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IBERIAN DAILY 04 NOVEMBER + 3Q’24 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: ACCIONA, ACCIONA ENERGÍA, GRIFOLS.

At the end of today’s report, and during the entire results season, we will include a presentation with positive and negative results highlights and previews for the 3Q’24 results to be released over the coming days in Spain.

European markets fell last week
Despite Friday’s rally, last week ended with corrections >-3.0% in the STOXX index, with the better performance of the Ibex that “only” fell around -1.0%, with US stock markets practically flat ahead of the elections. In the STOXX 600, Banks, Construction and Household were the only sectors ending in positive territory vs. the bigger drops of Retail and Technology. On the macro side, in the US non-farm job creation came in far below expectations (the lowest data in 4 years) due mainly to the effect of hurricanes and strikes. The unemployment rate remained unchanged at 4.1% and wage gains rose slightly more than expected. October’s manufacturing ISM dropped unexpectedly. In other news, OPEC+ has decided to delay the start of the production increase expected for Dec’24 by one more month. In US business results, Dominion beat expectations, Exxon and Cboe Global were in line.
What we expect for today
Stock markets would open with slight corrections, with the oil sector benefiting from the hike in Brent crude prices. Currently, S&P futures are up +0.2% (the S&P 500 ended -0.3% lower vs. the European closing bell). Asian markets are climbing (China’s CSI 300 +0.7%, Japan’s Nikkei is closed).
Today in the euro zone we will learn November’s Sentix index and October’s final manufacturing PMI, in Spain October’s manufacturing PMI. In US business results, Fox, Marriot and Loews, among others, will release their earnings.



COMPANY NEWS

3Q’24 Results highlights and rest of previews
Of the stocks releasing their earnings over the coming days, on the positive side we highlight Cellnex (releasing on 11/11), where we think this results release could have a positive reception, as we expect it to showcase the solid business model and appealing growth expected (3Q’24 EBITDAaL +8.9%), especially bearing in mind the poor performance on the year (-1.5% in absolute terms and -23% vs. IBEX), and despite the fact that in the past three months it has begun to recover slightly (+9% absolute and +3% vs. IBEX).