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MARKETS YESTERDAY AND TODAY
Mixed performance on the markets
European stock markets traded with mixed results, with slight gains in core nations and losses in the periphery, where the IBEX was dragged down by Tourism and Banks, whereas the US markets continued to rise thanks to the push from cyclical consumption and construction companies. In the Euro STOXX the biggest gains came in Basic Resources and Pharma, whereas the biggest drops were seen in Travel & Leisure and Banks. On the macro side, in the US the Empire index fell more than expected in August, which would suggest growth below the 20% QoQ expected by the consensus for 3Q’20, whereas the NAHB real estate confidence index rose more than expected in August to a record high, reflecting the solid momentum in the sector thanks to the low interest rates. Separately, the US Govt. announced new restrictions on Huawei, banning access to chips from non-US suppliers that have used technology from the country, and restrictions are also expected to be placed on Alibaba. In the euro zone, the Bundesbank has spoken of a strong rally in the German economy this summer, where the crisis has had a moderate impact on unemployment thanks to the widespread use of the adjustment to the working day (kurzarbeit).
What we expect for today
The markets would open with slight drops. Currently, S&P futures are flat (the S&P 500 ended practically unchanged vs. its price at the closing bell in Europe). Volatility in the US fell (VIX 21.3%). Asian markets are trading with mixed results (Japan -0.1% and Hong Kong +0.1%).
Today in the US we will learn building permits and housing starts for July. In debt auctions: Germany (€ 4 Bn in bonds due 2027) and the ESM (up to € 2 Bn in 178D t-bills).
IBERIAN DAILY 18 AUGUST (ANÃLISIS BANCO SABADELL)
NEWS SUMMARY: SIEMENS GAMESA.MARKETS YESTERDAY AND TODAY
Mixed performance on the markets
European stock markets traded with mixed results, with slight gains in core nations and losses in the periphery, where the IBEX was dragged down by Tourism and Banks, whereas the US markets continued to rise thanks to the push from cyclical consumption and construction companies. In the Euro STOXX the biggest gains came in Basic Resources and Pharma, whereas the biggest drops were seen in Travel & Leisure and Banks. On the macro side, in the US the Empire index fell more than expected in August, which would suggest growth below the 20% QoQ expected by the consensus for 3Q’20, whereas the NAHB real estate confidence index rose more than expected in August to a record high, reflecting the solid momentum in the sector thanks to the low interest rates. Separately, the US Govt. announced new restrictions on Huawei, banning access to chips from non-US suppliers that have used technology from the country, and restrictions are also expected to be placed on Alibaba. In the euro zone, the Bundesbank has spoken of a strong rally in the German economy this summer, where the crisis has had a moderate impact on unemployment thanks to the widespread use of the adjustment to the working day (kurzarbeit).
What we expect for today
The markets would open with slight drops. Currently, S&P futures are flat (the S&P 500 ended practically unchanged vs. its price at the closing bell in Europe). Volatility in the US fell (VIX 21.3%). Asian markets are trading with mixed results (Japan -0.1% and Hong Kong +0.1%).
Today in the US we will learn building permits and housing starts for July. In debt auctions: Germany (€ 4 Bn in bonds due 2027) and the ESM (up to € 2 Bn in 178D t-bills).
Underlying
SIEMENS GAMESA (SGRE SM)
Provider
Sabadell
Research Department
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