Wall street has risen in this Monday's session (Dow Jones: + 0.36%; S&P 500: + 0.35%; Nasdaq: + 0.21%) with the S&P 500 and the Nasdaq breaking new intraday and closing records. In this way, the three American indices start a week full of outstanding references on the right foot. Tuesday will be published June CPI in the United States and that same day the big american banks. Also, on Wednesday and Thursday Jerome powell (president of the Federal Reserve) appears in Congress
A informational cocktail of great relevance that comes at a sweet moment for American equities, which this Friday marked new all-time highs one more day. So far in 2021, the Dow Jones and the Nasdaq have risen 14% and the S&P 500 has done the same, but 17%.
The first big reference of the week will be the inflation data. "A very slight moderation in the general CPI and a slight acceleration in the underlying CPI, in a context of still high price levels in the short term ", point out the experts from Renta 4.
Forecasts anticipate a slight drop in the general CPI to 4.9% in the interannual rate from 5%; and a rebound in the core CPI, which excludes food and energy, up to 4% year-on-year from 3.8% previously. In any case, the market has overcome the fear of an inflationary spiral and continues to buy the Fed's thesis of a temporary rebound in prices.
In this sense, the appearance of Jerome Powell before Congress on Wednesday and Thursday, to explain the progress of the US economy, will help the central banker reinforce this idea that the rise in inflation will begin to moderate in the coming months.
"Powell is unlikely to bring anything new because it will explain what has been done so far and its impact on the economy, but it will not provide guidance on future monetary policy. Until the central bankers meeting in Jackson Hole (August 26/28) there will be no news. This gives the market peace of mind ", say the Bankinter strategists.
COMPANIES AND OTHER MARKETS
As the third great reference of the week, the second quarter results season begins on Tuesday with the figures of the large American banks. That day will be the turn of JP Morgan and Goldman Sachs, on Wednesday they will present Bank of America, Wells Fargo, Citigroup and BlackRock and Thursday BNY Mellon and Morgan Stanley.
"This may be the last train to get on American banks at a good price. Our favorites remain Morgan Stanley, JP Morgan, Citi and Bank of America", they point out from Bankinter.
On the other hand, the titles of Virgin galactic they have sunk, more than 17%, after the company set out to sell up to $ 500 million in common stock. This happens after the first trip as a space tourist of its founder, Richard Branson, in your ship VSS Unity.
In addition, Tesla has risen 4% on the day Elon musk, its CEO, has testified before the judge for the purchase What did your electric car company do? of SolarCity in a transaction valued at 2,500 million of dollars. The manager has denied that the operation was a rescue for the solar panel installation company and that the final price was set by the now president of Tesla, Robyn Denholm.
Also noteworthy the cancellation of plans to go public in the US by ByteDance, the company behind the social network Tik Tok. Among the causes, he points to the cybersecurity warnings that Chinese regulators have passed to Zhang Yiming, the founder of the company.
Another value that the research of Asian institutions has suffered is Didi, which after the rallies he scored in the session this Friday, has returned to falls above 7%.
In other markets, a barrel of oil West texas falls 0.56% to $ 74.14, the euro depreciates 0.11% and changes to $ 1,186, while the ounce of gold falls 0.17% to $ 1,807. By last, the yield of the 10-year Treasury bond is revalued to 1.37% and the bitcoin yields 3.21% to $ 32,840.
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