Renta 4 : Stock markets open lower again (Eurostoxx -0.3%, S&P flat), after negative closes in the US and Asia. As for central banks, Norway’s central bank unanimously raised rates by +25 bps, in line with expectations, to 4%, and anticipated more hikes in September, arguing that inflation is still not under control. A monetary policy direction that contrasts with that of other countries where they have already started to…
Renta 4| New day with European futures lower at the open (Eurostoxx 50 -0.6%, S&P flat) after a negative close in the US at the lows and with the US IRR 10 hitting the highest since October at 4.26%, and rising today +4 bps to 4.31%, which is an increase of c.+15 bps since Friday. Noteworthy is the publication of the minutes of the Fed’s July meeting where there is…
Renta 4: European stock markets point to a bearish opening (Eurostoxx futures -0.50%, after a Thursday session in which a better-than-expected US CPI data rebounded from the previous month (3.2% against 3.3% estimated and 3.0% previously) encouraged the markets in the last part of the session in Europe, only to end up deflating at the close of the American session. Although the rise from the previous month is minimal, US…
Renta 4 : Stock markets point to a positive opening (Eurostoxx futures +0.67%), after a positive Wednesday session in Europe in which the markets welcomed the Italian government’s decision to limit the tax on banks announced last Monday. In this sense, the government has clarified that the tax cannot exceed 0.1% of the assets of the institutions and “will not have a significant impact” on those that are remunerating the…
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…
Yields 4: European markets open higher (Eurostoxx futures +0.5%, S&P futures -0.1%) after a session of less to more on Wall Street, and on a day in which the most relevant will be the ISM services report in the US, which could fall in February (54.5e and 55.2 previously), and where the main focus will be on its price component, with upside risk after the strong rebound seen in the…
Renta 4 : European opening with slight gains (Eurostoxx futures +0.4%, S&P futures -0.1%), on a day of numerous 4Q22 results in Spain. In the background, and on the day that marks one year of war in Ukraine, a peace proposal presented by China that does not seem to have the support of the US and the EU. Today’s macro focus will be on the US core private consumption deflator…
Banca March | Sometimes, when the sun’s rays hit the sea water and there is a big difference in temperature, an optical illusion takes place which creates visual effects that can lead us to think that a boat is capable of “flying” several metres above the horizon. This effect, a mirage, is called Fata Morgana. Is this effusive start to 2023, in which global stock markets are up more than…
Bankinter |Corporate results will be one of the major catalysts, but also the reduced impact of Covid-19, with new medicines to fight it. Inflation will moderate im the second half of the year and central banks will slowly normalise their monetary policies, which is reasonable against a backdrop of economic expansion. Whatsmore, financial conditions will be accomodative and liquidity will be high. We envisage an average upside potential for the…
J.P. Marín Arrese | Ms Ribera, the Spanish Minister in charge of energy and environment, has warned electricity companies that lack of empathy towards their clients may undermine their stock performance as markets price-in such conduct. It wasn’t just a personal comment. She delivered it in the Parliamentary debate over the upsurge in the price of electricity providing no clue on how empathy-driven markets might work. Yet, one has the…