IBERIAN DAILY 10 SEPTEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: MAPFRE, UNICAJA.MARKETS YESTERDAY AND TODAY
The ECB maintains the support all the same
The European stock markets closed with gains following C. Lagarde’s speech, which was quite more positive on growth and hinted at the current lax monetary environment being maintained. Within the Euro STOXX, the best-performing sectors were Real Estate and Consumer Goods, whereas Basic Resources and Household Goods saw the biggest drops. On the macro side, it was announced in the ECB meeting that the purchases programme will be reduced at a “moderately lower” pace in 3Q’21, and the growth and inflation forecasts were raised significantly. Thus, the ECB foresees growth of 5.0% in 2021 vs. 4.6% previously, 4.6% in 2022 vs. 4.7% previously and 2.1% in 2023 (unchanged). Inflation would increase to 2.2% in 2021 (vs. 1.9% previously), 1.9% in 2022 (vs. 1.5% previously) and 1.5% in 2023 (vs. 1.4% previously). In the US, the weekly jobless claims fell more than expected. In Mexico, August’s inflation slowed in line with expectations. In China, Biden and Jinping eased tensions after a call to seek common ground on external policy, whereas in the end no measures will be imposed on the videogame sector.
What we expect for today
European stock markets would open with gains after the tech rally in China and the ECB’s message that it will continue to support the market. Currently, S&P futures are up +0.24% (the S&P 500 ended down -0.53% vs. its price at the closing bell in Europe). Volatility in the US increased (VIX 18.80). Asian markets are rising (China’s CSI +1.0% and Japan’s Nikkei +0.95%).
Today we will learn in Germany August’s final inflation, in Spain July’s industrial output, and in the US August’s production prices and July’s wholesale inventories. In the Euro zone, the Eurogroup will hold its meeting.
Mapfre is an insurance company based in Spain. Co. is the parent company of a group engaged in the underwriting and provision of insurance in Spain and abroad. Insurance policies provided include: life, non-life, accident, home-owner, general and health. Through its subsidiaries, Co. is also engaged in the provision of reinsurance, the management of investment funds, pension funds and pension plans, real estate and related services. On the domestic market, Co.'s activities include managing investment funds, pension funds and pension plans, real estate and other service businesses.
Unicaja Banco SA is a Spain-based financial institution (the Bank) engaged in the banking sector. The Bank offers services to individual and business customers. Its products and services range includes current and savings accounts, debit and credit cards, consumer and commercial loans, real estate credit, securities brokerage, funds management, leasing, factoring, pension plans, life and non-life insurance, international trade financing, money transfer, as well as treasury, among others. The Bank operates a number of branches in Spain and Morocco. The Bank is controlled by Fundacion Bancaria Unicaja.
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