Renta 4: European stock markets point to a new upward opening (EuroStoxx futures +0.27%) to end the weekly session in positive territory . On the bond market, in the US, the 2-year IRR rose more than 14 bps to 4.11%, while the 10-year rose c.+9 bps to 3.91% (3.90 this morning). In Europe, we also witnessed a rebound in IRRs, on average +6 bps, with the T-Bund at c. 2.25%…
Renta 4 : European stock markets open moderately higher (Eurostoxx futures +0.3%) after positive US closes, in a session where the S&P 500 posted its best daily performance since November 2022. Yesterday’s better than expected initial jobless claims in the US (233,000 4-week low) helped to alleviate some fears about the US labour market. This helped equity markets, and we also saw a steepening in fixed income, with the US…
Renta 4: European stock markets open flat on a day that will be dominated by the official US employment report (14:30h), where moderation is expected (in line with Wednesday’s ADP private employment survey and JOLTS job openings), but showing a still solid labour market and tightening in wages (yesterday 1Q24 unit labour costs +4.7% year-on-year vs +4% estimated). Consensus expects 240,000 estimated non-farm payrolls versus 303,000 estimated previously, unemployment rate…
Emisores| European companies have steadily lost positions in the Fortune Global 500 stock index over the last twenty years and now represent only 15.5% of its components, compared to 31.8% for the United States and 27.5% for China, according to the biannual report An ice-bath for EU leaders. Competitiveness is crumbling: Europe’s business case needs a rebuild drawn up by the European Roundtable for Industry (ERT), an organisation that brings…
J. P. Morgan | At the beginning of the year, both the equity and bond markets were positioned for an aggressive monetary policy easing cycle. However, with core inflation remaining persistent and the US economy proving resilient, markets are now reassessing how many rate cuts central banks will make this year. In an environment where markets continue to be affected by data surprises, we expect to see elevated volatility. In…
Link Securities| Spanish perfume and cosmetics multinational Puig has completed the banking syndicate that will lead its Initial Public Offering (IPO), expected before the summer, Expansión newspaper reports. Goldman Sachs and JPMorgan are the banks leading the placement as global coordinators. In second place are Bank of America, BNP Paribas, Caixabank and Santander and in third place are BBVA and Banco Sabadell.
Renta 4: Opening higher (Eurostoxx futures +0.6%, S&P futures 0%), picking up Wall Street’s gains after the close of European markets and awaiting the US employment data. In the background, China’s October Caixin PMIs, like the official ones, show a slowdown and point to an almost stagnant economy: services 50.4 ( versus 51 estimated and 50.2 previously) and composite 50 (versus 50.9 previously). At the corporate level, Apple’s results yesterday…
Banca March : Global trade falls to its lowest level since the pandemic. CPB World Trade Monitor data yesterday revealed the largest year-on-year decline (-3.2%) in global net exports in the post-pandemic period. In terms of monthly rates, the decline was 0.6%. The main reasons associated with these levels are last year’s interest rate hikes in several economies, as well as the sharp deterioration in China’s trade (imports: -5.2%, exports:…
Renta 4| European markets open flat (Eurostoxx futures +0.2%, S&P futures +0.3%), with the focus today on August PMIs and Nvidia’s results and awaiting tomorrow’s central bankers’ meeting in Jackson Hole. On the macroeconomic front, the focus will be on the preliminary PMIs for August. This morning in Japan, the data shows weakness in industry and resilience in services: manufacturing 49.7 (49.6 previously) and services 54.3 (53.8 previously). The same…
Renta 4 : Europe opens higher (Eurostoxx futures +0.4%, S&P -0.1%) after last minute gains in the Nasdaq (+1.65%) and after a session yesterday in which the rebound of the first part of the day in the European stock markets was deflated as the session progressed as there were no specific catalysts, beyond accumulating three consecutive weeks of losses in the main world stock markets.The markets are still waiting for…