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Futures Fall On Poor China Econ Data Ahead Of Powell Townhall

US equity index futures fell and the dollar rose after the latest Chinese data missed expectations and confirmed a sharp slowdown in the 2nd largest economy, while the spread of the coronavirus delta variant sparked worries the global economic rebound is faltering. Investors also awaited a town hall by Federal Reserve chair Jerome Powell on Tuesday for clues on policy following a report from the WSJ that the Fed was weighing ending taper by mid-2022. As of 730am S&P eminis were down 12.50 or 0.28% to 4,450 after hitting an all time high on Friday; Dow Jones futures were down 101 points or 0.28% and Nasdaq futures were 42.75 lower. Commodities declined after Chinese retail sales and industrial output data showed activity slowed. Alibaba slid in premarket trading again after China’s state media criticized the online-game industry.

Energy firms Halliburton, Exxon Mobil, Chevron, Occidental Petroleum and Schlumberger were down between 0.7% and 1.1%, tracking crude prices lower after data showed economic activity slowed in China. The rapid spread of the Delta variant of COVID-19 has clouded market sentiment recently, with a survey last week showing U.S. consumer sentiment dropped sharply in early August to its lowest level in a decade. Coronavirus cases in the United States rose by at least 37,024 on Sunday to a total of 36.85 million, according to a Reuters tally.

Alibaba lost 1.9% in early New York trading. China should tighten regulations of online games to ensure they don’t misrepresent history, state media reported. Here are some of the other notabl U.S. movers today:

• Cryptocurrency-exposed stocks rise with Bitcoin edging higher and holding on to recent gains. Riot Blockchain (RIOT) gains 2.5% and Bit Digital (BTBT) jumps 5.8%, while Marathon Digital (MARA) climbs 3.1% and Coinbase (COIN) advances 2%.
• Enlivex Therapeutics (ENLV) soars 22% after obtaining authorization from Israel’s ministry of health to initiate a clinical trial evaluating the safety and effectiveness of its Allocetra therapy on Covid-19 patients.
• Sonos (SONO) shares rally 13% in premarket trading after the home speakers maker won the first round of its patent case against Google and with Jefferies upgrading the stock to buy.
• Chinese large cap stocks listed in the U.S. fall in premarket trading on Monday amid another round of criticism from state media over online games. Alibaba (BABA) falls 2.1% and JD.com (JD) slides 3.1%, while Baidu (BIDU) slips 1.8% and Didi Global (DID) loses 2.2%.

While the world is transfixed by the chaos in Afghanistan, the biggest economic report overnight came out of China, where factory output and retail sales growth slowed sharply and missed expectations in July, as new COVID-19 outbreaks and floods disrupted business operations, adding to signs the economic recovery is losing momentum. Industrial production in the world's second largest economy increased 6.4% year-on-year in July, data from the National Bureau of Statistics (NBS) showed on Monday. Analysts had expected output to rise 7.8% after growing 8.3% in June. Retail sales increased 8.5% in July from a year ago, far lower than the forecast 11.5% rise and June's 12.1% uptick.

According to Goldman, "the weakness reflects a combination of factors including the impact of past policy tightening, slower export growth, and a series of idiosyncratic shocks in July including a typhoon and major flooding in Henan province and the onset of the widest Covid outbreak in the mainland since early 2020."

China's economy had rebounded to its pre-pandemic growth levels, but the expansion is losing steam as businesses grapple with higher costs and supply bottlenecks. New COVID-19 infections in July also led to fresh restrictions, disrupting the country's factory output already hit by severe weather this summer. Consumption, industrial production and investment could all slow further in August, analysts from Nomura said in a note, due to COVID-19 controls and tightening measures in the property sector and high-polluting industries. Production controls sent crude steel output to the lowest monthly level since April 2020 in July.

China has tightened social restrictions to fight its latest COVID-19 outbreak in several cities, hitting the services sector, especially travel and hospitality in the country. "Given China's 'zero tolerance' approach to Covid, future outbreaks will continue to pose significant risk to the outlook, even though around 60% of the population is now vaccinated," said Louis Kuijs, head of Asia economics at Oxford Economics, in a note.

Meanwhile, the rapid spread of the Delta variant of COVID-19 has clouded market sentiment recently, with a survey last week showing U.S. consumer sentiment dropped sharply in early August to its lowest level in a decade. Coronavirus cases in the United States rose by at least 37,024 on Sunday to a total of 36.85 million, according to a Reuters tally.

With Asian economies under stress from a resurgent pandemic and U.S. consumer sentiment near a decade low, investors are turning to signals from the Federal Reserve to sustain market momentum. A town hall by Chair Jerome Powell on Tuesday may act as a precursor to the Fed’s Jackson Hole symposium in late August, providing clues on whether a recent string of strong U.S. data qualified as adequate progress for the central bank to consider tapering stimulus.

“Shares remain vulnerable to a short-term correction with possible triggers being the upswing in global coronavirus cases, the inflation scare and U.S. taper talk,” said Shane Oliver, head of investment strategy and chief economist at AMP Capital.

In Europe, the benchmark Stoxx Europe 600 Index broke a 10-day streak of new record highs, with energy and commodity stocks the biggest drags on the gauge. Faurecia SE shares jumped 9.4% after the French auto supplier agreed to take over Hella GmbH in a deal that would create the world’s seventh-largest cap-parts maker. Mining stocks underperformed with metals prices coming under pressure from disappointing Chinese data. Stoxx 600 Basic Resources index down as much as 2.1% and hitting the lowest since July 28; Stoxx 600 benchmark down 0.6%. Heavyweights Rio Tinto, Glencore, Anglo American and BHP all lower and weighing on the index; steel company ArcelorMittal also falling. Antofagasta, Boliden and KGHM all lower as copper falls after Chinese industrial output data missed expectations. Here are some of the biggest European movers today:

• Faurecia shares gain as much as 11% after it agreed to buy auto- parts supplier Hella. Analysts note a smaller-than-expected equity raise and strong cash optimization among the positive characteristics of the deal.
• Ultra Electronics shares jump as much as 8.2% after Cobham made a firm offer to acquire the U.K. defense firm in a deal valuing Ultra at around GBP2.57b.
• LondonMetric shares rise as much as 2.2% to a record high after the U.K. REIT sold a Primark distribution warehouse in Northamptonshire for GBP102m.
• Naspers shares slump as much as 7.2% in Johannesburg, while Prosus drops as much as 5.6% in Amsterdam, following a slide in Chinese tech giant Tencent’s shares amid fresh worries over a regulatory crackdown.
• Lufthansa shares fall as much as 4.9% after Germany’s WSF stabilization fund said it would start to sell up to a 5% stake in the airline starting today.
• Orsted shares delcline as much as 2.6%. The wind farm operator is cut to neutral at Goldman

