IBERIAN DAILY 19 AUGUST (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: TALGO.Second week of gains for stock markets
The Euro STOXX50 reported the second best week of the year and the STOXX 600 the third best week after climbing +3.5% and +2.4%, respectively, with a significant decrease in volatility after the turbulence seen in early August. In the STOXX 600, Insurance, Technology and Travel&Leisure led the gains, whereas Basic Resources (in negative territory) and Food were the worst performers. On the macro side, in the US July’s building permits and housing starts dropped more than expected, suggesting a weak 3Q’24 in the construction sector. Meanwhile, the University of Michigan consumer confidence climbed unexpectedly in August. From the Fed, M. Daly (San Francisco Fed) bets on gradual rate cuts thanks to the good inflation data. In Japan, core machinery orders rose more than expected in July.
What we expect for today
Stock markets would open flat, with financial companies hit by the drop in sovereign debt yields. Currently, S&P futures are unchanged (the S&P 500 ended up +0.2% vs. the European closing bell). Volatility on the S&P 500 (VIX) fell to 14.8. Asian markets are mixed, with Japan’s hit by the appreciation of the yen (CSI +0.3% and Nikkei -1.8%).
Today no relevant macroeconomic references will be released. In US business results, Estee Lauder and Palo Alto will release their 2Q’24 earnings.
Talgo is engaged in designing, manufacturing, repairing and maintaining the railway rolling stock, as well as the manufacturing, assembling, repairing and maintaining the engines, machinery and parts of the railway systems. Co. has an industrial presence in seven countries: Spain, Germany, Kazakhstan, Uzbekistan, Russia, Saudi Arabia and U.S.A. Co. has an active fleet in Europe, Asia and North America that comprises of 94 high-speed trains and more than 1,400 Talgo tilting passenger cars. Also, Co. purchases, redesigns, constructs, leases and sells all types of real estate.
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