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Sunday, May 22, 2022

Dips for European futures as oil retreats

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*FINANCIAL MARKET*

Euro STOXX 50 futures were up 9 points to 3,795, FTSE futures were up 15.5 points to 7,454, and German DAX futures were up 27 points to 14,355 by 0430 GMT.

Asian stocks tumbled after the hit to activity from Shanghai’s coronavirus lockdown, while the yen extended declines after the Bank of Japan intervened on rising yields.

Precious oils slipped more than $3 as fears grew of lower fuel demand in China following Shanghai’s two-stage lockdown to contain a surge in COVID-19 infections.

MACROECONOMIC DATA

This Monday the trade balance of Hong Kong for February will be known. In Europe there will be no relevant macro references and attention will be focused on the speech of the governor of the BoE, Andrew Bailey. And in the United States, the Dallas Fed manufacturing business index for March will be released.

*BUSINESS*

Enagas sells its 45.4% stake in the Chilean GNL Quintero for 601 million euros (Reuters)

Sánchez advised the electricity companies of a harsh intervention if they do not lower prices (Expansión); The Government prepares a double auction for the price of electricity (Five Days)

Almirall announces positive results from phase 3 trial with dermatitis drug (Reuters)

CVC Capital Partners has filed a non-binding expression of interest for a stake of up to 49% in Telecom Italia’s business services arm, two sources said on Saturday (Reuters)

Auchan plans to maintain a presence in Russia, its CEO said, prompting Ukraine to call for a boycott of the supermarket chain (Reuters)

*ECONOMY AND POLITICS*

With new negotiations between Russia and Ukraine due this week in Turkey, Ukrainian President Volodimir Zelensky insisted on his country’s territorial integrity after earlier suggesting he was willing to compromise (Reuters)

The Bank of Japan offered to buy unlimited amounts of 10-year government bonds at 0.25%, intervening in the market to defend its implicit cap on yields for the second time this year (Reuters)

Shanghai launched a two-phase lockdown in a bid to contain the rise in COVID-19 cases (Reuters)

EVENTS

– The President of the Government, Pedro Sánchez, chairs in Madrid the ‘Generation of Opportunities’ meeting, a Europa Press and McKinsey platform, to discuss business projects in the field of sustainable management (09:00 a.m.)

– The President of the Government, Pedro Sánchez, recorded in Madrid, to the President of Costa Rica, Carlos Alvarado (1700h)

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