2023-07-05 19:48:32
Sentiment continuation session started at the beginning of the week. The corrections continue to be the base scenario for a day marked by the bad PMI data from China released in the early hours of the morning, which were revised downwards. Although they are still above the contraction territory, the data generated a pessimistic wave that dragged the European markets. In the old continent, the similar data for the services PMI were not good either, except for the exception of France and Germany where there were no changes, in the rest of the countries and the euro area as a whole if there were downward revisions. The data from Spain, which was revised negatively by more than two points, was enough to intensify the falls in the selective, which led the falls in the session.
Within the index, only Indra stood out with increases due to the new election of the company’s CEO and the political support of the current opposition party. Apart from this headline, the rest of the components of the Ibex35 continued with the corrections. Where renewables and steel companies led the most important falls. In the middle of the table, banks and energy companies consolidated most of the fall made in the selective.
In commodities, the return of Wall Street traders offered a strength in the US dollar that hurt gold mainly. China’s negative outlook cut prices in industrial metals, while recent cuts in Russia and Saudi Arabia gave oil oxygen.
Following the Independence Day holiday, which caused a delay in US data releases, investors are expecting the broader US data package next day. ADP jobs data, jobless claims, ISM-non-manufacturing and final June US PMI will take up much of the session’s interest.
Darío García, XTB analyst
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