EUR 100.00 For Business Accounts Only

IBERIAN DAILY 07 OCTOBER (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: NATURGY.

Doubts continue
European stock markets saw new corrections that eased to around -0.5% at the closing bell with the better relative performance of the peripheral segment. Thus, the only sectors within the Euro STOXX that closed with gains were Technology and Automobiles vs. the bigger drops in Utilities and Insurance. On the macro side, in Spain, August’s industrial output climbed more than expected. In Germany, August’s factory orders dropped more than expected. On another note, the government forecasts would hint at a stagflation scenario in 2023 (-0.4% GDP and 8% inflation). In the US, weekly jobless claims climbed more than expected. On another note, the IMF warns about a recession scenario that could last until 2025 and about the increased financial risk.
What we expect for today
European stock markets would open with drops of as much as -0.25%, with the chips sector dragged down by Samsung’s results, which came in below expectations. Currently, S&P futures are down -0.3% (the S&P 500 ended -3.39 lower vs. the European closing bell). Volatility in the US increased (VIX 30.52). Asian markets are falling (China’s CSI 300 closed and Japan’s Nikkei -0.73%).
Today in Germany we will learn August’s industrial output, in the US the unemployment rate and September’s non-farm employment and in Mexico September’s inflation.