Markets

European economy 16th April 2025

EU plans to revive US gas purchases, looking for ways to aggregate demand

Link Securities | The European Union (EU) plans to revive its bid to buy more US gas, betting that US President Donald Trump is more open to negotiate after temporarily suspending the tariffs from taking effect, POLITICO reported on Monday. The bloc plans to resume talks on increased purchases of US liquefied natural gas (LNG) and will offer specific proposals to address Trump’s position on transatlantic trade, three European officials…

In the World, Markets, Relevant News Item, World economy 16th August 2024

Macro benchmarks ease recession fears

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%…

In the World, Markets, Relevant News Item, World economy 9th August 2024

Latest US employment data confirms business cycle divergence with Europe

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…

World economy 3rd May 2024

OECD revises 2024 growth forecast upwards by 2/10 pp to +3.1%: activity remains resilient

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…

In Europe 19th March 2024

European companies losing competitiveness in Fortune 500

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…

World economy 5th March 2024

Macro hedge funds outperform equities as volatility rises

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…

Spanish economy 15th February 2024

Goldman Sachs and JPMorgan to coordinate Puig’s IPO before summer

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.

World economy 6th November 2023

China’s October Caixin PMIs point to a near stagnant economy

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…

Relevant News Item 27th September 2023

Global net exports suffer largest annual fall in post-pandemic period, down by 3.2%

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:…

Spanish Politics 23rd August 2023

Felipe VI commissions Núñez Feijoo to try to form a government, despite still falling short of the 176 needed to reach a majority

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…

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