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European stock exchanges see new drops
Initial gain eased in European indices, ending with drops of around -0.8% in the case of the Euro STOXX50, although the Ibex, FTSE100 and Swiss SMI managed to end flat. In the Euro STOXX, Household and Energy were the best performers, whereas Basic Resources and Technology saw the biggest drops. On the macro side, in the US, durable goods orders slowed down more than expected, even the core component, whereas weekly jobless claims fell unexpectedly. Meanwhile, from the Fed, S. Collins warned that some additional rise would be necessary whereas P. Harker assumed that rises are over, awaiting to see their impact. On another note, Turkey’s Central Bank raised benchmark rates much more than expected to 25% from 17.5% previously, which fuelled BBVA share price. In Japan, the YoY rise in Tokyo’s inflation moderated in August although the core data speeded up to 2.6% from 2.5% previously.
What we expect for today
European stock markets would open with drops of as much as -0.5%. Currently, S&P futures are flat (the S&P 500 was -0.6% lower vs. the European closing bell). Volatility in the US rose (VIX 17.3). Asian stock markets are sliding (China’s CSI 300 -0.5%, Japan’s Nikkei -2.0%).
Today we stress Powell’s and Lagarde’s speech in Jackson Hole. In the US we will learn the University of Michigan consumer confidence for August and in Germany August’s IFO and the final 2Q’23 GDP.
IBERIAN DAILY 25 AUGUST (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: N/A.European stock exchanges see new drops
Initial gain eased in European indices, ending with drops of around -0.8% in the case of the Euro STOXX50, although the Ibex, FTSE100 and Swiss SMI managed to end flat. In the Euro STOXX, Household and Energy were the best performers, whereas Basic Resources and Technology saw the biggest drops. On the macro side, in the US, durable goods orders slowed down more than expected, even the core component, whereas weekly jobless claims fell unexpectedly. Meanwhile, from the Fed, S. Collins warned that some additional rise would be necessary whereas P. Harker assumed that rises are over, awaiting to see their impact. On another note, Turkey’s Central Bank raised benchmark rates much more than expected to 25% from 17.5% previously, which fuelled BBVA share price. In Japan, the YoY rise in Tokyo’s inflation moderated in August although the core data speeded up to 2.6% from 2.5% previously.
What we expect for today
European stock markets would open with drops of as much as -0.5%. Currently, S&P futures are flat (the S&P 500 was -0.6% lower vs. the European closing bell). Volatility in the US rose (VIX 17.3). Asian stock markets are sliding (China’s CSI 300 -0.5%, Japan’s Nikkei -2.0%).
Today we stress Powell’s and Lagarde’s speech in Jackson Hole. In the US we will learn the University of Michigan consumer confidence for August and in Germany August’s IFO and the final 2Q’23 GDP.
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Sabadell
Research Department
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