EUR 100.00 For Business Accounts Only

IBERIAN DAILY 22 AUGUST (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: OHLA.

Stock markets saw a mixed closing bell
Stock exchanges saw a decreasing performance in the euro one, where the Euro STOXX managed to end with slight gains, whereas the Ibex closed flat below 9,300 points in a session marked by the widening of sovereign yields at both sides of the Atlantic. The Euro STOXX sectors saw quite dispersion, with Automobiles and Energy leading gains, whereas Real Estate, Construction and Chemicals posted the biggest drops in a session where those sectors hit by rate hikes saw a worse performance in general, with the US hitting highs from 2007. On the macro side, in the Netherlands home prices fell -5.5% YoY in July for the third consecutive month. In US 2Q’23 Results, Nordson released disappointing figures but Palo Alto Networks beat earninngs expectations.
What we expect for today
European stock markets would open with gains of as much as +0.5% with the better relative performance of value stocks. Currently, S&P futures are down -0.15% (the S&P 500 was +0.8% higher vs. the European closing bell). Volatility in the US dropped (VIX 15.7). Asian stock markets are mixed (China’s CSI 300 -0.5%, Japan’s Nikkei +0.8%).
Today in the US we will learn July’s existing home sales and Richmond manufacturing index. In US 2Q’23 Results, Medtronic and Lowe, among others, will release their earnings.