IBERIAN DAILY 07 SEPTEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ELECTRICITY SECTOR, NH HOTELES, ROVI.MARKETS YESTERDAY AND TODAY
Stock markets post gains with all eyes on Central Banks
The European stock markets posted gains that neared all-time highs fuelled by expectations that lower employment creation will cool the withdrawal of stimulus by the Fed. Thus, within the Euro STOXX, the best-performing sectors were Technology and Consumer Goods, whereas Real Estate and Utilities were among the few sectors that fell. On the macro side, in the Euro zone, September’s SENTIX index moderated in line with expectations. Looking ahead to Thursday’s meeting, the ECB is expected to announce a reduction in the pace of purchases in 4Q’21. In Germany, July’s factory orders increased unexpectedly. In the UK the grace period with Northern Ireland is extended indefinitely, while the European Commission has hinted that the protocol will not be renegotiated. Despite the distortions brought on by Covid-19 in the Ningbo-Zhoushan port, export and import data in China beat expectations in August. In Japan, the candidate for PM, Kishida, has called for a stimulus programme worth at least 30 billion yen.
What we expect for today
The rally of Chinese technology groups would contribute to a positive opening bell in European stock market, led by growth sectors. Currently, S&P futures are up +0.15% (the S&P 500 was closed for the bank holiday). Volatility in the US will start from 16.41 (VIX). Asian markets are rising (China’s CSI +0.3% and Japan’s Nikkei +0.9%).
Today we will learn in Germany September’s ZEW economic sentiment index and July’s industrial output, and in the Euro zone the 2Q’21 GDP. In debt auctions: Spain will place € 5.5 Bn in 6M & 12M T-bills.
Laboratorios Farmaceuticos Rovi is engaged in the sale of its own pharmaceutical products and the distribution of other products for which it holds licenses granted by other laboratories for specific periods, in accordance with the terms and conditions contained in the agreements entered into with said laboratories.
NH Hotel is engaged in the operation and management of hotels throughout Spain, the Benelux countries, Germany, and South America.
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