Earlier in the session, Asian stocks declined on Monday, with investor sentiment dampened by concern over the coronavirus and China’s disappointing economic data. The MSCI Asia Pacific Index fell as much as 0.8%, with Japan’s benchmarks leading the drop after the country extended states of emergency across six prefectures and amid an appreciating yen. The Hang Seng Tech Index slumped as much as 3% after China’s state media called for strengthened oversight of online games. Market sentiment continues to be weighed on by fear that the delta variant coronavirus spread will delay countries’ reopening plans. Figures released Monday by China’s government showed economic activity slowed more than expected in July, with fresh virus outbreaks adding risks to a recovery already hit by floods and faltering global demand. “The argument of ‘if people get vaccinated, everything will be alright’ is now wavering. If that falters, then it becomes harder to see when the economy might recover,” said Tetsuo Seshimo, a fund manager at Saison Asset Management Co. Mainland shares ended lower after the data releases, that included retail sales and factory output, while Philippine stocks were Asia’s top performers after a recent rout and Malaysia’s key index declined as the country’s prime minister resigned. South Korea’s stock market was closed for a national holiday.

Japanese stocks also fell, with the Topix dropping by the most in eight weeks, as coronavirus infection rates in Tokyo worsened and after the yen strengthened against the dollar. Electronics makers were the biggest drag on the benchmark, which fell 1.6%, with all but two of its 33 industry groups in the red. Fast Retailing and Recruit were the largest contributors to a 1.6% loss in the Nikkei 225. The yen extended its gain against the dollar after jumping 0.7% Friday. Tokyo Governor Yuriko Koike warned Friday that the virus situation in the capital was at disaster level as cases jumped to a record of 5,773, more than quadrupling in just three weeks. Japanese Prime Minister Yoshihide Suga is poised to expand and extend for about another two weeks a virus state of emergency in Tokyo now set to expire at the end of August, the Sankei newspaper said. “Investors had expected that vaccines would help the outlook, but now things are uncertain,” said Tetsuo Seshimo, a fund manager at Saison Asset Management Co. “Even with vaccines, people are restricted in their activities, and it’s clouding the outlook for investors,” he said, adding that the Afghanistan situation is a global risk-off factor. Data on Monday morning showed Japan’s economy returned to growth, with GDP expanding an annualized 1.3% from the prior quarter, as consumer and business spending proved resilient

India bucked the trend, with its key equity indexes advancing to fresh peaks, led by Reliance Industries Ltd., as Saudi Aramco closed in on an all-stock deal to acquire a stake in the Indian company’s oil refining and chemicals business. The S&P BSE Sensex rose 0.3% to 55,582.58 in Mumbai, while the NSE Nifty 50 Index advanced 0.2% to 16,563.05. Reliance Industries Ltd rose as much as 2.7% and was the biggest contributor to gains for both indexes, driving them to new highs. Out of 30 shares in the Sensex, 14 rose, while 16 fell. The Saudi Arabian firm is discussing the purchase of a roughly 20% stake in the Reliance unit for about $20 billion to $25 billion-worth of Aramco shares, according to people with knowledge of the matter. The quarterly earning season for companies ended on Friday, with 29 of the 50 Nifty companies missing estimates. Of the remaining, 19 exceeded consensus, while two reported results in line with expectations

In FX, the Bloomberg Dollar Spot Index inched higher and the yen and the Swiss franc led an advance among Group-of-10 peers while resource-based currencies such as the Australian dollar and Norwegian krone weakened. The Swiss National Bank appears to have intervened in the currency market to weaken the franc, with the amount of cash commercial lenders hold at the institution increasing by more than a billion francs for a second week running. Australia’s bonds gained and the Aussie dollar slid toward an almost one-month low after surging Covid cases led the NSW government to put the entire state into a weeklong lockdown; offshore sentiment was further weighed down by falling stocks and commodity prices. Japan’s sovereign bonds gained with the yen as a slump in U.S. consumer sentiment and weaker-than-expected Chinese data clouded the global economic outlook. The euro inched lower to around $1.1780 after rallying to a one-week high Friday; options traders are betting volatility in the euro will stay low and ranges will tighten further into year-end even amid the possibility of monetary policy divergence materializing between the Federal Reserve and the European Central Bank. The pound traded little changed against the dollar and the euro ahead of inflation, labor market and retail sales releases later this week; leveraged funds increased bullish bets on the British currency, according to data from the Commodity Futures Trading Commission for the week through Aug. 10

In rates, treasuries were little changed in early U.S. trading after erasing gains that sent yields to lowest levels in at least a week, tracking similar reversals in German and U.K. yields, and rebounding U.S. equity index futures. Yields were mixed across the curve, within 1bp of Friday’s closing levels, the 10-year was flat at 1.277% after erasing a 3.2bp drop to 1.245%, lowest since Aug. 6.  Coupon auctions ahead this week include $27b 20-year new issue Wednesday, $8b 30Y TIPS reopening Thursday.

Bitcoin traded around $47,400. Its second-day gain helped crypto stocks to rise in premarket deals. Riot Blockchain added 2.5%. Crude oil dropped for a third day as the resurgent pandemic hurt prospects for global demand.

There is little on today's calendar with the Empire Manufacturing Fed due at 830am, and the latest TIC data after the close.

Market Snapshot

• S&P 500 futures down 0.2% to 4,454.00
• STOXX Europe 600 down 0.5% to 473.46
• MXAP down 0.7% to 198.50
• MXAPJ down 0.5% to 653.16
• Nikkei down 1.6% to 27,523.19
• Topix down 1.6% to 1,924.98
• Hang Seng Index down 0.8% to 26,181.46
• Shanghai Composite little changed at 3,517.35
• Sensex up 0.3% to 55,617.10
• Australia S&P/ASX 200 down 0.6% to 7,582.46
• Kospi down 1.2% to 3,171.29
• Brent Futures down 1.5% to $69.53/bbl
• Gold spot down 0.2% to $1,776.21
• U.S. Dollar Index little changed at 92.56
• German 10Y yield rose 0.6 bps to -0.470%
• Euro little changed at $1.1787

