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Drops on almost all European markets
European stock markets fell, with the IBEX, dragged down by the banks and nearing the 15,000 point mark, was the worst relative performer. In the STOXX 600, the best-performing sectors were Basic Materials and Technology, whereas Autos and Food suffered the biggest drops. On the macro side, in the euro zone September’s consumer confidence improved slightly more than expected. In the US, August’s Chicago Fed activity index slowed its drop. From the Fed, A. Musalem and R. Bostic see little leeway for bigger rate cuts, as inflation remains the top priority, but S. Miran and N. Kashkari are pushing for more cuts in the coming months. In China, as expected the PBoC kept the reference rate for 1Y and 5Y loans unchanged at 3.0% and 3.5%, respectively. Separately, Nvidia announced that it will invest up to US$ 100 Bn in OpenAI in order to develop data centres.
What we expect for today
European stock markets would open with gains of around +0.3%. Currently, S&P futures are down -0.1% (on Friday the S&P 500 ended up +0.31% vs. the European closing bell). Asian markets are falling (China’s CSI 300 -1.25% and Japan’s Nikkei closed).
Today in the euro zone we will learn September’s preliminary services and manufacturing PMIs, in the US September’s preliminary services and manufacturing PMIs and in Mexico July’s retail sales and July’s IGAE activity index.
IBERIAN DAILY 23 SEPTEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ELECTRICITY SECTOR.Drops on almost all European markets
European stock markets fell, with the IBEX, dragged down by the banks and nearing the 15,000 point mark, was the worst relative performer. In the STOXX 600, the best-performing sectors were Basic Materials and Technology, whereas Autos and Food suffered the biggest drops. On the macro side, in the euro zone September’s consumer confidence improved slightly more than expected. In the US, August’s Chicago Fed activity index slowed its drop. From the Fed, A. Musalem and R. Bostic see little leeway for bigger rate cuts, as inflation remains the top priority, but S. Miran and N. Kashkari are pushing for more cuts in the coming months. In China, as expected the PBoC kept the reference rate for 1Y and 5Y loans unchanged at 3.0% and 3.5%, respectively. Separately, Nvidia announced that it will invest up to US$ 100 Bn in OpenAI in order to develop data centres.
What we expect for today
European stock markets would open with gains of around +0.3%. Currently, S&P futures are down -0.1% (on Friday the S&P 500 ended up +0.31% vs. the European closing bell). Asian markets are falling (China’s CSI 300 -1.25% and Japan’s Nikkei closed).
Today in the euro zone we will learn September’s preliminary services and manufacturing PMIs, in the US September’s preliminary services and manufacturing PMIs and in Mexico July’s retail sales and July’s IGAE activity index.
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Sabadell
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