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MARKETS YESTERDAY AND TODAY
A robust earnings season
The rally in raw materials and the earnings season (Flutter climbed >+9% after beating expectations) fuelled European stock markets despite the fact that the PBoC ruled out the possibility of increasing the current accommodative policy. Thus, in the Euro STOXX, Travel&Leisure and Consumer Goods were the best-performing sectors whereas Real Estate (after the yield steepening) and Pharma where the only industries ending with losses. On the macro side, in Germany, August’s ZEW dropped more than expected due to the deterioration of the expectations component, jeopardising the 3.7% YoY GDP growth expected by the consensus in the 3Q’21. In the US, unit labour costs were in line with expectations while the 2Q’21 non-farm productivity moderated more than expected. The US Senate approved the first heading of Biden’s infrastructure package for US$ 550 Bn with the support of 19 Republican Senators (69-30). From the Fed, Evans claimed that he is not in favour of announcing the tapering in September and expects inflation to moderate to 3%.
What we expect for today
European stock markets would open with gains, underpinned by the expansion of US spending and Germany’s reconstruction programmes, and awaiting July’s inflation data. Currently, S&P futures are down -0.01% (the S&P 500 ended +0.2% higher vs. its price at the closing bell in Europe). Volatility in the US increased (VIX 16.79). Asian markets are mixed (China’s CSI -0.23% and Japan’s Nikkei +0.57%).
Today in Germany we will learn July’s final inflation and in the US July’s inflation.
IBERIAN DAILY 11 AUGUST (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: NATURGY.MARKETS YESTERDAY AND TODAY
A robust earnings season
The rally in raw materials and the earnings season (Flutter climbed >+9% after beating expectations) fuelled European stock markets despite the fact that the PBoC ruled out the possibility of increasing the current accommodative policy. Thus, in the Euro STOXX, Travel&Leisure and Consumer Goods were the best-performing sectors whereas Real Estate (after the yield steepening) and Pharma where the only industries ending with losses. On the macro side, in Germany, August’s ZEW dropped more than expected due to the deterioration of the expectations component, jeopardising the 3.7% YoY GDP growth expected by the consensus in the 3Q’21. In the US, unit labour costs were in line with expectations while the 2Q’21 non-farm productivity moderated more than expected. The US Senate approved the first heading of Biden’s infrastructure package for US$ 550 Bn with the support of 19 Republican Senators (69-30). From the Fed, Evans claimed that he is not in favour of announcing the tapering in September and expects inflation to moderate to 3%.
What we expect for today
European stock markets would open with gains, underpinned by the expansion of US spending and Germany’s reconstruction programmes, and awaiting July’s inflation data. Currently, S&P futures are down -0.01% (the S&P 500 ended +0.2% higher vs. its price at the closing bell in Europe). Volatility in the US increased (VIX 16.79). Asian markets are mixed (China’s CSI -0.23% and Japan’s Nikkei +0.57%).
Today in Germany we will learn July’s final inflation and in the US July’s inflation.
Underlying
Naturgy (NTGY SM)
Provider
Sabadell
Research Department
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