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China’s measures boost stock markets
European stock markets rallied last week thanks to the unexpected battery of stimulus measures announced by China. Thus, the S&P500 hit a new record high and the Ibex35 traded near 12,000 points, hitting a new annual high and not seen since 2010. In the STOXX 600, the best-performing sectors by far were Consumer Goods and Basic Resources (higher exposure to China) vs. Energy (dragged down by the drop in crude oil) and Pharma. On the macro side, in the euro zone September’s economic sentiment index dropped slightly more than expected. In Spain, both general and core inflation fell more than expected in September. In Germany, September’s number of unemployed rose more than expected. In Italy, the Govt. expects public debt to reach 137.8% in 2027 from 135.8% in 2024. In the US, personal outlays were in line with expectations in August as the core consumption deflator moderated more than expected whereas the University of Michigan consumer confidence rose more than expected for the second consecutive month. In Japan, industrial output fell more than expected in August, whereas retail sales recovered more than expected. In China, apart from the official manufacturing PMI, which rose more than expected, all the rest (official and Caixin) fell unexpectedly.
What we expect for today
Stock markets would open with slight gains that should increase throughout the session, fuelled by China’s gains although the automobile sector will be hit by Stellantis’s and Volkswagen’s profit warnings. French stocks will be hit by the possibility of a new corporate tax to large companies. Currently, S&P futures are down -0.04% (the S&P 500 ended -0.15% lower vs. the European closing bell). Asian markets are mixed (China’s CSI +7% and Japan’s Nikkei -4.8%).
Today in Germany we will learn September’s inflation and in the US September’s Chicago PMI.
IBERIAN DAILY 30 SEPTEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: N/A.China’s measures boost stock markets
European stock markets rallied last week thanks to the unexpected battery of stimulus measures announced by China. Thus, the S&P500 hit a new record high and the Ibex35 traded near 12,000 points, hitting a new annual high and not seen since 2010. In the STOXX 600, the best-performing sectors by far were Consumer Goods and Basic Resources (higher exposure to China) vs. Energy (dragged down by the drop in crude oil) and Pharma. On the macro side, in the euro zone September’s economic sentiment index dropped slightly more than expected. In Spain, both general and core inflation fell more than expected in September. In Germany, September’s number of unemployed rose more than expected. In Italy, the Govt. expects public debt to reach 137.8% in 2027 from 135.8% in 2024. In the US, personal outlays were in line with expectations in August as the core consumption deflator moderated more than expected whereas the University of Michigan consumer confidence rose more than expected for the second consecutive month. In Japan, industrial output fell more than expected in August, whereas retail sales recovered more than expected. In China, apart from the official manufacturing PMI, which rose more than expected, all the rest (official and Caixin) fell unexpectedly.
What we expect for today
Stock markets would open with slight gains that should increase throughout the session, fuelled by China’s gains although the automobile sector will be hit by Stellantis’s and Volkswagen’s profit warnings. French stocks will be hit by the possibility of a new corporate tax to large companies. Currently, S&P futures are down -0.04% (the S&P 500 ended -0.15% lower vs. the European closing bell). Asian markets are mixed (China’s CSI +7% and Japan’s Nikkei -4.8%).
Today in Germany we will learn September’s inflation and in the US September’s Chicago PMI.
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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