Top Overnight News from Bloomberg

• China’s economic activity slowed more than expected in July, with fresh virus outbreaks adding new risks to a recovery already hit by floods and faltering global demand.
• Italy and Spain are set to record the fastest pace of economic expansion this year in more than four decades, a strong rebound that will help the countries overcome last year’s deep recession. Spain’s gross domestic product will expand 6.2% in 2021, while Italy will record a rate of 5.6%, according to a Bloomberg survey of economists
• Democrats are betting Republicans will blink and agree to raise the debt ceiling before it expires, a risky wager after a weeks-long standoff that threatens the health of the financial markets and continued U.S. government operations
• Bank of England policy makers are being overly-alarmist on their outlook for inflation, economists’ forecasts suggest, casting doubt on the need for a significant tightening in policy in the years ahead.
• Desperate scenes played out at Kabul’s international airport on Monday as thousands rushed to exit Afghanistan after Taliban fighters took control of the capital, with Reuters reporting at least five people were killed as people tried to forcibly enter planes leaving the country
• JPMorgan Chase & Co. says its decision to add the ESG tag to derivatives is part of a strategy to link sustainability to all forms of finance. The bank intends to replicate a novel cross-currency swap with Italian energy company Enel SpA, in which both parties need to meet specific ESG targets or face additional costs
• The thinking was that the pandemic would ebb and then mostly fade once a chunk of the population, possibly 60% to 70%, was vaccinated or had resistance through a previous infection. But new variants like delta, which are more transmissible and been shown to evade these protections in some cases, are moving the bar for herd immunity near impossibly high levels
• BNP Paribas requests traders to almost fully return to the office from October, Les Echos reported on Monday, without saying where it got the information
• Malaysian Prime Minister Muhyiddin Yassin and his cabinet resigned after more than 17 months in power, fueling a crisis of leadership in a country beset by a weakened economy and a surge in coronavirus cases

A more detailed look at global markets courtesy of Newsquawk

Asia-Pac stocks traded mostly subdued and US equity futures also pulled back from record levels due to ongoing COVID concerns and as participants digested disappointing activity data from China, while weekend newsflow was dominated by Afghanistan-related headlines after the Taliban effectively took control of Kabul which prompted a mass exodus of foreigners and embassy personnel from the city. ASX 200 (-0.6%) was led lower by weakness in energy and financials with the worst performers having recently announced their full-year results, while sentiment was also pressured by the ongoing COVID-19 situation that has forced an extension of lockdowns across several state capitals. Nikkei 225 (-1.6%) was the worst performer amid detrimental currency flows and with Japan likely to extend the state of emergency to additional prefectures as soon as this week after COVID-19 cases recently topped the 20k level for the first time which overshadowed the better-than-expected GDP data. Hang Seng (-0.8%) and Shanghai Comp. (+0.1%) traded mixed after Chinese Industrial Production and Retail Sales data both missed expectations with the stats bureau noting that the recovery remains uneven citing sporadic virus outbreaks and natural disasters. In addition, the PBoC announced a CNY 600bln MLF operation and although this was lower than the CNY 700bln of maturing MLF loans, the central bank noted that the liquidity released in last month's RRR cut can partially repay the MLF, while the KOSPI remained closed in observance of Liberation Day. Finally, 10yr JGBs were higher amid the underperformance of Japanese stocks and similar gains in T-note futures as the US 10yr yield declined by around 5bps to breach the 1.2500% level. However, upside was capped for Japanese bonds after better-than-expected GDP data, while Economic Minister Nishimura stated that they are ready to take flexible action on the economy by tapping into JPY 4tln in reserves and will conduct flexible macroeconomic policy without hesitation to achieve sustained economic growth.

Top Asian News

• Chinese Stocks Listed in U.S. Drop Amid Online Games Criticism
• Asia Stocks Decline, Hurt by China Data Miss, Japan Selloff
• Afghanistan-Related Asian Stocks Drop as Taliban Retake Kabul
• China’s Faltering Economic Recovery Adds to Global Growth Risks

European equities (Eurostoxx 50 -0.7%) have kicked the week off on the backfoot in the wake of lacklustre Chinese data and ongoing COVID concerns. Chinese Industrial Production and Retail Sales data both missed expectations with the stats bureau noting that the recovery remains uneven, citing sporadic virus outbreaks and natural disasters. In Australia, sentiment was also pressured by the ongoing COVID-19 situation that has forced an extension of lockdowns across several state capitals, whilst Japan is likely to extend the state of emergency to additional prefectures as soon as this week. A lot of newsflow has centred around events in Afghanistan whereby the Taliban has taken control of Kabul which prompted a mass exodus of foreigners and embassy personnel from the city. However, the market implications at this stage remain unclear as the West ponders its response to events, if any. In terms of market commentary, JP Morgan notes, that Q1 and Q2 European reporting seasons have produced significant positive surprises, to the tune of 24% and 16%, respectively. Since January, consensus projected European EPS for the year has been revised higher by 16%, the strongest move on record. As such, JPM has set out new index targets, “looking for a further 4-7% upside into year end, with SX5E at 4500, on top of the already very strong 19% Eurozone equity return delivered ytd, ex dividends.” Sectors in Europe are mostly in the red with underperformance in Basic Resources, Travel & Leisure and Retail. Retail names are lagging post-Chinese Retail Sales with Kering (who account for nearly 30% of the Stoxx 600 retail index) lower to the tune of 1.8%, whilst LVMH is down 2.5% and Burberry sits at the foot of the FTSE 100 with losses of 2.6%. To the upside, Real Estate and Telecoms are the only sectors in positive territory. The notable individual outperformer is Faurecia (+8.7%) after agreeing to acquire the Hueck Family's controlling stake in Hella (-3.0%) in a deal valued at EUR 6.7bln. Elsewhere, Deutsche Lufthansa (-3.2%) are lower on the session after the German Economic Stabilisation Fund said it will be selling a maximum 5% stake in Lufthansa over the next few weeks, accounting for around 25% of its total stake.

Top European News

• Turmoil in Afghanistan Adds to Geopolitical Risks Facing Markets
• EU Gas Climbs to Record as Flows Via Key Russian Pipe Fall Again
• Faurecia Gains as $8 Billion Hella Deal Reduces Engine Exposure
• Danske Senior Dealer Joins Fixed Income at AkademikerPension

In FX, safe haven flows see the DXY and JPY retaining their underlying bids caught since the deterioration in the APAC mood. Sentiment weakened as Chinese retail sales and IP missed the mark – and thus backed the notion of a slowdown in the world’s second-largest economy’s growth momentum. Further, geopolitical developments in Afghanistan have dominated the news, but it is too early to assess any near-term market implications. Meanwhile, the Yen may also see some tailwinds from the above-forecast Q2 GDP growth metric, although it’s worth noting the data may be stale as the COVID situation in Japan has worsened since the Tokyo Olympics - which kicked off at the start of Q3. The DXY sees mild gains after finding a floor around Friday’s 92.470 low and looks ahead to the NY Fed Manufacturing – which would mark the first August data point, whilst traders also keep tomorrow’s Fed Chair Powell appearance and Wednesday’s FOMC minutes in mind. USD/JPY has declined further below 110.00 and whilst taking out its 100 DMA (109.35) to the downside. The pair eyes mild support at 109.19 (2nd Aug low) ahead of the psychological 109.00. The CNH meanwhile has remained somewhat stabilised after overnight choppiness on the back of further evidence pointing to slowing economic growth momentum, but some observers expect China to negate these effects with looser policy. However, CNH bulls felt some reprieve after the PBoC conducted the MLF at a maintained rate of 2.95%, which adds to the likelihood of the LPRs being maintained later this week. That being said, reports last week suggested that any form of easing will likely take place in the RRR and interest rate. USD/CNH resides under just 6.4800 within a 6.4750-4815 range, with the 200DMA.

