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Saturday, May 28, 2022

Europe looks with hope to the negotiations between Ukraine and Russia

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*FINANCIAL MARKET*

Euro STOXX 50 futures were up 15.5 points to 3,706.5, FTSE futures were up 19 points to 7,159.5, and German DAX futures were up 70 points to 13,713.0 by 0430 GMT. .

Most stock markets rose and oil fell on hopes of progress in Russia-Ukraine peace talks despite ongoing fighting, while bond markets brace for rate hikes in the US and UK this week.

MACROECONOMIC DATA

In Germany the wholesale price index for February will be published, in France the trade balance for January will be published and in Spain the retail sales data for the same month. In addition, the meeting of the Eurogroup will be held. In the US there will be no relevant macro references. The focus of the week will be on the Fed meeting, which ends on Thursday.

*BUSINESS*

Santander, BBVA, CaixaBank and Sabadell put 5,000M and toxic assets up for sale (El Confidencial)

JP Morgan lowers the recommendation for BBVA from “overweight” to “neutral”, and lowers the price target from 7.30 to 6.20 euros (Reuters)

BBVA lowers its position in Spanish public debt to the lowest since 2010 (Five Days)

Orange and MásMóvil will promote investment in networks after the merger (Five Days)

Abertis guarantees dividends for 1,800 million until 2024 (Expansión)

Deutsche Bank, which has faced harsh criticism from some investors and politicians for its ties to Russia, said in a surprise move on Friday that it was closing its business in the country. (Reuters)

*ECONOMY AND POLITICS*

The Government is studying subsidizing gas plants to make electricity cheaper (Five Days); Sanchez agrees to lower taxes linked to energy (Five Days)

Diplomatic efforts to end the war in Ukraine have intensified, with Ukrainian and Russian negotiators set to talk again after both sides said progress has been made, including after Russia attacked a base near the border. with Poland and increased fighting elsewhere. (Reuters)

Eurozone finance ministers are likely to back the European Commission’s view that fiscal policy should shift from supportive to neutral in 2023, but they should be ready with more cash if the war in Ukraine makes it necessary. (Reuters)

Iran attacked the northern Iraqi city of Erbil on Sunday with a dozen ballistic missiles, in an unprecedented assault on the capital of Iraq’s autonomous Kurdish region that appeared to target the United States and its allies. (Reuters)

DEBT AUCTIONS

– The Treasury announces the placement objective in the auctions scheduled for the week

EVENTS

– The Minister of Foreign Affairs, José Manuel Albares, interview at the European Forum in Madrid (09:00 a.m.)

– The Minister of Agriculture, Luis Planas, intervenes and an informative breakfast of Europa Press in Madrid (09:00 a.m.)

BANKING

– Bank appeal dates to the ECB for February (0900h)

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