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Patris Daily - 20 August 2018

20 Aug 2018

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GLOBAL MARKETS OVERVIEW:

Europe: with the exception of UK (+0.03%), European major stock indices closed negative. Italy (-0.53%) underperformed. Stoxx 600 closed 0.09% lower (-1.24% over the week), with its 9 sectors registering gains. Industrial goods & services (+0.30%) and health care (+0.23%) outperformed, while telecommunications sector (-0.64) was hit the hardest.

Eurozone sovereign debt market: 10-year EGB yields increased in the Periphery of Europe (Italy +0.4bps, Portugal +0.1bps, Spain +0.8bps and Greece +3.0bps), while Core declined. Bund closed 1.3bps lower at 0.656%.

Portugal: PSI20 lost 0.47% on the last session of the week. Ibersol (+1.0%), Semapa (+0.7%), Jeronimo Martins (+0.5%), Galp (+0.2%) and REN (+0.1%) were the only titles that registered gains. Navigator (-2.8%) was the biggest loser.  

FX & Commodities: oil prices traded higher, with the first future of Brent up by 0.56% (-0.01% as we type). Gold increased 0.86% during the session (+0.28% as we type). EUR/USD finished the day +0.54% higher (-0.13% as we type).

US Equity & Debt Markets: S&P500 finished 0.33% higher. All the sectors closed positive, Real Estate (+0.96%) and Materials (+0.74%) outperforming. 10-year UST yields stood at 2.8605%.

The Trump administration will hold 6 days of hearings starting today in Washington over proposed tariffs of up to 25% on Chinese goods.

Asia: stocks traded with a positive tone overnight: TOPIX +0.32%, HANG SENG +1.36% as we type, SHANGHAI COMPOSITE +1.04%, HSCEI +1.16% as we type, TAIEX +0.08%, KOSPI +0.04% and S&P/ASW 200 +0.09%

Moody´s lowered Turkey´s rating from Ba3 to Ba2 and changed its outlook to negative, citing a weakening of public institutions and the related reduction in the predictability of policy making in a country which is facing a currency crisis.

OUR TAKE ON THE LATEST MACRO DATA:

US: August Preliminary University of Michigan Consumer Sentiment Index

The Michigan index fell to 95.3 on its preliminary reading for August, vs. 97.9 in July, below the market expectations of 98.0. Current economic conditions index fell to 107.8, vs. 114.4 last month. Expectations index remained unchanged at 87.3.

GLOBAL HIGHLIGHTS:

Atlantia: the Benetton-controlled company is in talks to pay a fine to the Italian government after the deadly collapse of a highway bridge this week, thus avoiding the revocation of its toll- road license. The government had issued an ultimatum to the company, giving it 15 days to demonstrate that it maintained the structure properly (Bloomberg)

Italy: the government is considering a new law to re-nationalize highway system after the disaster in Genoa (Bloomberg)

WHAT TO WATCH TODAY: in the Eurozone, the construction output for June will be released today. Atlanta´s Fed Raphael Bostic will speak on the US Economic Outlook in Tennessee.

For further information, or to receive the PDF file, please contact +351 912 897 835 or research@fincor.pt

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