• AUD, NZD, CAD - The non-US dollars are all softer with the common denominator being risk sentiment. The AUD is the marked underperformer amid the disappointing Chinese data overnight, coupled with the ever-deteriorating Aussie COVID picture. That being said, the AUD/USD currently remains within the ranges seen in the past two sessions, with the 0.7333 proving to be formidable support. Some have been flagging AUD/JPY – a key APAC risk gauge – as the cross inches closer to 80.00 to the downside, dipping below 80.25 from today’s 80.87 peak. NZD/USD meanwhile is in the red but losses are cushioned in anticipation of an RBNZ rate hike later this week. Thus, the AUD/NZD cross has dipped below 1.0450 and continues to print fresh YTD lows as the cross eyes 1.0418 (2nd Dec 2020 low) ahead of 1.0400. The Loonie remains on the backfoot amid headwinds from COVID-suppressed oil prices, whilst the weekend saw Canadian PM Trudeau calling a snap summer general election on September 20th, some two years ahead of schedule – although a rebound in polls could pave the way for Trudeau to secure a majority government from the current minority. USD/CAD inches higher towards 1.2550 and its 200 DMA at 1.2565 as the Loonie looks ahead to July inflation data this week.
• EUR, GBP - Both the Single Currency and Sterling trade flat vs the Buck and against each other. EUR/USD tested but failed to breach 1.1800 to the upside whilst GBP/USD recovered from a 1.3837 base and once again makes its way to the 50 DMA around 1.3882. Analysts at ING note of a downside bias for the EUR amid a lack of firm bullish catalysts, with ECB-Fed policy divergence and summer trading conditions posing tail risks for the EUR/USD pair – “we could see the pair moving back to the lower half of the 1.1700/1.1800 range”, says the Dutch Bank. GBP meanwhile eyes a plethora of data including retail sales, employment and inflation, with traders eyeing indications to back the BoE’s upbeat outlook. EUR/GBP remains flat on either side of 0.8500.

In commodities, WTI and Brent front month futures remain subdued as the complex keeps an eye on the global COVID situation alongside the growth momentum slowdown experienced in the second-largest economy. Meanwhile, the situation in Afghanistan has grabbed all the headlines today as the Taliban overthrew the government, but from a market standpoint, the direct impact at the moment is too early to tell – but it’s worth keeping in mind that Russia, China and Iran have signalled an acceptance of the new government. Aside from this, traders will also be cognizant of the start of Hurricane season near the Gulf of Mexico (GoM), with Tropical Storm Fred set to make landfall around the Florida panhandle, whilst Grace reawakened to a Tropical Depression with the trajectory pointing towards the west of the GoM. WTI resides just north of USD 67/bbl after briefly losing the level (vs high 68.12/bbl), whilst Brent trades around USD 69.50/bbl (vs high USD 70.45/bbl). Elsewhere, spot gold trades with modest losses around USD 1,775/oz, but in a USD 10/oz range as the yellow metal balances a firmer Buck and softer yields. Base metals meanwhile are mostly lower across the board, with LME copper back under USD 9,500/t as the overnight Chinese data backs the notion of growth momentum slowing in the world’s largest copper consumer.

US Event Calendar

• 8:30am: Aug. Empire Manufacturing, est. 28.5, prior 43.0
• 4pm: June Total Net TIC Flows, prior $105.3b
• 4pm: June Net Foreign Security Purchases, prior -$30.2b

DB's Henry Allen concludes the overnight wrap

Having just got back from two weeks away, I’ll be taking up the EMR from Jim over the next two as he departs on his own break of rollercoaster rides and golf courses. Like Jim, we opted to remain in the UK this year given the travel restrictions and spent a week in Cornwall, actually within walking distance of the recent G7 summit in Carbis Bay, which the geek in me was very excited to see. However, I was sadly the victim of multiple seagull attacks, the worst of which saw them steal an entire scoop of ice cream and leave a scratch behind my ear. Thankfully, the pharmacist said this wasn’t going to cause an infection, but to add insult to injury, the seagulls made a decent attempt at taking the replacement scoop as well. It seems as though capitalist notions of private property are yet to reach them.

Markets have faced no such obstacles while I’ve been away, with global equities ascending to a series of fresh records as investors gear up for next week’s all-important Jackson Hole symposium. Indeed, Europe’s STOXX 600 is up for 10 days in a row now, marking its longest run of consecutive gains since 2006, while an 11th advance today would make it the longest run since 1999.

Over the weekend however, the main news was in the geopolitical sphere as the Taliban reached the Afghan capital of Kabul and President Ashraf Ghani left the country. This follows a 3-week offensive by the Taliban that’s seen a major redrawing of the balance of power within the country, which leaves the Taliban set to take control two decades after their removal following the 9/11 terrorist attacks. On Saturday, President Biden said in a statement that he was increasing the total number of US troops in support of the evacuation of US personnel and the Afghans who assisted them to 5,000, and on Sunday multiple press outlets reported a US defence official saying that a further 1,000 on top of that would also be sent in. However, Biden’s statement also reiterated that he “was the fourth President to preside over an American troop presence in Afghanistan” and that he “would not, and will not, pass this war onto a fifth.”

For Biden, the developments in Afghanistan have created some unwelcome headlines just as further progress was being made on his economic agenda, with the Senate passage of the infrastructure bill with bipartisan support last week. Nevertheless, there was some potentially significant news on Friday as 9 moderate House Democrats threatened to withhold support from the $3.5tn budget resolution (which includes much of Biden’s proposals on social programs and climate change), unless the infrastructure bill were passed by the House and signed into law first. This is the reverse of what those on the progressive wing have said, which is that they won’t support the infrastructure bill without the budget resolution, which poses difficulties for the Democrats since their narrow margin of control means they can only afford to lose 3 votes in the House from their own side. In turn, Speaker Pelosi said yesterday in a letter to Democratic colleagues that she had requested that the Rules Committee “explore the possibility of a rule that advances both the budget resolution and the bipartisan infrastructure package”, so potentially moving them forward simultaneously. Since the Democrats’ control of the Senate as well is reliant on Vice President Harris’ tie-breaking vote, the decisions of individual members in both chambers over the coming days could be crucial as to the overall amount of spending that’s passed.

