Morning View
US GDP grew +3% annualised in Q2, according to first estimate
International
US Q2 2025 GDP (Gross Domestic Product) came in at +3% annualised, according to the first estimate released this morning, and beating projections of +2.6%. On the other hand, the private agency ADP (Automatic Data Processing) released its estimate of private job creation for July, which showed the creation of 104k jobs, above the 76k expected. In the Eurozone, the first estimate of Q2 GDP was also released, which showed +0.1% growth in the period, implying +1.4% y-o-y growth, beating projections.
As for today, the focus will be on the Federal Reserve's monetary policy meeting, where the Fed is expected to keep the interest rate in the 4.25%-4.50% range, while attention will also be paid to the subsequent press conference. In this context, the US Treasury yield curve compressed yesterday. The 1-year bond closed at 4.08%, just below the previous 4.09%, while in the 3-year tranche the yield closed at 3.82%, down from 3.89% previously. The 10-year bond was more volatile, closing at 4.32%, down from 4.41% at Monday's close.
En cuanto a los índices de acciones estadounidenses, el S&P 500 cayó -0,3% el día de ayer, mientras que el Nasdaq retrocedió -0,4% y el Dow Jones -0,5%. En lo que va del año, los índices acumulan variaciones de +8,3%, +9,3% y +4,9%, respectivamente.
Por último, el día de ayer se reportaron los resultados del 2° trimestre de Visa, P&G, UnitedHealth, Booking, Boeing y Starbucks, entre otras compañías. El día de hoy, luego del cierre de mercado, reportarán Microsoft, Meta Platforms, Qualcomm y Arm, entre otras. Para Microsoft, se esperan ingresos de USD 73.790 millones y beneficios por acción (BPA) de USD 3,37, mientras que para Meta se esperan ingresos de USD 44.720 millones y BPA de USD 5,85.
Fuente: PUENTE Hnos, Bloomberg
The week began quietly in the United States
International
Both equity indices and US Treasuries were little changed on Monday. After the news that the US government reached a trade deal with the European Union, traders are waiting for news on other negotiations, especially with China.
Today's release of the Conference Board's (CB) Consumer Confidence data will be released. It is expected to be around 95.9, up from last month's 93. On the other hand, the June data on current job openings will be published according to the JOLTS survey. It is expected that there were 7.49 million vacancies in the month.
Against this backdrop, US Treasury yields closed little changed. The 1-year bond closed at 4.09%, the same yield as the previous close, while in the 3-year tranche the yield closed at 3.87%, also unchanged from the previous close. The 10-year bond closed at 4.41%, slightly higher than Friday's 4.39%.
In equity indices, the S&P 500 was unchanged, while the Nasdaq rose +0.3% and the Dow Jones declined -0.1%. Year-to-date, the indices are up +8.6%, +9.7% and +5.4% respectively. Finally, Visa, P&G, UnitedHealth, Booking, Boeing, Starbucks and Paypal, among other companies, will report their Q2 results today.
Fuente: PUENTE Hnos, Bloomberg
