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All eyes on the Fed’s message
Yesterday’s session saw a decreasing performance, ending with corrections and without relevant macroeconomic changes, while in the US technology stocks once again shone, especially NVIDIA. Thus, in the STOXX 600, Real Estate and Banks were the best performers (only 5 sectors out of 20 saw gains) vs. Travel&Leisure and Media that posted the biggest drops. From the ECB, F. Villeroy reiterated the rate cut next week although not guaranteeing a new cut in July’s meeting. In the US, May’s consumer confidence recovered more than expected, fuelled by both the expectations and the current situation indices. From the Fed, Kashkari stated we should wait for several months to confirm the inflation convergence to the target before lowering rates. In China, the IMF raised its growth forecasts for 2024-25 to 5.0% and 4.5% (vs. 4.6% and 4.1% previously) and warned on the country’s industrial policy, at the same time requesting more stimulus on demand.
What we expect for today
Stock markets would open with moderate falls of as much as -0.2% awaiting the release of Germany’s inflation and in any case with bond proxies hit by the widening of debt yields. Currently, S&P futures are down -0.37% (the S&P 500 ended down -0.05% vs. the European closing bell). Asian stock markets are mixed (China’s CSI 300 +0.10%, Japan’s Nikkei -0.54%).
Today Spain we will learn April’s retail sales, in Germany May’s inflation and in Brazil March’s unemployment rate.
IBERIAN DAILY 29 MAY (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: SOLARIA.All eyes on the Fed’s message
Yesterday’s session saw a decreasing performance, ending with corrections and without relevant macroeconomic changes, while in the US technology stocks once again shone, especially NVIDIA. Thus, in the STOXX 600, Real Estate and Banks were the best performers (only 5 sectors out of 20 saw gains) vs. Travel&Leisure and Media that posted the biggest drops. From the ECB, F. Villeroy reiterated the rate cut next week although not guaranteeing a new cut in July’s meeting. In the US, May’s consumer confidence recovered more than expected, fuelled by both the expectations and the current situation indices. From the Fed, Kashkari stated we should wait for several months to confirm the inflation convergence to the target before lowering rates. In China, the IMF raised its growth forecasts for 2024-25 to 5.0% and 4.5% (vs. 4.6% and 4.1% previously) and warned on the country’s industrial policy, at the same time requesting more stimulus on demand.
What we expect for today
Stock markets would open with moderate falls of as much as -0.2% awaiting the release of Germany’s inflation and in any case with bond proxies hit by the widening of debt yields. Currently, S&P futures are down -0.37% (the S&P 500 ended down -0.05% vs. the European closing bell). Asian stock markets are mixed (China’s CSI 300 +0.10%, Japan’s Nikkei -0.54%).
Today Spain we will learn April’s retail sales, in Germany May’s inflation and in Brazil March’s unemployment rate.
Underlying
Solaria Energia y Medio Ambiente S.A.
Solaria Energia y Medio Ambiente manufactures both solar and thermal cells and panels, rolls out turnkey projects for large installations, operates solar plants and generates electricity through its owned plants.
Provider
Sabadell
Research Department
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