Report
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MARKETS YESTERDAY AND TODAY
Rally in Europe with China’s stabilisation
The wish of China’s financial market regulator to hold talks with the US SEC and the fact that the Politburo expressed the need of further stimulus to avoid an overly fast slowdown in China (coinciding with a significant increase in cases) enabled the recovery of Western stock markets (also underpinned by the good business results). In the Euro STOXX, growth sectors (with bond yield tightening) were the best performers, led by Consumer Goods, Technology and Retail vs. the bigger drops of Insurance (dragged down by Allianz after the announcement it is being investigated in the US for its investment fund management) and Basic Resources to a lesser extent. On the macroeconomic level, in the euro zone, July’s final manufacturing PMI was raised slightly. In Germany, June’s retail sales rose more than expected. In the US, July’s manufacturing ISM was disappointing after falling unexpectedly vs. the previous month, although still remain at very high levels. In Brazil and Mexico, July’s manufacturing PMI improved (although still below 50 in Mexico). In Japan, money supply growth slowed down vs. the previous month. In US results, Global Payments and Eastman Chemical beat expectations, Pioneer Natural Resources in line.
What we expect for today
European stock markets would open with slight falls where the fear that the new delta variant undermines the economic recovery will be the highlight again. Currently, S&P futures are up +0.26% (the S&P 500 ended -0.3% lower vs. its price at the closing bell in Europe). Volatility in the US rose (VIX 19.46). Asian markets are seeing slight falls (China’s CSI -0.1% and Japan’s Nikkei -0.5%).
Today in the US we will learn June’s final durable goods orders, in Brazil the Central Bank meeting (with a +50bps rise expected). In US business results, Under Armour, Conoco Phillips, Marriott, Gartner, Discovery, Ralf Lauren, Prudentialand DuPont among others, will release their earnings.
IBERIAN DAILY 03 AUGUST (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: NATURGY.MARKETS YESTERDAY AND TODAY
Rally in Europe with China’s stabilisation
The wish of China’s financial market regulator to hold talks with the US SEC and the fact that the Politburo expressed the need of further stimulus to avoid an overly fast slowdown in China (coinciding with a significant increase in cases) enabled the recovery of Western stock markets (also underpinned by the good business results). In the Euro STOXX, growth sectors (with bond yield tightening) were the best performers, led by Consumer Goods, Technology and Retail vs. the bigger drops of Insurance (dragged down by Allianz after the announcement it is being investigated in the US for its investment fund management) and Basic Resources to a lesser extent. On the macroeconomic level, in the euro zone, July’s final manufacturing PMI was raised slightly. In Germany, June’s retail sales rose more than expected. In the US, July’s manufacturing ISM was disappointing after falling unexpectedly vs. the previous month, although still remain at very high levels. In Brazil and Mexico, July’s manufacturing PMI improved (although still below 50 in Mexico). In Japan, money supply growth slowed down vs. the previous month. In US results, Global Payments and Eastman Chemical beat expectations, Pioneer Natural Resources in line.
What we expect for today
European stock markets would open with slight falls where the fear that the new delta variant undermines the economic recovery will be the highlight again. Currently, S&P futures are up +0.26% (the S&P 500 ended -0.3% lower vs. its price at the closing bell in Europe). Volatility in the US rose (VIX 19.46). Asian markets are seeing slight falls (China’s CSI -0.1% and Japan’s Nikkei -0.5%).
Today in the US we will learn June’s final durable goods orders, in Brazil the Central Bank meeting (with a +50bps rise expected). In US business results, Under Armour, Conoco Phillips, Marriott, Gartner, Discovery, Ralf Lauren, Prudentialand DuPont among others, will release their earnings.
Underlying
Naturgy (NTGY SM)
Provider
Sabadell
Research Department
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