IBERIAN DAILY 10 OCTOBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: FCC.Slight drops in Europe
Except for the DAX, which closed in positive numbers, the main European stock markets closed with losses of around -0.5% in view of the complacent markets and the political shutdown in France. In the STOXX 600, Construction and Utilities led the gains, while Autos (-4.5% on the day) and Consumer Goods suffered the biggest routs. On the macro side, in the euro zone, the ECB’s meeting minutes suggested the monetary policy is ready to respond to the changes in inflation prospects in the euro zone. From the Fed, J. Williams backed new rate cuts this year to protect the job market from a downturn. In Mexico and Brazil, September’s inflation rose slightly more than expected. In geopolitics, in the end Israel and Hamas signed the first phase of the ceasefire and the freeing of Israeli hostages in exchange for Palestinian prisoners. In US business results, PepsiCo and Delta Airlines beat expectations.
What we expect for today
European stock markets would see a mixed opening with a slightly bearish bias. Currently, S&P futures are up +0.10% (yesterday the S&P 500 ended +0.14% higher vs. the European closing bell). Asian markets are falling (China’s CSI 300 -1.40% and Japan’s Nikkei -0.95%).
Today in Mexico we will learn August’s industrial output and in the US job creation, the unemployment rate and wage growth (all for September), as well as October’s preliminary U. Michigan consumer confidence.
Fomento de Construcciones y Contratas is the parent company of a group engaged in sanitation services, cleaning, maintaining, purification and distribution of water, construction of highways, hydraulic works, marine works, air and rail transport infrastructure, urban developments, housing, non-residential buildings, office buildings, toll highways, parking garages, marinas and water treatment plants. Co. is also engaged in the manufacture and sale of cement and cement infrastructures, such as precast concrete elements; and in the financial markets, and real estate development, leasing and tourism.
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