 ended +0.04% higher vs. its price at the closing bell in Europe). Volatility in the US increased (VIX 17.91). Asian markets are rising (China’s CSI +1.46% and Japan’s Nikkei +0.71%).
Today we will learn in the US the Fed minutes from July’s meeting, and July’s housing starts and construction permits, in the Euro zone July’s final CPI and in Japan July’s trade balance. In debt auctions: Germany (€ 1 Bn in bonds due 2050).
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Sabadell
Research Department
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