IBERIAN DAILY 23 JANUARY + 4Q’24 RESULTS. PREVIEWS (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: AEDAS HOMES, GLOBAL DOMINION, MELIÁ HOTELS, NATURGY.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 4Q’24 results to be released over the coming days in Spain.
The Ibex remains below 12,000 points
European stock markets were mixed once more, where the peripheral segment (Ibex/Mib) ended in negative territory whereas the CAC and DAX climbed around +1.0% with the outperformance of cyclical and growth stocks. In the STOXX 600, Consumer Goods and Pharma led gains vs. Basic Resources and Utilities that were the worst performers. On the macro side, in Spain there was a clear lack of support for the Govt., and Congress did not pass the “omnibus decree”, leaving the increase to pensions and multiple aids (for transport, social tariff, aid to those affected by the flooding in Valencia, etc.) in the air, and this will hit consumption slightly in 2Q’25. The energy tax was not passed, either. In Japan, December’s exports and imports grew less than expected. On the geopolitical front, Trump insisted in toughening the ban on equipment exports by ASML to China. In US business results, J &J, Procter & Gamble and Haliburton were in line with expectations.
What we expect for today
Stock markets would open with slight profit taking, looking to business results in view of the lack of macro references and with the oil sector dragged down by the falling Brent prices. Currently, S&P futures are down -0.1% (the S&P 500 ended -0.2% lower vs. the European closing bell). Asian markets are climbing (China’s CSI 300 +0.2% and Japan’s Nikkei +0.8%).
Today we will learn few macroeconomic references, in the US weekly jobless claims and December’s Kansas Fed manufacturing index and in the euro zone January’s preliminary consumer confidence. In US business results, GE, KinderMorgan and Union Pacific, among others, will release their earnings.
Aedas Homes is engaged in the housing development business in Spain. The company has a portfolio of approximately 1.5 million square meters of land that it develops for residential purpose. Co. develops multifamily homes for the housing market in Madrid, Catalonia, Levante and Majorca, Costa del Sol and Seville.
Global Dominion Access SA is a Spain-based company primarily engaged in the construction and engineering sector. The Company's activities are divided into two segments: Multi-technological Services, which offers design, implementation and maintenance of fixed and mobile telecommunications networks, manages sales and distribution processes for telecommunications carriers, as well as renders of inspection, maintenance, repair and renovation services for industrial and energy firms, and Solutions and EPCs, which executes turnkey Engineering-Procurement-Construction (EPC) projects, provides construction, repair and renovation of industrial heating installations, as well as develops processes and other technological and business solutions in numerous sectors. Its services are provided in three areas: Technology and Telecommunications (T&T), Industry and Renewable energies. It operates worldwide in Europe, the Americas, Asia and Africa. The Company is a subsidiary of CIE Automotive SA.
Melia Hotels International is the parent company of a group engaged in the acquisition, management and operation of hotels. Co. operates its hotel network in Germany, Argentina, Brazil, Bulgaria, Cabo Verde, Chile, China, Costa Rica, Croatia, Cuba, Egypt, Spain, United States, France, Greece, Netherlands, Indonesia, Italy, Luxembourg, Malaysia, Mexico, Panama, Peru, Portugal, Puerto Rico, United Kingdom, Dominican Republic, Singapore, Switzerland, Tunisia, Uruguay, Venezuela and Vietnam under the followings brandnames: Paradisus Resorts®, Melia Hotels & Resorts®, TRYP Hoteles® and Sol Hotels & Resorts®.
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