European stocks open higher as Dax trades flat

European stocks open higher as Dax trades flat

Bullish opening for the main squares of the Old Continent from which the Dax stands out, which is trading flat with certain doubts. The French Cac 40 rises 0.09%; the Italian FTSE Mib, 0.22% and the London index, 0.26%. The Euro Stoxx 50 adds 0.08%.

Inflation will peak in the euro area throughout this year to later moderate in 2022 due to the rise in energy prices and various transitory factors, including supply problems, fiscal changes and the ‘base effect’ of a large jump from last year’s lows. This has been explained by the Global Head of Economy and Strategy at Allianz Global Investors, Stefan Hofrichter, in a meeting held yesterday Thursday with the media.

The British Justice has ratified this Thursday a previous sentence appealed in which it was ruled that the Deliveroo distributors, known as ‘riders’, are self-employed, thus denying the possibility that they are represented by a union to negotiate their conditions.

The credit rating agency S&P Global Ratings has improved the outlook from ‘negative’ to ‘stable’ and has maintained the ratings of six Spanish banks (Santander, Santander Consumer Finance, BBVA, BBVA Global Markets, Bankinter and Ibercaja), thanks to the evolution of the rate of vaccinations in Spain, and the signs of a strong rebound in the national economy, which suggests that the banking sector has been able to leave behind the worst scenarios. As for Banco Sabadell, it has lowered its rating to ‘BBB-‘ from ‘BBB’, although it has indicated that the outlook is ‘stable’. In addition, it maintains the rating and the ‘stable’ outlook for KutxaBank.

Regarding today’s macro agenda, the publication in Germany’s consumer confidence index, in its early reading for July, which moderated to -0.3 points from -6.9 in June (figure revised from -7), improving the -4 expected by the market.

In the afternoon in the US, the personal income and expenses for May will be announced, as well as the consumer price index for the same month, the PCE, the inflation indicator most followed by the Federal Reserve (Fed), of which expects a strong rebound in the month analyzed.

In addition, and also to the US, the University of Michigan will publish this afternoon the final June reading of its consumer sentiment index, which is expected to show a slight advance over the level it presented the previous month.

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