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IBEX nears 14,100 points
There was little impact on European markets from Moody’s downgrade of the US’s rating downgrade, except the Italian MIB, which fell more than -1.0%. In the STOXX 600, the best-performing sectors were Telecoms and Travel & Leisure, whereas Autos and Energy saw the biggest losses. On the macro side, in the euro zone, April’s final inflation confirmed the 2.2% YoY for the general figure and 2.7% core. The new EC forecasts cut euro zone growth in 2025-26 to 0.9% and 1.4% (vs. the previous 1.3% and 1.6%), whereas in Spain it raised its forecasts to 2.6% and 2.0%, respectively (vs. 2.3% and 2.0% previously). In the US, the leading activity indicators for April contracted more than expected. As for tariffs, vice president J.D. Vance was optimistic towards a trade deal with the European Union. Meanwhile, D. Trump announced that Russia and Ukraine will initiate peace talks shortly. In China, the PBoC cut the 1 & 5Y benchmark loan rate by -10bps to 3.0% and 3.5%, respectively.
What we expect for today
European stock markets would open with gains of around +0.5%, with slightly better performance by cyclicals and with oil companies recovering. Currently, S&P futures are down -0.27% (the S&P 500 ended +0.33% higher vs. the European closing bell). Asian markets are rising (China’s CSI 300 +0.67% and Japan’s Nikkei +0.35%).
Today in the euro zone we will learn May’s preliminary consumer confidence. In US business results, Home Depot and Palo Alto, among others, will release their earnings.
IBERIAN DAILY 20 MAY (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: N/A.IBEX nears 14,100 points
There was little impact on European markets from Moody’s downgrade of the US’s rating downgrade, except the Italian MIB, which fell more than -1.0%. In the STOXX 600, the best-performing sectors were Telecoms and Travel & Leisure, whereas Autos and Energy saw the biggest losses. On the macro side, in the euro zone, April’s final inflation confirmed the 2.2% YoY for the general figure and 2.7% core. The new EC forecasts cut euro zone growth in 2025-26 to 0.9% and 1.4% (vs. the previous 1.3% and 1.6%), whereas in Spain it raised its forecasts to 2.6% and 2.0%, respectively (vs. 2.3% and 2.0% previously). In the US, the leading activity indicators for April contracted more than expected. As for tariffs, vice president J.D. Vance was optimistic towards a trade deal with the European Union. Meanwhile, D. Trump announced that Russia and Ukraine will initiate peace talks shortly. In China, the PBoC cut the 1 & 5Y benchmark loan rate by -10bps to 3.0% and 3.5%, respectively.
What we expect for today
European stock markets would open with gains of around +0.5%, with slightly better performance by cyclicals and with oil companies recovering. Currently, S&P futures are down -0.27% (the S&P 500 ended +0.33% higher vs. the European closing bell). Asian markets are rising (China’s CSI 300 +0.67% and Japan’s Nikkei +0.35%).
Today in the euro zone we will learn May’s preliminary consumer confidence. In US business results, Home Depot and Palo Alto, among others, will release their earnings.
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Sabadell
Research Department
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