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Rally awaiting progress in Ukraine and China
European stock markets ended with gains of more than +5% in a week marked by the first Fed rate hike since 2018. With all this in mind, almost all sectors of the Euro STOXX saw a strong rally, with Technology and Banks leading the way, whereas Energy (after the rout to Brent prices) and Retail were the only sectors ending the week with drops. On the geopolitical front, Xi Jinping confirmed J. Biden that China would not get involved in the Ukrainian war and that the country is committed to finding peace, which was welcomed by stock markets although at the meeting held by both countries he made clear his opposition against the economic sanctions to Russia. On the macro side, Xi Jinping assured Biden that China will not get involved in the war, which was well received by the markets. In the euro zone January’s trade deficit fell more than expected. In the US, February’s second-hand home sales contracted more than expected after a solid January, whereas March’s leading indicators recovered in line with expectations. In Russia the RCB will extend the extraordinary measures to bolster activity levels, although it admitted that manufacturing levels are hitting serious bottlenecks and shortages as a result of the commercial and trade sanctions. China suspended Evergrande’s trading again, on another note, the PBoC kept 1 & 5Y rates unchanged, as expected.
What we expect for today
Today European stock markets will open with slight drops, with Energy performing better after the general rally last week and awaiting to see how progress is being made on the different fronts (talks in Ukraine, stimuli in China, etc.) and in view of rising crude prices. Currently, S&P futures are down -0.35% (on Friday the S&P 500 ended +0.7% higher vs. the European closing bell). Volatility in the US decreased (VIX 23.87). Asian markets are falling (China’s CSI 300 -0.5%, and Japan’s Nikkei closed).
Today in the US we will learn February’s Chicago Fed index. In debt auctions, France, Germany and the Netherlands will place t-bills.
IBERIAN DAILY 21 MARCH (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ELECTRICITY SECTOR.Rally awaiting progress in Ukraine and China
European stock markets ended with gains of more than +5% in a week marked by the first Fed rate hike since 2018. With all this in mind, almost all sectors of the Euro STOXX saw a strong rally, with Technology and Banks leading the way, whereas Energy (after the rout to Brent prices) and Retail were the only sectors ending the week with drops. On the geopolitical front, Xi Jinping confirmed J. Biden that China would not get involved in the Ukrainian war and that the country is committed to finding peace, which was welcomed by stock markets although at the meeting held by both countries he made clear his opposition against the economic sanctions to Russia. On the macro side, Xi Jinping assured Biden that China will not get involved in the war, which was well received by the markets. In the euro zone January’s trade deficit fell more than expected. In the US, February’s second-hand home sales contracted more than expected after a solid January, whereas March’s leading indicators recovered in line with expectations. In Russia the RCB will extend the extraordinary measures to bolster activity levels, although it admitted that manufacturing levels are hitting serious bottlenecks and shortages as a result of the commercial and trade sanctions. China suspended Evergrande’s trading again, on another note, the PBoC kept 1 & 5Y rates unchanged, as expected.
What we expect for today
Today European stock markets will open with slight drops, with Energy performing better after the general rally last week and awaiting to see how progress is being made on the different fronts (talks in Ukraine, stimuli in China, etc.) and in view of rising crude prices. Currently, S&P futures are down -0.35% (on Friday the S&P 500 ended +0.7% higher vs. the European closing bell). Volatility in the US decreased (VIX 23.87). Asian markets are falling (China’s CSI 300 -0.5%, and Japan’s Nikkei closed).
Today in the US we will learn February’s Chicago Fed index. In debt auctions, France, Germany and the Netherlands will place t-bills.
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Sabadell
Research Department
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