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MARKETS YESTERDAY AND TODAY
Optimism regarding a less severe Covid variant fuels stock markets
The week before Christmas was marked by the volatility caused by doubts on the impact from Omicron and its severity, which were aggravated by lower trading volumes (many investment funds have already closed their fiscal years). Still, the European stock markets managed to rally, with the Ibex ending the week with a rise higher than +3%, nearing the technical reference of 8,600 points, the Dax closing with gains of around +1.5%, and the Euro STOXX rallying more than +2.5%. Within the Euro STOXX, the best-performing sectors were Travel & Leisure and Technology, whereas Real Estate and Consumer Goods were the worst relative performers. On the macro side, in Spain, the 3Q’21 GDP grew 2.6% (beating expectations and the previous data). In the US, the weekly jobless claims came in as expected, as did November’s personal income and outlays. November’s preliminary durable goods orders rose above expectations, whereas November’s home sales disappointed.
What we expect for today
We expect the stock markets to post slight losses due to Omicron fears following the statement made by Faucci, from the White House Covid-19 Response Team, warning of a possible collapse of the healthcare system due to the high number of infection and despite the variant being less severe. Currently, S&P futures are up +0.04% (the S&P 500 ended -0.14% lower on Thursday vs. its level at the European closing bell). Volatility in the US dropped (VIX 17.96). Asian markets are falling (China’s CSI 300 -0.3% and Japan’s Nikkei -0.4%).
Today we will learn in the US the Dallas Fed activity index for December.
IBERIAN DAILY 27 DECEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: BANKING SECTOR.MARKETS YESTERDAY AND TODAY
Optimism regarding a less severe Covid variant fuels stock markets
The week before Christmas was marked by the volatility caused by doubts on the impact from Omicron and its severity, which were aggravated by lower trading volumes (many investment funds have already closed their fiscal years). Still, the European stock markets managed to rally, with the Ibex ending the week with a rise higher than +3%, nearing the technical reference of 8,600 points, the Dax closing with gains of around +1.5%, and the Euro STOXX rallying more than +2.5%. Within the Euro STOXX, the best-performing sectors were Travel & Leisure and Technology, whereas Real Estate and Consumer Goods were the worst relative performers. On the macro side, in Spain, the 3Q’21 GDP grew 2.6% (beating expectations and the previous data). In the US, the weekly jobless claims came in as expected, as did November’s personal income and outlays. November’s preliminary durable goods orders rose above expectations, whereas November’s home sales disappointed.
What we expect for today
We expect the stock markets to post slight losses due to Omicron fears following the statement made by Faucci, from the White House Covid-19 Response Team, warning of a possible collapse of the healthcare system due to the high number of infection and despite the variant being less severe. Currently, S&P futures are up +0.04% (the S&P 500 ended -0.14% lower on Thursday vs. its level at the European closing bell). Volatility in the US dropped (VIX 17.96). Asian markets are falling (China’s CSI 300 -0.3% and Japan’s Nikkei -0.4%).
Today we will learn in the US the Dallas Fed activity index for December.
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Sabadell
Research Department
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