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Stock market gains end, with the Ibex falling below the 11,100-point level
Yesterday’s session saw a decreasing performance, with profit taking on both sides of the Atlantic, and without macroeconomic drivers. In the STOXX 600, Automobiles, Consumer Goods and Insurance were the only sectors ending in positive territory, whereas Energy dropped >-2.00%, hit by the drop in Brent crude (although it recovered at the end of the session). On the macro side, in the euro zone July’s final inflation confirmed the 2.6% YoY data for general inflation and 2.9% for core inflation (for the third consecutive month). In the US, M. Bowman (a member of the Fed Board of Governors) was in favour of gradual rate cuts but he was also cautious about the inflation performance. In US 2Q’24 business results, Lowe and Medtronic beat expectations slightly.
What we expect for today
Stock markets would open with slight gains of +0.3%. Currently, S&P futures are up +0.1% (the S&P 500 ended up +0.1% vs. the European closing bell). Volatility on the S&P 500 (VIX) rose to 15.9. Asian markets are sliding (CSI -0.2% and Nikkei -0.3%), where the sale of Walmart’s stake in JD.com has dragged down the entire technology sector.
Today we will only learn the preliminary revision of non-farm payroll series in the US. In US business results, Target and Agilent will release their 2Q’24 earnings.
IBERIAN DAILY 21 AUGUST (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: N/A.Stock market gains end, with the Ibex falling below the 11,100-point level
Yesterday’s session saw a decreasing performance, with profit taking on both sides of the Atlantic, and without macroeconomic drivers. In the STOXX 600, Automobiles, Consumer Goods and Insurance were the only sectors ending in positive territory, whereas Energy dropped >-2.00%, hit by the drop in Brent crude (although it recovered at the end of the session). On the macro side, in the euro zone July’s final inflation confirmed the 2.6% YoY data for general inflation and 2.9% for core inflation (for the third consecutive month). In the US, M. Bowman (a member of the Fed Board of Governors) was in favour of gradual rate cuts but he was also cautious about the inflation performance. In US 2Q’24 business results, Lowe and Medtronic beat expectations slightly.
What we expect for today
Stock markets would open with slight gains of +0.3%. Currently, S&P futures are up +0.1% (the S&P 500 ended up +0.1% vs. the European closing bell). Volatility on the S&P 500 (VIX) rose to 15.9. Asian markets are sliding (CSI -0.2% and Nikkei -0.3%), where the sale of Walmart’s stake in JD.com has dragged down the entire technology sector.
Today we will only learn the preliminary revision of non-farm payroll series in the US. In US business results, Target and Agilent will release their 2Q’24 earnings.
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Sabadell
Research Department
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