IBERIAN DAILY 03 AUGUST + 2Q’22 RESULTS PREVIEWS (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: UNICAJA.At the end of today’s report, and during the entire results season, we will include a presentation with previews for the 2Q’22 results to be released over the coming days in Spain.
Consolidation in stock markets
The world’s stock exchanges fell slightly after debt markets corrected Monday’s movement (widening in debt yields) following the comments made by some Fed members that there is still a long way to go to bring inflation under control. In this regard, J. Bullard (Saint Louis Fed, neutral) expects rates to stand at 3.75%-4.0% by the end of the year (vs. 3.3% futures as of Dec’22). Within the Euro STOXX, Chemicals and Pharma led gains, whereas Travel&Leisure and Technology saw the biggest drops. On the macro side, in Spain, the number of unemployed increased by 3,230 in July, whereas the number of Social Security affiliates fell by 7,366. In China, military manoeuvres were held near Taiwan in response to N. Pelosi’s visit to the island. In US business results, Dupont, Zebra Tech, EA, PayPal and Marriot International came in better, Caterpillar and Starbucks in line, JetBlue worse.
What we expect for today
European stock markets would open with slight drops, awaiting the release of July’s final PMI in the euro zone. Currently, S&P futures are up +0.31% (the S&P 500 ended -0.1% lower vs. the European closing bell). Volatility in the US rose (VIX 23.9). Asian markets are mixed (China’s CSI 300 +0.85% and Japan’s Nikkei -1.4%).
Today we will learn in the Euro zone June’s retail sales and July’s final services PMI, and in the US July’s ISM manufacturing index, June’s factory orders and June’s final durable goods orders. In Brazil, the BoB will hold its Selic interest rate meeting. Also, the OPEC+ will hold its August meeting (where the current output is expected to remain unchanged). In US business results, Under Armour, Moderna, McKesson and eBay, among others, will release their earnings.
Unicaja Banco SA is a Spain-based financial institution (the Bank) engaged in the banking sector. The Bank offers services to individual and business customers. Its products and services range includes current and savings accounts, debit and credit cards, consumer and commercial loans, real estate credit, securities brokerage, funds management, leasing, factoring, pension plans, life and non-life insurance, international trade financing, money transfer, as well as treasury, among others. The Bank operates a number of branches in Spain and Morocco. The Bank is controlled by Fundacion Bancaria Unicaja.
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