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The EuroSTOXX 50 tried to return to highs
European stock markets rose, underpinned by the imminent agreement to raise defence spending in Germany, to be voted on today in the Bundestag. In the STOXX 600, most sectors (18/20) ended with gains, led by Energy (with Brent crude rises) and Pharma, whereas Consumer Goods and Chemicals were the only industries ending in the red. On the macro side, in the US, February’s retail sales rose less than expected (with the previous data being cut) although the control group sales (that are taken into account in GDP) increased more than expected. On another note, the Empire manufacturing index and the construction sector confidence (NAHB) fell more than expected in March. Meanwhile, the Secretary of the Treasury S. Bessent continued to insist that the economy could even face a slowdown before returning to the strong growth pattern. Lastly, the OECD new forecasts assume that D. Trump’s tariffs will halt GDP in Canada, Mexico (now forecasting a -1.3% and -0.6% drop in 2025-26) and the US (2.2% in 2025 and 1.6% in 2026 vs. 2.4% and 2.1% previously), while boosting inflation. The euro zone would grow 1.0% in 2025 (vs. 1.3% prev.) and 1.2% in 2026 (vs. 1.5% prev.). On the geopolitical side, Israel has broken the ceasefire and bombed Gaza once again.
What we expect for today
Stock markets would open with gains of as much as +0.5%, with all eyes on defence and construction, awaiting the approval of the constitutional reform by the Bundestag to raise spending although the main challenge will be the Bundesrat vote next Friday. Currently, S&P futures are down -0.22% (the S&P 500 ended up +0.4% vs. the European closing bell). Asian markets are climbing (China’s CSI 300 +0.27% and Japan’s Nikkei +1.26%).
Today in Germany we stress the Bundestag vote and March’s ZEW index, in the US we will learn February’s building permits, housing starts, import prices and industrial output. The US and Russia will hold talks about the peace agreement in Ukraine.
IBERIAN DAILY 18 MARCH (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: N/A.The EuroSTOXX 50 tried to return to highs
European stock markets rose, underpinned by the imminent agreement to raise defence spending in Germany, to be voted on today in the Bundestag. In the STOXX 600, most sectors (18/20) ended with gains, led by Energy (with Brent crude rises) and Pharma, whereas Consumer Goods and Chemicals were the only industries ending in the red. On the macro side, in the US, February’s retail sales rose less than expected (with the previous data being cut) although the control group sales (that are taken into account in GDP) increased more than expected. On another note, the Empire manufacturing index and the construction sector confidence (NAHB) fell more than expected in March. Meanwhile, the Secretary of the Treasury S. Bessent continued to insist that the economy could even face a slowdown before returning to the strong growth pattern. Lastly, the OECD new forecasts assume that D. Trump’s tariffs will halt GDP in Canada, Mexico (now forecasting a -1.3% and -0.6% drop in 2025-26) and the US (2.2% in 2025 and 1.6% in 2026 vs. 2.4% and 2.1% previously), while boosting inflation. The euro zone would grow 1.0% in 2025 (vs. 1.3% prev.) and 1.2% in 2026 (vs. 1.5% prev.). On the geopolitical side, Israel has broken the ceasefire and bombed Gaza once again.
What we expect for today
Stock markets would open with gains of as much as +0.5%, with all eyes on defence and construction, awaiting the approval of the constitutional reform by the Bundestag to raise spending although the main challenge will be the Bundesrat vote next Friday. Currently, S&P futures are down -0.22% (the S&P 500 ended up +0.4% vs. the European closing bell). Asian markets are climbing (China’s CSI 300 +0.27% and Japan’s Nikkei +1.26%).
Today in Germany we stress the Bundestag vote and March’s ZEW index, in the US we will learn February’s building permits, housing starts, import prices and industrial output. The US and Russia will hold talks about the peace agreement in Ukraine.
Provider
Sabadell
Research Department
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