Renta 4: Stock markets point to a flat opening (Eurostoxx futures -0.07%), after a Monday session where there were no major corporate references after the conclusion of the 2Q23 results season (in the absence of Bayer today). In China, weak July trade balance figures were published, with exports falling at their fastest pace since February 2020 (-14.5% vs 12.5% estimated and 12.4% previously) and imports surprisingly down when an improvement was expected (-12.4% vs -5.0% estimated and -6.8%).
Investors’ attention this week will be focused on new price references that confirm the pace of inflation deceleration. In this regard, we will have the final July CPI data for Germany, both year-on-year (+6.2% preliminary vs +6.4% previously) and monthly (+0.3% preliminary and previous), while the German 30-year bond reaches 2014 highs (2.69%).
Finally, we learned of an interview published in the New York Times with New York Fed President John Williams (interview conducted on 2 August and published on 7 August), in which he showed confidence that core inflation was on a downward path, also stating that we could be quite close to the “peak rate” of interest rates in the US.
