EUR 100.00 For Business Accounts Only

IBERIAN DAILY 17 MARCH (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: MAPFRE, NATURGY.


Tariffs marked the weekly performance of stock markets
It was a volatile week for global equity markets, awaiting a ceasefire agreement between Ukraine and Russia and in view of the uncertainty generated by the trade war and the possible partial shutdown of the US administration (that was approved in the end by the Senate). In the STOXX 600, most sectors ended with drops, led by Retail and Travel & Leisure vs. the better performance of Utilities and Energy. On the macro side, in the US, the University of Michigan consumer confidence fell more than expected in March to Nov’22 lows. In Brazil, January’s retail sales fell less than expected and January’s primary surplus beat expectations. In China February’s industrial output, retail sales and investment in fixed assets grew more than expected in February whereas the drop in residential investment deteriorated although the annual slowdown pace in home prices moderated. On the geopolitical front, D. Trump and Russia will discuss the possible ceasefire tomorrow.
What we expect for today
European stock markets would open flat with a slightly bearish slant. Currently, S&P futures are down -0.7% (the S&P 500 ended up +0.2% vs. the European closing bell). Asian markets are mixed (China’s CSI 300 -0.3% and Japan’s Nikkei +0.9%).
Today in the US we will learn March’s Empire manufacturing index, February’s retail sales and March’s NAHB construction confidence index, and in Brazil January’s economic activity index.