European Stock Exchanges

While in Spain the monotem is the rise in electricity prices, the markets continue to hold in the zone of maximums. And the fact is that today, the average daily price of electricity in the wholesale market today breaks another record in Spain and runaways to € 172.78 / MWh, which represents an increase of + 12.6% compared to Tuesday .

In Europe, the ECB relaxed the purchases of PEPP bonds in the last week in a clear way: 1,300 million euros vs. 16,743 million the previous week, as Christine Lagarde, president of the monetary authority of the eurozone, had advanced. For her part, Isabel Schnabel, a member of the ECB’s executive committee, says she does not expect inflation to be persistently too high.

Bundesbank President JensWeidmann noted that “A digital euro would have a very limited role at first. A gradual approach towards a digital euro makes sense. The digital euro would have limited functions at first.”

The European Commission approved France’s 3 billion plan to help businesses affected by the pandemic. It has also been known el data on consumer prices in France, which stands at 1.9% in August in year-on-year rate, above the previous 1.2% and in line with expectations. The price data is being closely monitored by the markets, as it could cause a change in trend in the measures taken by central banks.

At the corporate level, H&M has released an update of its fiscal third quarter figures with sales of 55.59 billion SEK, sales at constant terms that are up 9% over the same period a year earlier. Sales in local currencies are up 14%. They comment that around 100 stores will be temporarily closed at the end of the quarter, while the figure rose to 180 at the beginning of fiscal 3Q

Wall Street closure in red

Wall Street closed in red on Tuesday and its main indicator, the Dow Jones Industrials, fell 0.84% ​​despite the publication of better-than-expected inflation figures and continuing the decline that it has starred in this month. At the close of the New York Stock Exchange, the Dow Jones subtracted 292.06 points, to 34,577.57, while the selective S&P 500 fell 0.57% or 25.68 integers, to 4,443.05.

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The CPI data for August in the US (+ 0.3% monthly and + 5.3% year-on-year) did not initially cause major surprises, although the indices closed with clear red numbers.

In the US, negotiations continue between Democrats and Republicans regarding the debt limit.

The fall in Apple’s shares (-0.96%) also weighed on Wall Street after the technology giant unveiled its new mobile phone model, the iPhone 13.

Brent crude prices are on the rise again, reaching $ 74.05 per barrel. They do it after the IEA will cut the estimate of oil demand for the third quarter due to the incidence of the delta variant of the coronavirus, but predicts a robust rebound in 2022. It cuts demand estimate by 200,000 barrels per day (b / d) for 3Q21 due to a worsening of the pandemic and by 105,000 b / d by 2021. Demand growth forecast for 2022 is raised by 85,000 b / d to 3.2 M b / d. Oil supply fell 540,000 b / d in August, but is expected to remain stable in September. Hurricane Ida caused a loss of supply of some 30 million barrels of oil.

From Link Securities they hope that the finding that China’s economy continues to slow, probably because the new wave of the pandemic, starring the contagious Delta variant of Covid-19, is causing more impact in the country than the one admitted “officially”, causing a session between flat and slightly lower in European stock markets, with the most cyclical cutoff values ​​and those most exposed to the Chinese market, leading the falls. Thus, both retail sales, industrial production and investment in fixed capital, despite continuing to grow at a good pace in year-on-year terms in August, have done so at rates significantly lower than those of July and those estimated by analysts.

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