IBERIAN DAILY 10 AUGUST (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: UNICAJA.Financial stocks rally
The Italian Government’s decision to soften its position on the bank tax helped the European market recover. Added to this was the rise in Brent crude prices, which are once again near US$ 87/barrel. In the Euro STOXX, Energy and Banks led the gains, whereas only Travel & Leisure and Consumer Goods posted losses. On the macro side, in Italy the minister of economy clarified that the new tax will have a limit that cannot exceed 0.1% of total assets. In the US, the Biden administration will limit investments in sectors linked to quantic computing, semiconductors and AI in China, in an effort to limit access to their technologies. In Mexico, July’s inflation fell in line with expectations. In Japan, typhoon Khanun hit the southern and southeastern regions of the country with floods and torrential downpours. In US 2Q’23 business results, Walt Disney released disappointing earnings and Illuminia beat expectations.
What we expect for today
European stock markets would open with gains awaiting US inflation data, and with the Technology sector performing worse. Currently, S&P futures are up +0.33% (the S&P 500 was down -0.2% vs. the European closing bell). Volatility in the US fell slightly (VIX 15.96). Asian stock markets are mixed (China’s CSI 300 -1.05%, Japan’s Nikkei +0.49%).
Today in the US we will learn weekly jobless claims and July’s inflation and in Mexico Banxico’s interest rate meeting. In US 2Q’23 Results, Ralph Lauren and News Corp, 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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