IBERIAN DAILY 24 JANUARY + 4Q’24 RESULTS. PREVIEWS (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: INDRA, REDEIA, TALGO.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 earnings season kicked off in the Ibex
It was a session of moderate gains for European stock markets, with the Ibex leading gains and trading near 12,000 points again, fuelled by banks and despite the poor start to the earnings season with Bankinter. In the STOXX 600, Banks and Constructions led gains whereas Technology and Basic Resources were the worst performers. On the macro side, in the euro zone, January’s consumer confidence recovered less than expected. In the US, weekly jobless claims climbed more than expected whereas the Kansas Fed manufacturing index fell to -9 from -5 previously, remaining within the same range from the past 2 years. Separately, D. Trump announced he intends to lower the corporate tax to 15% for corporations that make their products in America, betting on lower crude oil prices and interest rates. In Japan, the BoJ raised interest rates by 25bps to 0.5%, highs from the past 17 years whereas December’s inflation rose in line with expectations given the end of the gas and electricity subsidy (core inflation 3.0% and general data 3.7% from 2.7% and 2.9% prev. respectively). In US business results, General Electric and Northen Trust beat expectations and Union Pacific in line with expectations.
What we expect for today
Stock markets would open with gains of +0.5% with a good performance of sectors with exposure to China after Trump pointed out he would not like to impose tariffs to China. Currently, S&P futures are down -0.1% (the S&P 500 ended +0.4% higher vs. the European closing bell). Asian markets are mixed (China’s CSI 300 +0.7% and Japan’s Nikkei -0.1%).
Today in the eurozone and the US we will learn January’s PMI data and in Mexico November’s IGAE economic activity. In US business results, American Express and Verizon Communications, among others, will release their earnings.
Indra Sistemas is engaged in the design, development, manufacture, assembly, repair, and installation of computer software and applications. Through its subsidiaries, Co. is engaged in consulting, graphic design and multimedia, web design and marketing, internet development and electronic trade, systems integration and hosting geared business to business and business to consumer, as well as in internet financing and electronic marketing. Co. serves defense and security, transport and traffic, energy and industry, telecom and media, finance and insurance, and public administration and healthcare markets. Co. operates primarily in Europe, the United States, Canada, and Latin America.
Red Electrica is engaged in the transmission of electrical energy, the operation of the system and the management of the transmission network in the Spanish electricity system. In addition, through its subsidiaries, Co. is engaged in the acquisition, holding and management of foreign securities, co-ordination of international exchanges, provision of telecommunications services for third parties, provision of consultancy, engineering and construction services outside the Spanish electricity system, securing of funds, carrying out of financial transactions and provision of financial services.
Talgo is engaged in designing, manufacturing, repairing and maintaining the railway rolling stock, as well as the manufacturing, assembling, repairing and maintaining the engines, machinery and parts of the railway systems. Co. has an industrial presence in seven countries: Spain, Germany, Kazakhstan, Uzbekistan, Russia, Saudi Arabia and U.S.A. Co. has an active fleet in Europe, Asia and North America that comprises of 94 high-speed trains and more than 1,400 Talgo tilting passenger cars. Also, Co. purchases, redesigns, constructs, leases and sells all types of real estate.
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