Overnight in Asia, the main news has been the release of Chinese economic data for July, which came in below expectations across the board. Retail sales grew by just +8.5% yoy (vs. +10.9% expected) while industrial production growth similarly underwhelmed at +6.4% yoy (vs. +7.9% yoy expected). Furthermore, fixed asset investment was up +10.3% yoy in the first seven months of the year (vs. 11.3% yoy expected), and the unemployment rate ticked up to +5.1% (vs. +5.0% expected). This downturn in the data comes on the back of recent Covid outbreaks that have led to further lockdowns and restrictions, and as a reminder DB’s chief China economist downgraded our GDP forecast for China in a piece out on Friday (link here), with the latest projections now seeing year-on-year growth of +5.5% in Q3 and +4.5% in Q4.

Amidst the weak data out of China, rising geopolitical risks and the continued spread of the delta variant, Asian markets are mostly trading lower this morning with the Nikkei (-1.89%), Hang Seng (-0.79%), Kospi (-1.16%) and Asx (-0.39%) all losing ground. Chinese bourses have fared somewhat better however, with the CSI 300 (+0.23%), Shanghai Comp (+0.37%) and Shenzhen Comp (-0.15%) holding their ground thanks to support from an overnight operation by the PBoC that saw the central bank roll over much of its medium-term policy loans coming due. Elsewhere, S&P 500 futures are down -0.25% this morning while yields on 10y USTs are down -3.0bps to 1.247%. Meanwhile there was somewhat stronger data from Japan, where their preliminary Q2 GDP came in at an annualised rate of +1.3% qoq (vs. +0.5% qoq expected), rebounding from an upwardly revised up -3.7% qoq in the previous quarter.

Looking forward now, the events calendar is relatively quiet over the week ahead as markets await the Jackson Hole symposium next week and Fed Chair Powell’s speech there for any signs on how the Fed might begin to taper their asset purchases. However, we will get the release of the FOMC minutes from their meeting in late July, which our US economists expect will provide more insights into the technical discussions around tapering strategies, and potentially some further clues as to which data releases officials will be focusing on as they assess progress towards their goals. We’ll also hear from Chair Powell in a virtual town hall with educators and students tomorrow, but that hasn’t traditionally been a forum for market communications.

Staying on the US, this week’s data releases will feature an increasing amount of hard data for July, including retail sales, industrial production, housing starts and building permits. On the retail sales release, our economists are expecting that auto sales will weigh on the headline number, and see a -0.6% decline this month. But they’re expecting a more mixed view on the factory and housing data mixed, with the manufacturing releases still pointing to strong production, whilst the housing sector continues to normalise around pre-covid levels of activity.

Turning to inflation, the coming week’s data should also add some further details on global price pressures after the US headline CPI print remained at +5.4% in July. The UK’s CPI reading for July will be in focus on Wednesday, particularly after the last couple of releases surprised to the upside and the Bank of England said at their latest meeting that “some modest tightening of monetary policy … is likely to be necessary” in order to meet their inflation target. Our UK economist projects that CPI will fall to +2.4% in July (vs. +2.5% in June), but still sees it peaking at closer to 4% before settling back down to target later next year. Separately in the Euro Area, there’s the final CPI print for July on Wednesday as well, and on Friday we’ll get the German PPI release for July, where the Bloomberg consensus is looking for a further increase after June’s +8.5% reading that marked the fastest rise in producer prices since January 1982.

On the earnings front, it’s nearly the end of the current season now, with over 90% of the S&P 500 having reported. Nevertheless, we’ve still got a few highlights over the week ahead, with tomorrow seeing reports from Walmart, Home Depot, BHP, and Agilent Technologies, before Wednesday sees releases from Tencent, Nvidia, Cisco, Lowe’s, and Target. Towards the end of the week, there’s also Applied Materials, Estee Lauder, Ross Stores, and Adyen on Thursday, before Friday sees Deere & Co release.

The pandemic will remain in focus over the week ahead, particularly given that cases have been rising at the global level for 8 consecutive weeks now, according to John Hopkins University data. In the US, the New York Times reported over the weekend that the Biden administration was drawing up a plan to offer booster shots as early as the autumn, with the story saying that priority would be given to care home residents, healthcare workers and the elderly. Meanwhile from today in England, those who’ve been fully vaccinated for two weeks won’t be required to self-isolate if they’ve been in contact with someone who’s tested positive for Covid.

Back to last week now, and global equity markets continued to inch up to new highs even as the daily moves became smaller. The S&P 500 rose +0.71% on the week (+0.16% Friday) with cyclicals such as banks (+2.15%) continuing to outperform, unlike technology and growth stocks as the NASDAQ lost ground (-0.09%) to finish just off the index’s record high. The S&P 500 finished at yet another record, its 48th this year, which is the most at this point of the year since 1995, whilst the VIX index of volatility fell -0.7pts to 15.5, having only closed lower on one occasion since the pandemic began. Amidst the cyclical outperformance, European equities rose to their own record close on Friday – its tenth in a row – as the STOXX 600 ended the week (+1.25%) higher.

Sovereign bonds gained slightly last week with US 10yr Treasuries rallying on the week following a -8.2bps decline in yields Friday that took the overall week’s move to a -2.0bps drop, leaving yields at 1.277%. Friday’s gains for Treasuries were due to the University of Michigan’s sentiment survey falling -11.0pts to 70.2 (81.2 expected), the lowest reading since December 2011 as inflation worries and concerns of the delta variant weighed on consumers. European sovereign bonds similarly gained on a weekly basis, with yields on 10yr bunds just -0.7bps lower whilst those OATs (-1.0bps), BTPs (-2.2bps) and gilts (-3.8bps) also fell.

Tyler Durden Mon, 08/16/2021 - 07:55

Tesla Shares Sink After NHTSA Announces Formal Investigation Into Autopilot For All Models From 2014 To 2021

After what has felt like eons of inaction while Teslas all over the country unintendedly accelerate into inanimate objects, it looks like regulators in the United States have finally come to their senses.

This morning it was announced that the U.S. had opened a formal investigation into the company's Autopilot feature, according to Bloomberg.

