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IBERIAN DAILY 16 DECEMBER (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: ACCIONA ENERGÍA, CIE AUTOMOTIVE.

The Ibex continues to climb
The week kicked off with the Ibex exceeding 17,000 points and leading gains in Europe and amid doubts in US indices. In the STOXX 600, Banks and Travel&Leisure were the best performers (as was the case last week) whereas Retail and Real Estate ended flat and Autos was the only sector ending with drops. On the macro side, in the euro zone, October’s industrial output rose more than expected to a 5-month high. In the US, December’s Empire manufacturing index fell, as opposed to expectations due to the drop in new orders. The NAHB index rose in line with expectations to its highest level in 8 months although remaining at pessimistic levels (-0.5%, with the technology sector once more hit by doubts about AI, defence by the imminent peace agreement between Ukraine and Rusia and oil due to the Brent levels near US$ 60. Currently, S&P futures are down -0.6% (the S&P 500 ended flat vs. the European closing bell). Asian markets are sliding (China’s CSI 300 -1.1%, Japan’s Nikkei -1.4% and Korea’s Kospi -2.2%).
Today in the UK we will learn October’s ILO unemployment rate and November’s number of unemployed, in the euro zone and the US December’s PMI and in the US November’s job data and October’s retail sales.