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At the end of today’s report, and during the entire results season, we will include a presentation with positive and negative results highlights and previews for the 2Q’23 results to be released over the coming days in Spain.
US inflation spurs markets
It was a very positive session for European stock markets, which rose almost +2.0% and allowed the IBEX to recover 9,400 points in a week in which the markets have revived the possibility of fewer rate hikes from central banks. In the Euro STOXX, all the sectors closed with gains, led by Real Estate (for the second straight day) and Basic Resources, compared to the worse performance from Travel & Leisure and Household Goods. On the macro side, in Spain June’s final inflation confirmed the 1.9% YoY and 5.9% for the core figure. In the US, both general inflation (which fell to a 2-year low) and June’s core inflation fell more than expected to 3.1% YoY and 4.8% YoY, respectively, which boosted expectations of the definitive end of rate hikes. Despite this, T. Barkin stated that inflation is still too high, and it is unclear whether it is on track to reach the 2% target. Meanwhile, the Fed’s Beige Book showed slightly higher activity levels, but expectations suggest a bigger downturn. In Mexico, May’s industrial output rose more than expected. In China, both exports and imports fell more than expected in June
What we expect for today
European stock markets would open with gains of as much as +0.2% that would ease at the end of the session, dragged down by China’s weak external sector data. Currently, S&P futures are up +0.18% (the S&P 500 ended flat vs. the European closing bell). Volatility in the US dropped (VIX 13.54). Asian stock markets are rising (China’s CSI 300 +1.20%, Japan’s Nikkei +1.44%).
Today in the euro zone and the UK we will learn June’s industrial output and in the US June’s production prices. In debt auctions: Italy (€ 10 Bn in bonds due 2026, 2030, 2038 and 2049).
IBERIAN DAILY 13 JULY + 2Q’23 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: NATURGY.At the end of today’s report, and during the entire results season, we will include a presentation with positive and negative results highlights and previews for the 2Q’23 results to be released over the coming days in Spain.
US inflation spurs markets
It was a very positive session for European stock markets, which rose almost +2.0% and allowed the IBEX to recover 9,400 points in a week in which the markets have revived the possibility of fewer rate hikes from central banks. In the Euro STOXX, all the sectors closed with gains, led by Real Estate (for the second straight day) and Basic Resources, compared to the worse performance from Travel & Leisure and Household Goods. On the macro side, in Spain June’s final inflation confirmed the 1.9% YoY and 5.9% for the core figure. In the US, both general inflation (which fell to a 2-year low) and June’s core inflation fell more than expected to 3.1% YoY and 4.8% YoY, respectively, which boosted expectations of the definitive end of rate hikes. Despite this, T. Barkin stated that inflation is still too high, and it is unclear whether it is on track to reach the 2% target. Meanwhile, the Fed’s Beige Book showed slightly higher activity levels, but expectations suggest a bigger downturn. In Mexico, May’s industrial output rose more than expected. In China, both exports and imports fell more than expected in June
What we expect for today
European stock markets would open with gains of as much as +0.2% that would ease at the end of the session, dragged down by China’s weak external sector data. Currently, S&P futures are up +0.18% (the S&P 500 ended flat vs. the European closing bell). Volatility in the US dropped (VIX 13.54). Asian stock markets are rising (China’s CSI 300 +1.20%, Japan’s Nikkei +1.44%).
Today in the euro zone and the UK we will learn June’s industrial output and in the US June’s production prices. In debt auctions: Italy (€ 10 Bn in bonds due 2026, 2030, 2038 and 2049).
Underlying
Naturgy (NTGY SM)
Provider
Sabadell
Research Department
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