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At the end of today’s report, and during the entire results season, we will include a presentation with positive and negative results highlights and previews for the 2Q’23 results to be released over the coming days in Spain.
IBEX dragged down by politics
European stock markets clawed back over the course of the session, especially the IBEX, which reeled in the losses from the opening and saved 9,500 points following the uncertainty generated after Sunday’s election. In the Euro STOXX, Energy and Telecoms led the gains, with Travel & Leisure and Consumer Goods posting the biggest losses. On the macro side, in the euro zone July’s manufacturing and services PMIs (preliminary data) fell more than expected to 42.7 and 51.1, respectively. This brought the composite below 50, consistent with contracting activity levels. In Spain, both the Canarian Coalition and PNV parties ruled out backing the conservative PP’s candidacy if the latter were to join forces with the ultra-right VOX party. In the US, June’s Chicago Fed index fell more than expected after the previous reading was lowered, and July’s PMIs had a mixed reading, where the manufacturing index rose unexpectedly (still below 50) and services fell more than expected. In China, the stock markets responded to the Politburo’s announcement of more stimulus measures focused on consumption and real estate in order to offset the economic downturn in the coming months, In US business results, Domino’s Pizza was in line and Chevron beat expectations.
What we expect for today
European stock markets would open flat, although cyclicals linked to raw materials such as Energy and Basic Materials could continue to do better, underpinned by the stimulus measures in China and the solid performance in emerging markets. Currently, S&P futures are flat (the S&P 500 ended -0.10% lower vs. the European closing bell). Volatility in the US rose (VIX 13.90). Asian stock markets are mixed (China’s CSI 300 +4.13%, Japan’s Nikkei -0.30%).
Today in Germany we will learn July’s IFO, in the US July’s consumer confidence, in Brazil July’s inflation and in Mexico May’s IGAE economic activity index. In US 2Q’23 Results, Alphabet, Microsoft, Visa, General Motors and Moody’s, among others, will release their earnings. In debt auctions: Italy (€ 5 Bn in bonds due 2025 and I/L due 2033).
IBERIAN DAILY 25 JULY + 2Q’23 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: N/A.At the end of today’s report, and during the entire results season, we will include a presentation with positive and negative results highlights and previews for the 2Q’23 results to be released over the coming days in Spain.
IBEX dragged down by politics
European stock markets clawed back over the course of the session, especially the IBEX, which reeled in the losses from the opening and saved 9,500 points following the uncertainty generated after Sunday’s election. In the Euro STOXX, Energy and Telecoms led the gains, with Travel & Leisure and Consumer Goods posting the biggest losses. On the macro side, in the euro zone July’s manufacturing and services PMIs (preliminary data) fell more than expected to 42.7 and 51.1, respectively. This brought the composite below 50, consistent with contracting activity levels. In Spain, both the Canarian Coalition and PNV parties ruled out backing the conservative PP’s candidacy if the latter were to join forces with the ultra-right VOX party. In the US, June’s Chicago Fed index fell more than expected after the previous reading was lowered, and July’s PMIs had a mixed reading, where the manufacturing index rose unexpectedly (still below 50) and services fell more than expected. In China, the stock markets responded to the Politburo’s announcement of more stimulus measures focused on consumption and real estate in order to offset the economic downturn in the coming months, In US business results, Domino’s Pizza was in line and Chevron beat expectations.
What we expect for today
European stock markets would open flat, although cyclicals linked to raw materials such as Energy and Basic Materials could continue to do better, underpinned by the stimulus measures in China and the solid performance in emerging markets. Currently, S&P futures are flat (the S&P 500 ended -0.10% lower vs. the European closing bell). Volatility in the US rose (VIX 13.90). Asian stock markets are mixed (China’s CSI 300 +4.13%, Japan’s Nikkei -0.30%).
Today in Germany we will learn July’s IFO, in the US July’s consumer confidence, in Brazil July’s inflation and in Mexico May’s IGAE economic activity index. In US 2Q’23 Results, Alphabet, Microsoft, Visa, General Motors and Moody’s, among others, will release their earnings. In debt auctions: Italy (€ 5 Bn in bonds due 2025 and I/L due 2033).
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Sabadell
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