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MARKETS YESTERDAY AND TODAY
Talks between US and China trigger buying
European markets opened with losses that hit almost -1.0%, but after the opening bell in the US they turned the tide and closed with gains of up to +1.0% after the US announced it would resume talks with China and that it would delay the 10% tariffs on “some imports (mobile phones, laptops, videogame consoles, etc.)†until the 15th of December. In the Euro Stoxx, cyclical sectors like Basic Materials, Energy and Banks led the gains, while Retail and Real Estate posted the biggest losses. On the macro side, in Germany the ZEW index fell more than expected to lows since Dec’11 (-44.1), suggesting new drops in the IFO and stagnation in the country’s economy. Meanwhile, inflation data confirmed the 1.7% YoY in July, and 0.5% in Spain, where the core component remained at 0.9% YoY. In the UK, the unemployment rate rose unexpectedly to 3.9% in June, whereas the number of unemployed once again rose in July, and salary gains grew more than expected in June. In Italy, Salvini’s motion will not move forward, for the time being, in view of the lack of support and awaiting PM Conte’s appearance before the Senate on 20 August. In the US, inflation rose more than expected in July to 1.8% YoY and 2.2% core. Separately, SME business confidence rose more than expected in July. In China, industrial output and retail sales saw their growth pace fall significantly more than expected in July. In Japan, machinery orders showed an unexpected sharp rise in June due to the early affect from the upcoming VAT increase. In US business results, Advance Auto released disappointing earnings.
What we expect for today
European markets would open flat (although with a slightly bullish slant), as investors will temper the euphoria surrounding the trade talks between the US and China, whereas cyclical sectors should be affected by the poor macro data in China. Currently, the S&P futures are flat (the S&P 500 was flat vs. its price at the closing bell in Europe). Volatility in the US fell (VIX 17.5%). Asian markets are rising (Hong Kong +1.0% and Japan +0.7%).
Today in the euro zone and Germany we will learn the 2Q’19 GDP, in the UK July’s inflation and in the US import prices. In US business results, Macy’s, NetApp, Nvidia and Cisco System, will release their earnings.
IBERIAN DAILY 14 AUGUST (ANÃLISIS BANCO SABADELL)
NEWS SUMMARY: SIEMENS GAMESA.MARKETS YESTERDAY AND TODAY
Talks between US and China trigger buying
European markets opened with losses that hit almost -1.0%, but after the opening bell in the US they turned the tide and closed with gains of up to +1.0% after the US announced it would resume talks with China and that it would delay the 10% tariffs on “some imports (mobile phones, laptops, videogame consoles, etc.)†until the 15th of December. In the Euro Stoxx, cyclical sectors like Basic Materials, Energy and Banks led the gains, while Retail and Real Estate posted the biggest losses. On the macro side, in Germany the ZEW index fell more than expected to lows since Dec’11 (-44.1), suggesting new drops in the IFO and stagnation in the country’s economy. Meanwhile, inflation data confirmed the 1.7% YoY in July, and 0.5% in Spain, where the core component remained at 0.9% YoY. In the UK, the unemployment rate rose unexpectedly to 3.9% in June, whereas the number of unemployed once again rose in July, and salary gains grew more than expected in June. In Italy, Salvini’s motion will not move forward, for the time being, in view of the lack of support and awaiting PM Conte’s appearance before the Senate on 20 August. In the US, inflation rose more than expected in July to 1.8% YoY and 2.2% core. Separately, SME business confidence rose more than expected in July. In China, industrial output and retail sales saw their growth pace fall significantly more than expected in July. In Japan, machinery orders showed an unexpected sharp rise in June due to the early affect from the upcoming VAT increase. In US business results, Advance Auto released disappointing earnings.
What we expect for today
European markets would open flat (although with a slightly bullish slant), as investors will temper the euphoria surrounding the trade talks between the US and China, whereas cyclical sectors should be affected by the poor macro data in China. Currently, the S&P futures are flat (the S&P 500 was flat vs. its price at the closing bell in Europe). Volatility in the US fell (VIX 17.5%). Asian markets are rising (Hong Kong +1.0% and Japan +0.7%).
Today in the euro zone and Germany we will learn the 2Q’19 GDP, in the UK July’s inflation and in the US import prices. In US business results, Macy’s, NetApp, Nvidia and Cisco System, will release their earnings.
Underlying
SIEMENS GAMESA (SGRE SM)
Provider
Sabadell
Research Department
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