*U.S. OPENS FORMAL INVESTIGATION OF TESLA AUTOPILOT: AP

*TESLA FALLS TO PREMARKET LOW ON AUTOPILOT INVESTIGATION REPORT

*U.S. NATIONAL HIGHWAY TRAFFIC SAFETY ADMINISTRATION OPENS PROBE OF TESLA AUTOPILOT IN 2014-2021 MODELS Y, X, S, AND 3 -- AGENCY

Tesla shares quickly sunk toward $700, down about 2%, in pre-market trading.  

The U.S. National Highway Traffic Safety Administration (NHTSA) said it is opening a probe into Tesla's Model X, S and 3 for model years 2014-2021. The broad range of models and model years means that this could be the broad investigation that skeptics have been requesting for years. 

The NHTSA says the investigation will assess technologies, methods "used to monitor, assist, and enforce the driver's engagement" during autopilot operation, according to Bloomberg.

The investigation looks to finally have been prompted by Teslas on various highways slamming into parked emergency vehicles - many cases of which we have highlighted here on Zero Hedge. Since January 2018, the NHTSA says it has identified 11 crashes where Tesla models have  "Have encountered first responder scenes and subsequently struck one or more vehicles involved with those scenes"

Tyler Durden Mon, 08/16/2021 - 07:54

I review the list of dividend increases every week, as part of my monitoring process. This exercise helps me review existing holdings and identify companies for future research. I focus my attention on the companies with a ten year track record, in order to identify companies that can deliver dividend increases for longer than a typical length of the average economic cycle. I am looking for...

To read the whole article, please click on the article title above.

Durante los seis primeros meses del año, el Puerto de València ha sido destino de 2.000 trenes. En concreto, en este primer semestre del año llegaron 992.916 toneladas de mercancías por ferrocarril con origen/salida Valenciaport. De estas, el 78 % procedentes de Madrid, el 8 % de Zaragoza, el 6 % de Bilbao, el 3 […]

La entrada Más de 2.000 trenes han pasado por Valenciaport en el primer semestre del año se publicó primero en Economia3 por Sara Marti

Bought: VALE FYBR PBR BBD IBN AU AZUL AFYA VAL GTX CXP PARR OCN CHKEL RERE CHKEZ OIBR.C CLBR.U CHKEW EOCW.U MITAU FTVIU SHQAU THCPU NE USWSW
Added to: ITUB PCG CX FTAI TV STKL

A tener en cuenta…

PassWord Cracking Time by a Hacker873×843 104 KB

Saludos

La factura de la luz de un consumidor medio se ha incrementado un 25% por la importante subida en el precio de la electricidad en lo que va de 2021, frente al mismo periodo del año anterior, según datos de la Organización de Consumidores y Usuarios (OCU).

El precio de la electricidad en el mercado mayorista se ha situado durante la primera quincena del mes de agosto, en la que durante la pasada semana en plena ola de calor se encadenó un récord histórico tras otro de lunes a viernes, en los 102,11 euros por megavatio hora (MWh), lo que supone un 9,6% más que el pasado mes de julio que era, hasta ahora el mes con el precio de la luz más caro de la historia.

Este precio supone triplicar casi el precio que se alcanzó en agosto de 2020 (36,2 euros/MWh) y supera en un 67% el que hasta ahora había sido el mes de agosto más caro, en 2018, con un precio de 64,33 euros/MWh.

En lo que va de agosto, el 73% de los días el precio de la electricidad en el mercado mayorista ha superado los 100 euros/MWh, con esos cinco días consecutivos de precios máximos, hasta alcanzar los 117,29 euros el viernes 13.

“Un hecho absolutamente insólito y sin precedentes en la evolución del mercado mayorista”, destaca la asociación de consumidores, que advierte de que, si se mantienen a lo largo de todo el mes de agosto los elevados precios, la factura mensual para un hogar medio -con una potencia de 4,6 kilovatios (kW) y 292 kilovatios hora (kWh) de consumo mensual- se elevará hasta los 76,6 euros, un 35% más que el recibo de agosto de 2020.

Esta cifra representa 20 euros más por un consumo equivalente y 4,4 euros más que la última factura de julio -72,2 euros-. Y todo ello con la rebaja del IVA del 21% al 10% aprobada por el Gobierno a finales de junio. Sin esa medida, que tiene carácter temporal, la factura de agosto se habría elevado hasta los 84,3 euros, indica la organización.

Por ello, OCU denuncia que la desorbitada subida del precio de la electricidad supone “un supone un grave perjuicio para los consumidores”.

Advierte de subidas también en el mercado libre

OCU indicó que este incremento de factura impacta de forma directa a los hogares que tienen contratada la tarifa regulada (PVPC), y a otras tarifas indexadas al mercado mayorista, y denunció “las importantes” subidas de precios que se están produciendo en el mercado libre que exige “extremar la cautela tanto a la hora de contratar alguna de estas ofertas como en las comunicaciones que hagan las compañías cuando toque la revisión de tarifas”.

En este sentido, advirtió de que muchas de las tarifas en el mercado libre incluyen ya en sus contratos la posibilidad de actualizar los precios trimestralmente o en cualquier momento dependiendo de la evolución del mercado, “por lo que el riesgo de sufrir un fuerte incremento del precio es muy elevado”.

OCU, a pesar de que la subida de precios está directamente relacionada con el incremento del precio del gas y los derechos de CO2 que se deben pagar por hacer uso de este combustible para generar electricidad, estima que son las concesiones hidráulicas “las que están aprovechando estos elevados costes de las plantas de ciclo combinado que generan electricidad con gas, para ofrecer su energía a precios solo ligeramente inferiores”.

Además, pide una vez más tanto al Gobierno como a la Comisión Nacional de los Mercados y la Competencia (CNMC) que de “forma inmediata tomen medidas eficaces que reduzcan el precio de la electricidad para aliviar la situación de los hogares, especialmente los más vulnerables”.

La entrada La factura eléctrica se incrementa un 25% en lo que de año por la subida del precio de la luz aparece primero en DiarioAbierto.

World’s second-largest economy misses expectations across a range of indicators

Estupendo artículo. Es una delicia y me alegra aprender con ellos y encontrar escritas algunas de las observaciones intuidas/encontradas pero aún no formuladas por mí mismo.
Leí hace tiempo el artículo de José Luis Cárpatos de la revista, “La asignación estratégica de activos es la solución”, e incluso lo tengo archivado en pdf, pero no puedo enviarlo por aquí. He revisado correos antiguos y he encontrado un enlace de Rankia que parece funcionar y con el que podréis descargar la revista mencionada. Espero que os funcione.

rankia.s3.amazonaws.com Traders-by-Rankia-19-sep-2019.pdf

20.25 MB

Estadio Nacional de Shinjuku
Stanislav Kogiku/SOPA Images via ZUMA Press Wire/dpa

Los Juegos Paralímpicos de Tokio, que se celebrarán del 24 de agosto al 5 de septiembre, no podrán tampoco con la asistencia de público debido a la situación en el país con la pandemia, según confirmó este lunes el Comité Paralímpico Internacional (CPI).

