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Drops ahead of the Fed meeting
It was a negative session for all the European indices in view of the threat of a 100bps rate hike by the Fed driven by the 1pp hike from the Bank of Sweden, which led to sharp widening in debt markets. Thus, within the Euro STOXX, all sectors except for Travel & Leisure ended with losses, led by Real Estate and Construction. On the macro side, in Germany production prices increased more than expected in August. In the Netherlands, the Govt. will raise the minimum wage by 10%. In the US, building permits fell more than expected, although housing starts rose above expectations. In Japan, the BoJ announced bond purchases (no dates were given) in the 5-25-year segment. On the geopolitical front, the EU is planning more sanctions if Russia holds referendums in the occupied regions of Ukraine.
What we expect for today
European stock markets would open with some bearish bias in a session marked by the Fed’s decision. Currently, S&P futures are up +0.15% (the S&P 500 ended -0.41% lower yesterday vs. the European closing bell). Volatility in the US rose (VIX 27.16). Asian markets are sliding (China’s CSI 300 -0.85% and Japan’s Nikkei -1.2%).
Today in the US the Fed will hold its meeting and we will learn existing home sales, in Brazil the Central Bank will meet. As for debt auctions, Germany will issue € 4 Bn in bonds due 2032.
IBERIAN DAILY 21 SEPTEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ELECTRICITY SECTOR.Drops ahead of the Fed meeting
It was a negative session for all the European indices in view of the threat of a 100bps rate hike by the Fed driven by the 1pp hike from the Bank of Sweden, which led to sharp widening in debt markets. Thus, within the Euro STOXX, all sectors except for Travel & Leisure ended with losses, led by Real Estate and Construction. On the macro side, in Germany production prices increased more than expected in August. In the Netherlands, the Govt. will raise the minimum wage by 10%. In the US, building permits fell more than expected, although housing starts rose above expectations. In Japan, the BoJ announced bond purchases (no dates were given) in the 5-25-year segment. On the geopolitical front, the EU is planning more sanctions if Russia holds referendums in the occupied regions of Ukraine.
What we expect for today
European stock markets would open with some bearish bias in a session marked by the Fed’s decision. Currently, S&P futures are up +0.15% (the S&P 500 ended -0.41% lower yesterday vs. the European closing bell). Volatility in the US rose (VIX 27.16). Asian markets are sliding (China’s CSI 300 -0.85% and Japan’s Nikkei -1.2%).
Today in the US the Fed will hold its meeting and we will learn existing home sales, in Brazil the Central Bank will meet. As for debt auctions, Germany will issue € 4 Bn in bonds due 2032.
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Sabadell
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