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European indices see new drops
Initial gain eased in European indices, closing flat and ending the week with sight gains, below +1.0% with the exception of the MIB that climbed +1.5%. Last week in the Euro STOXX, Utilities and Travel&Leisure were the best performers (>+2.0%), whereas Automobiles, Media and Technology where the only sectors ending in negative territory. On the macro side, in the US, in Jackson Hole J. Powell insisted on the need of high rates for a longer period of time or even further rises if the job market does not cool off, which fuelled debt yields at the end of the session and dragged down stock markets. On another note, C. Lagarde left the door open to rises in September and insisted on the fact that rates should remain high. In China, the regulator cut the share purchase-sale tax for the first time since 2008, moderating the IPO rate that was welcomed by the market.
What we expect for today
European stock markets would open with gains >+0.5%. Currently, S&P futures are up +0.03% (the S&P 500 was +0.67% higher vs. the European closing bell). Volatility in the US dropped (VIX 15.68). Asian stock markets are climbing (China’s CSI 300 +1.74%, Japan’s Nikkei +1.69%).
Today in the euro zone we will learn July’s M3 and in the US the Dallas Fed manufacturing index.
IBERIAN DAILY 28 AUGUST (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: N/A.European indices see new drops
Initial gain eased in European indices, closing flat and ending the week with sight gains, below +1.0% with the exception of the MIB that climbed +1.5%. Last week in the Euro STOXX, Utilities and Travel&Leisure were the best performers (>+2.0%), whereas Automobiles, Media and Technology where the only sectors ending in negative territory. On the macro side, in the US, in Jackson Hole J. Powell insisted on the need of high rates for a longer period of time or even further rises if the job market does not cool off, which fuelled debt yields at the end of the session and dragged down stock markets. On another note, C. Lagarde left the door open to rises in September and insisted on the fact that rates should remain high. In China, the regulator cut the share purchase-sale tax for the first time since 2008, moderating the IPO rate that was welcomed by the market.
What we expect for today
European stock markets would open with gains >+0.5%. Currently, S&P futures are up +0.03% (the S&P 500 was +0.67% higher vs. the European closing bell). Volatility in the US dropped (VIX 15.68). Asian stock markets are climbing (China’s CSI 300 +1.74%, Japan’s Nikkei +1.69%).
Today in the euro zone we will learn July’s M3 and in the US the Dallas Fed manufacturing index.
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Sabadell
Research Department
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