El organismo mantuvo una reunión con el Comité Organizador de Tokyo 2020, el Gobierno Metropolitano de la capital y el Gobierno de Japón para discutir sobre esta posibilidad, pero finalmente, al igual que sucedió con los Juegos Olímpicos, no se permitirá el acceso de espectadores.

El CPE informó que las prefecturas de Tokio, Saitama, Chiba y Shizuoka han solicitado otra declaración del Estado de Emergencia por “la situación actual de infección en general”, por lo que “se tomarán medidas más estrictas para que las competiciones se celebren en estas prefecturas, incluyendo el no tener espectadores”.

Además, en relación a las pruebas en ruta como los maratones o las carreras ciclistas, los organizadores han solicitado a la gente que “se abstenga de acercarse a los bordes de las carreteras” para presenciarlas en directo.

“En el caso de que se produzcan cambios importantes en la situación de la infección, celebraremos de inmediato una reunión entre las partes para abordar el problema. Lamentamos mucho que esta situación haya afectado a los Juegos Paralímpicos y nos disculpamos sinceramente con todos los compradores de entradas que estaban ansiosos por verlos en las sedes. Esperamos que comprendan que estas medidas son inevitables y que se están implementando para prevenir la propagación de la infección. Animamos a todos a ver los Juegos en casa”, sentenció el CPI.

Además, las cuatro partes también dejaron claro que “continuarán tomando todas las medidas posibles para garantizar el funcionamiento seguro de los Juegos para los deportistas” y que se harán “todo lo posible” para llevar el espíritu de la cita y su pasión “a la gente de Japón y de todo el mundo, reconociendo el poder del deporte, y especialmente la importancia educativa de los Juegos Paralímpicos para los niños”.

La entrada Los Juegos Paralímpicos de Tokio tampoco podrán contar con público aparece primero en DiarioAbierto.

A este respecto, ratio precio oro/plata me ha parecido interesante

OroyFinanzas.com – 23 May 11 El ratio de las existencias totales de oro y plata

Ted Butler, estima que en toda la historia se han producido alrededor de 46 mil millones de onzas de plata, pero la mayor parte se ha consumido.

Texas Supreme Court Temporarily Blocks Local Mask Mandates

Authored by Isabel van brugen via The Epoch Times,

The Texas Supreme Court on Sunday granted an emergency stay to Gov. Greg Abbott over his ban on mask mandates.

It overrides lower court rulings that allowed Dallas and Bexar counties to temporarily enable the mask mandate locally, despite the Republican governor’s order that barred government entities and officials from doing so.

Abbott said at the time that Texans, not government, should decide their best health practices.

Local officials in Dallas and Bexar counties, including San Antonio, meanwhile cited strains on hospitals amid a surge in cases linked to the Delta COVID-19 variant, as justifications for keeping the mask requirements in place.

Dallas County Judge Clay Jenkins said requiring face masks would help to curb the transmission of COVID-19, the disease caused by the CCP (Chinese Communist Party) virus.

The emergency stay is temporary, and the case will continue to be heard in lower courts. A hearing for Bexar County has been scheduled on Monday, and for Dallas County, a hearing has been set for Aug. 24.

“Today, SCOTEX has ordered Dallas Co and Dallas ISD to follow Exec. Order GA-38. Local mask mandates are illegal under GA-38,” state Attorney General Ken Paxton said in a statement on Twitter following Sunday’s ruling. “Let this ruling serve as a reminder to all ISDs and local officials that the Governor’s order stands.”

Meanwhile, local officials from the Dallas Independent School District and City of San Antonio and Bexar County have said that they plan to continue with mask mandates, reported the Texas Tribune.

“The Tex Supreme Court did not strike down my face mask order,” Jenkins said in a Twitter post.

“Rather they removed the stay on the GA 38. Unless I receive a ruling requiring otherwise, I will amend my order to remove the possibility of fines on non-compliant businesses but otherwise leave the order in effect.”

The City of San Antonio separately said in a statement that the ruling did not stop it from moving forward with presenting its case to the court on Monday, and that its mask mandate remains in effect.

“The City of San Antonio and Bexar County’s response to the Texas Supreme Court continues to emphasize that the governor cannot use his emergency powers to suspend laws that provide local entities the needed flexibility to act in an emergency,” City Attorney Andy Segovia said in a statement.

Last week, Paxton in a statement called government officials reinstating mask mandates and the judges who granted their temporary restraining orders against the Abbott’s mask ban “attention-grabbing judges” and “activist characters.”

“This isn’t the first time we have dealt with activist characters. It’s deja vu all over again,” Paxton said.

“Attention-grabbing judges and mayors have defied executive orders before, when the pandemic first started, and the courts ruled on our side—the law. I’m confident the outcomes to any suits will side with liberty and individual choice, not mandates and government overreach.”

Abbott and Paxton said in a joint statement that “any school district, public university, or local government official that decides to defy the order will be taken to court.”

The pair argued that the governor has the authority to decide how Texas responds to state emergencies under the Texas Disaster Act.

The Epoch Times has reached out to Abbott’s office for comment.

Tyler Durden Mon, 08/16/2021 - 07:40

Related Stocks: ANTM, MU, ANET, J, MA, V,

Crowds surround US military aircraft running evacuations after all civilian flights ceased

Crowds surround US military aircraft running evacuations after all civilian flights ceased

Last reply by Djjinja on Mon, 16 Aug 2021 11:32:48 +0000

La antigüedad media de los vehículos en España sigue aumentando y ya supera los 13 años tras avanzar casi otro 4% con la pandemia. Los eléctricos apenas suponen todavía 100.000 coches.

La realidad es cabezona, y por mucho que en los medios no paremos de hablar de los últimos modelos de vehículos que salen al mercado, con la electrificación por bandera, el ciudadano de a pie cada vez conduce un coche más viejo y los modelos sin emisiones apenas suponen el 0,3% del total en circulación. España sigue con ello teniendo uno de los parques automovilísticos más envejecidos de Europa, muy por encima de la media continental, situada en 10,8 años de antigüedad.

