Anchor resume from 29 of September to 6 of October 2017
Friday, 06 of October 2017
This week focus
The Catalan referendum finally took place last week. After the vote from Sunday and the general strike in Catalonia carried out during the last Tuesday, the Generalitat ensured that the sovereignty process will continue.
The reactions have been instantaneous, with the main financial entities from Catalonia like Caixabank and Banc Sabadell being hit, due to the sharp withdrawals of capital from savers and the punishment that have suffered the price of their shares. In this line, Banc Sabadell has already announced the approval of the relocation of headquarters to Alicante, while Caixabank would be considering moving to Palma de Mallorca. Other Catalan companies have already taken the initiative, among them are Naturhouse or Oryzon.
With all this, the Spanish selective ended the week with slight drops to levels of the 10.000, despite having lost that level during the latest sessions because of the falls within financial sector. The rest of the European set, remained in positive territory; the DAX-30 at levels of 12.900, and the STOXX-50 closing flat around 3.600.
The weekly evolution in the Euro region has been positive, after announcing the highest manufacturing activity growth rates from the last 6 years, driven mainly by an increase in new orders received for exports. In addition, in the publication of the ECB minutes we identified new citations that record the start of the debate for the reduction of monetary stimuli.
In the United Kingdom, we continue to see no progress in the Brexit negotiations, being Theresa May's latest appearance the main catalyst in the markets. The critics rained over the first British minister after the speech, in which she asked for unity to the members of his party in order to give a new push to the Brexit. The controversy on the contrary, came by a fit of cough that forced her to interrupt her conference in several occasions, which became associated to the nervousness for trying to silence the rumors of crisis within the conservative party. Consequently, the pound suffered further falls against its major pairs, ending at levels of 0,89 EUR/GBP.
From the United States, the main selectives made new advances, consolidating levels of 2.500 in the S&P-500. However, last Friday the selectives ended flat with slight drops after the updates of the employment data, which put the unemployment rate at minimum levels (+4,2% current vs. the +4,4% expected), as well, there were further increases in average hourly earnings. Data that favored the likelihood of a further rate hike at the next FED’s meeting. On the contrary, the impact of the hurricanes was reflected in the non-agricultural payroll data, so the payroll data fell by -33k vs. forecasts of +90k and the previous data of +156k.
In the Asian continent we had the update of the Chinese PMI manufacturing data, which became to be better than expected after presenting an expansion rate of 52.4 (compared to forecasts of 51.6). The main Chinese selective ended the last semi festive week with new advances, up to levels of the 28.458. As in Japan, with the Nikkei peaking at 20.690 levels although the fall in manufacturing activity rates (52,9 from the forecasts of 53,6).