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IBEX hanging on and the FTSE 100 closes in positive numbers
Yesterday European stock markets fell slightly, except the IBEX, which closed flat, and the FTSE 100, which rose +1.0%, while US tech stocks were once again punished by the doubts surrounding a possible AI bubble mentioned by S. Altman, CEO of OpenAI, over the past few days. In the STOXX 600, the sectors rising the most (by far) were Food and Household Products, with Construction and Travel & Leisure falling the most. On the macro side, in the euro zone July’s final general and core inflation confirmed the preliminary figures of 2.0% and 2.3% YoY, respectively. In the US, the Fed meeting minutes showed a majority of members worried more by inflation than by the job market, with risks from rising inflation expectations. In Japan, August’s preliminary manufacturing PMI improved more than expected (+1 point to 49.9), whereas the services component fell unexpectedly (-1 point to 52.7). According to the press (Nikkei), the Chinese Govt. will seek to be self-sufficient in microchips by 2027 in order to cease being dependent on NVIDIA. Separately, Nikkei also warns that the global electric battery supply is 3x bigger than demand, whereas in the US it reaches 4.8x, with no changes expected until after 2028. In US business results, Target and Lowe were in line with expectations, with Estee Lauder beating expectations.
What we expect for today
European stock markets would open with slight gains of +0.2%. Currently, S&P futures are -0.1% lower (the S&P 500 ended +0.3% higher vs. the European closing bell). Asian markets are mixed (China’s CSI 300 +0.7% and Japan’s Nikkei -0.7%).
Today in the euro zone we will learn August’s PMIs and consumer confidence, in the US August’s PMIs, weekly jobless claims and August’s Philadelphia Fed index. The Jackson Hole conference will begin today. In US business results, Walmart, Ross Stores and Workday, among others, will release their earnings.
IBERIAN DAILY 21 AUGUST (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: N/A.IBEX hanging on and the FTSE 100 closes in positive numbers
Yesterday European stock markets fell slightly, except the IBEX, which closed flat, and the FTSE 100, which rose +1.0%, while US tech stocks were once again punished by the doubts surrounding a possible AI bubble mentioned by S. Altman, CEO of OpenAI, over the past few days. In the STOXX 600, the sectors rising the most (by far) were Food and Household Products, with Construction and Travel & Leisure falling the most. On the macro side, in the euro zone July’s final general and core inflation confirmed the preliminary figures of 2.0% and 2.3% YoY, respectively. In the US, the Fed meeting minutes showed a majority of members worried more by inflation than by the job market, with risks from rising inflation expectations. In Japan, August’s preliminary manufacturing PMI improved more than expected (+1 point to 49.9), whereas the services component fell unexpectedly (-1 point to 52.7). According to the press (Nikkei), the Chinese Govt. will seek to be self-sufficient in microchips by 2027 in order to cease being dependent on NVIDIA. Separately, Nikkei also warns that the global electric battery supply is 3x bigger than demand, whereas in the US it reaches 4.8x, with no changes expected until after 2028. In US business results, Target and Lowe were in line with expectations, with Estee Lauder beating expectations.
What we expect for today
European stock markets would open with slight gains of +0.2%. Currently, S&P futures are -0.1% lower (the S&P 500 ended +0.3% higher vs. the European closing bell). Asian markets are mixed (China’s CSI 300 +0.7% and Japan’s Nikkei -0.7%).
Today in the euro zone we will learn August’s PMIs and consumer confidence, in the US August’s PMIs, weekly jobless claims and August’s Philadelphia Fed index. The Jackson Hole conference will begin today. In US business results, Walmart, Ross Stores and Workday, among others, will release their earnings.
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Sabadell
Research Department
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