EUR 100.00 For Business Accounts Only

IBERIAN DAILY 21 NOVEMBER (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: CAF, TELEFÓNICA, UNICAJA.

Nvidia fuelled stock markets to later ease
The results released by the technology group dispelled doubts surrounding AI for the time being, leading to the rally of European markets >1% that eased at the closing bell, with the Ibex near 16,000 points. In the STOXX 600, Energy and Industrial led gains vs. Autos and Media that posted the biggest drops. On the macro side, in the euro zone, December’s consumer confidence was disappointing after remaining at the previous month’s level. In the US, non-farm employment and wage gains climbed more than expected in September, with the unemployment rate rising one tenth to 4.4%. Existing home sales rose unexpectedly in October and November’s Philadelphia Fed index recovered less than expected. In Japan, October’s general and core inflation climbed in line with expectations. On another note the government signed a complementary fiscal stimulus package worth 24 trillion yen to bolster GDP by 1.4% YoY. On the geopolitical front, Ukraine will revise the terms of the peace agreement but the country would not be willing to give up territory. In US business results, Walmart beat expectations.
What we expect for today
European stock markets would open with drops >-1.0%, dragged down by cyclical sectors such as Technology and Industrials. Currently, S&P futures are up +0.3% (the S&P 500 ended -0.72% lower vs. the European closing bell). Asian markets are sliding (China’s CSI 300 -2% and Japan’s Nikkei -2.3%).
Today in the UK we will learn October’s retail sales, in the euro zone and the US November’s PMI and in Mexico September’s IGAE economic activity.