After closing on Friday with a weekly balance sheet in Western stock markets and after a flurry of business results that had little impact on indices, in the coming days, investors will face a scenario of greater uncertainty in Europe and regardless of the debt ceiling in the United States.
No agreement was reached at congressional and Senate leaders meeting with President Biden last week to address the issue and avoid a default in early June. Biden and McCarthy agreed to meet in the coming days.
“Even with everything, it is expected that the deadlines will pass and that an agreement will be reached in extreme cases due to the Republican Party’s refusal to extend the debt ceiling without cutting spending,” explained the experts from Renta4.
Meanwhile, the Spanish stock market will start the week with a moderate choke, since today the celebration of May 15th, – San Isidro celebrates – only in the capital and in some municipalities, will cause a lower trading volume to be recorded on this trading day than usual. Today, Ibex will start from 9234 points and will look for new incentives to continue the hike.
Investors in the Eurozone are focused on the release of the Industrial Production Index for March. Growth is expected to ease to 1.5% year-on-year, from 2% in February. The Empire Manufacturing Index was released in the US. In addition, the European Commission presents its spring macroeconomic outlook at 10:00 am.
On Tuesday, the ZEW Economic Sentiment in Germany and the Eurozone Unemployment Rate came out. On Wednesday, the market will watch the final Eurozone CPI reading for April, which could rebound slightly from the preliminary estimate of 7%.
On Thursdays, Census releases at 9:00 a.m. Statistics for Equity Transfers. In February, home sales were down 6.6% in their two-year rate and the downward trend is expected to continue due to higher interest rates and an increase in the cost of financing. Experts expect the market to cool further in the coming months.
In the United States, retail sales and industrial production are up on Tuesday. They noted from SelfBank that “while a slight increase is expected in retail sales after declining by 1% year-on-year in March, industrial production will show signs of deterioration.”
Earnings season is losing intensity. Today in Spain Colonial is in charge and in Europe it is the turn of Siemens Energy and Porsche. The rest of the week will review numbers from companies in retail like Walmart and Home Depot, or technology like Cisco. The results campaign is going better than expected, but it is drawing to a close. They’ve already published 91% of S&P 500 companies.
The Treasury Department is conducting an auction of three and nine-month bills on Tuesday. In the latest release, yields rose and the average price approached 3% on three-month notes and exceeded (3.169%) on nine-month notes. Ence and Metrovacesa also pay a dividend.
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