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Today all eyes are on NVIDIA
Profit taking in Europe prior to today’s release of NVIDIA’s results. In the STOXX 600, the best-performing sectors were Basic Materials and Pharma, whereas Consumer Goods and Travel & Leisure posted the biggest losses. On the macro side, in Germany April’s production prices rose less than expected. In the euro zone, from the ECB, C. Lagarde approved a rate cut in June, but J. Nagel warned that the organisation will not turn on autopilot after the cut. In the US, the Fed made similar comments to those from the past few days, with C. Waller and R. Bostic pushing to wait a few months before cutting interest rates to make sure inflation is really coming down towards the 2% target. Separately, public support for Joe Biden in the US fell to a two-year low (36%). In China, the Govt. would be considering a 25% levy on some vehicles imported from the EU. In US business results, Lowe’s beat expectations, Autozone was in line.
What we expect for today
Stock markets would open with slight gains of up to +0.2%. Currently, S&P futures are up +0.04% (the S&P 500 ended +0.24% higher vs. the European closing bell). Asian stock markets are mixed (China’s CSI 300 +0.05%, Japan’s Nikkei -0.85%).
Today in the UK we will learn April’s general and core inflation and in the US existing home sales and the Fed minutes. In US business results, NVIDIA, TJX, Target and VF, among others, will release their earnings.
IBERIAN DAILY 22 MAY (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: N/A.Today all eyes are on NVIDIA
Profit taking in Europe prior to today’s release of NVIDIA’s results. In the STOXX 600, the best-performing sectors were Basic Materials and Pharma, whereas Consumer Goods and Travel & Leisure posted the biggest losses. On the macro side, in Germany April’s production prices rose less than expected. In the euro zone, from the ECB, C. Lagarde approved a rate cut in June, but J. Nagel warned that the organisation will not turn on autopilot after the cut. In the US, the Fed made similar comments to those from the past few days, with C. Waller and R. Bostic pushing to wait a few months before cutting interest rates to make sure inflation is really coming down towards the 2% target. Separately, public support for Joe Biden in the US fell to a two-year low (36%). In China, the Govt. would be considering a 25% levy on some vehicles imported from the EU. In US business results, Lowe’s beat expectations, Autozone was in line.
What we expect for today
Stock markets would open with slight gains of up to +0.2%. Currently, S&P futures are up +0.04% (the S&P 500 ended +0.24% higher vs. the European closing bell). Asian stock markets are mixed (China’s CSI 300 +0.05%, Japan’s Nikkei -0.85%).
Today in the UK we will learn April’s general and core inflation and in the US existing home sales and the Fed minutes. In US business results, NVIDIA, TJX, Target and VF, among others, will release their earnings.
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Sabadell
Research Department
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