Según el Informe Anual de la Asociación Española de Fabricantes de Vehículos (Anfac), la edad media del parque automovilístico nacional se incrementó en 2020 un 3,63% el año pasado, hasta los 13,11 años, en comparación con los 12,65 años de 2019. Ello supone una merma de las condiciones de seguridad en las que viaja el españolito medio y, por descontado, una mayor contaminación ambiental.

A cierre del año pasado, el 64% de los turismos que circulaba por España tenía más de diez años, 1,3 puntos porcentuales más que en 2019. Por su parte, el 63% de los vehículos comerciales y el 67% de los vehículos industriales superaba la década de antigüedad, al igual que el 55% de los autobuses.

Anfac explica que “la fuerte retracción del mercado de vehículos nuevos por la pandemia y los cierres forzados de concesionarios ha empeorado la situación en cuanto a la renovación, sin que el Plan Renove 2020 haya conseguido mitigarlo, mientras que las ventas de vehículos de alta antigüedad han superado en unidades al mercado de vehículos nuevos”.

No llegamos a 30 millones

El parque español de vehículos se situó en 29,7 millones de unidades a cierre de 2020, lo que supone un incremento del 0,8% en comparación con datos de 2019, según las cifras de la Dirección General de Tráfico recogidas en el Informe Anual 2020 de Anfac, consultado por Ep. Así, a cierre del ejercicio pasado había 25,169 millones de turismos circulando por las carreteras españolas, un 0,6% más que en 2019, mientras que el número de vehículos comerciales operativos ascendía a 3,862 millones, un 2% más.

También creció el año pasado la cantidad de vehículos industriales dados de alta en el territorio nacional, con 614.144 unidades, un 1,2% más, así como el número de autobuses y microbuses en circulación, con 62.115 unidades, un 0,9% más.

Con estos datos de vehículos ‘activos’ en España, el número de automóviles de turismo por cada 1.000 habitantes se situó a cierre de 2020 en 530 unidades, lo que supone un 0,37% menos en comparación con el año precedente, pero un aumento del 12,05% si se compara con las cifras de 2010.

La entrada Los coches en circulación cada vez son más viejos aparece primero en DiarioAbierto.

El precio medio diario de la electricidad en el mercado mayorista repuntará este martes un 0,65%, aunque se mantendrá por debajo de la cota de los 90 euros por megavatio hora (MWh) y alejado de los récords históricos que encadenó a lo largo de la pasada semana.

El máximo a lo largo de este martes se tocará entre las 22.00 y las 23.00 horas de la noche, con 120 euros/MWh, y el mínimo, de 82,09 euros/MWh, se registrará entre las 05.00 y 06.00 horas.

De esta forma, la electricidad confirma cierta estabilización en sus precios, tras encadenar tres caídas -aunque dos de ellas coincidiendo con el fin de semana, donde se registra una bajada en la demanda- después de los cinco récords históricos que se registraron la pasada semana en plena ola de calor de agosto.

A pesar de ello, estos precios siguen siendo en torno a un 130% superiores a los de las mismas fechas de hace un año, cuando rondaban los 38 euros/MWh.

Ocho récords en lo que va de mes

En lo que va de agosto, el ‘pool’ ha registrado ocho récords: los cinco que marcó entre el lunes y el viernes de la pasada semana, y los experimentados el lunes, martes y miércoles de la semana anterior. La cota histórica, hasta ahora, la firmó el viernes 13 de agosto, con un precio medio diario de 117,29 euros/MWh.

La espiral alcista de la pasada semana llevó a centrar el debate político en cómo abaratar el precio de la electricidad. De hecho, el Gobierno abrió la puerta a crear una empresa pública energética, tal y como viene desde hace tiempo pidiendo su socio en el Ejecutivo, Unidas Podemos.

Este contexto de subidas en el ‘pool’ eléctrica está marcado por el incremento en los precios de los derechos de CO2 y del gas, a los que se ha unido el incremento de la demanda por la ola de calor.

En concreto, los derechos de emisión de CO2 se han encarecido hasta superar en lo que va de agosto los 55 euros por tonelada, cuando a principios de año cotizaban en torno a los 33 euros. Mientras, el precio del gas natural repunta ya por encima de los 45 euros por MWh, según datos de Mibgas.

El precio de la energía tiene un peso cercano en la factura de en torno al 24%, mientras que alrededor del 50-55% corresponde a los peajes -el coste de las redes de transporte y distribución- y cargos -los costes asociados al fomento de las renovables, a las extrapeninsulares y las anualidades del déficit de tarifa- y el resto, a impuestos.

Las oscilaciones en el precio diario afectan a los consumidores acogidos a la tarifa regulada (PVPC), algo más de 10 millones, mientras que están exentos los que están en el mercado libre -unos 17 millones-, ya que cuentan con un precio pactado con su compañía.

Según indicaron a Europa Press expertos del sector, el 88% del consumo eléctrico de España no está expuesto a la volatilidad del precio del mercado ‘spot’, al tener contratos con precios fijos, viéndose así expuestos a ella los clientes acogidos al PVPC.

Bajada del IVA y suspensión temporal del 7% a la generación

El pasado 24 de junio el Gobierno aprobó un Real Decreto-Ley por urgencia para reducir los impuestos que se aplican al suministro de energía eléctrica y, con ello, la factura de la luz de los hogares, los autónomos, las pymes y el conjunto de las empresas, que suponen la bajada del IVA de la luz del 21% al 10% hasta finales de este año y la suspensión del impuesto del 7% a la generación eléctrica durante tres meses.

En el caso concreto del IVA, se aplica una bajada al 10% hasta fin de año para todos los consumidores con potencia contratada hasta 10 kilovatios (kW), siempre que el precio medio mensual del mercado mayorista de la electricidad esté por encima de los 45 euros por MWh.

En lo que se refiere a la suspensión del 7% del impuesto sobre el valor de producción de energía eléctrica, que ya en 2018 se decidió su suspensión temporal durante seis meses para contener otra ola alcista en el precio de la luz, estará vigente durante el tercer trimestre de este año.

En julio, el recibo de la luz de un usuario medio registró ya un encarecimiento de un 36,2% con respecto al mismo mes del año pasado, situándose en los 85,34 euros, según datos de Facua-Consumidores en Acción.

La bajada del IVA al 10% hasta diciembre mientras el precio medio del megavatio hora esté por encima de los 45 euros amortiguó la subida en 8,54 euros. Si se siguiera aplicando el 21%, el recibo habría batido todos los récords, alcanzado los 93,88 euros, según los cálculos de la asociación.

La entrada El precio de la luz repunta este martes un 0,65%, pero se mantiene por debajo de los 90 euros/MWh aparece primero en DiarioAbierto.