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New signs of lower inflation
European markets ended flat in a session fuelled by the good US opening. Thus, in the Euro STOXX, Energy (with oil prices near US$ 100.00/b) and Retail were the best performers whereas Pharma (for the second straight session) and Real Estate saw the biggest drops. On the macro side, in the US, July’s production prices slowed down unexpectedly, which reinforces expectations of inflation moderation in the 2H’22. However, M. Daly (San Francisco, dovish, without voting rights) spoke in favour of a +75bps rate hike in September if the upcoming macro data are not positive. On another note, weekly jobless claims rose in line with expectations. In Mexico, the Banxico raised reference interest rates by +75bps (for the second consecutive time) to 8.5%, as expected. The decision was taken unanimously to bring inflation under control. In China, lockdowns in the Hainan region were tightened due to a Covid-19 outbreak. In 2Q’22 US Results, Illumina came in above expectations, and Fox Cardinal Health in line.
What we expect for today
European stock markets would see a bearish opening in view of the higher uncertainties surrounding the Fed’s conviction to raise rates further. Currently, S&P futures are down -0.1% (the S&P 500 ended -0.8% lower vs. the European closing bell). Volatility in the US rose (VIX 20.20). Asian markets are sliding (China’s CSI 300 -0.46% and Japan’s Nikkei -0.65%).
Today in the UK we will learn the 2Q’22 GDP, in Spain, June’s final inflation, in the euro zone June’s industrial output, and in the US August’s University of Michigan confidence index. In US business results, Broadridge Financial Solutions, among others, will release their earnings.
IBERIAN DAILY 12 AUGUST (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: NATURGY.New signs of lower inflation
European markets ended flat in a session fuelled by the good US opening. Thus, in the Euro STOXX, Energy (with oil prices near US$ 100.00/b) and Retail were the best performers whereas Pharma (for the second straight session) and Real Estate saw the biggest drops. On the macro side, in the US, July’s production prices slowed down unexpectedly, which reinforces expectations of inflation moderation in the 2H’22. However, M. Daly (San Francisco, dovish, without voting rights) spoke in favour of a +75bps rate hike in September if the upcoming macro data are not positive. On another note, weekly jobless claims rose in line with expectations. In Mexico, the Banxico raised reference interest rates by +75bps (for the second consecutive time) to 8.5%, as expected. The decision was taken unanimously to bring inflation under control. In China, lockdowns in the Hainan region were tightened due to a Covid-19 outbreak. In 2Q’22 US Results, Illumina came in above expectations, and Fox Cardinal Health in line.
What we expect for today
European stock markets would see a bearish opening in view of the higher uncertainties surrounding the Fed’s conviction to raise rates further. Currently, S&P futures are down -0.1% (the S&P 500 ended -0.8% lower vs. the European closing bell). Volatility in the US rose (VIX 20.20). Asian markets are sliding (China’s CSI 300 -0.46% and Japan’s Nikkei -0.65%).
Today in the UK we will learn the 2Q’22 GDP, in Spain, June’s final inflation, in the euro zone June’s industrial output, and in the US August’s University of Michigan confidence index. In US business results, Broadridge Financial Solutions, among others, will release their earnings.
Underlying
Naturgy (NTGY SM)
Provider
Sabadell
Research Department
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