EUR 100.00 For Business Accounts Only

IBERIAN DAILY 29 NOVEMBER (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: BANKING SECTOR, LAR ESPAÑA, OHLA.

Euro STOXX 50 back above 4,750 points
European markets climbed after it was learned that the upcoming restrictions on Chinese companies imposed by the Biden administration will be less severe than initially expected. In the STOXX 600, the best-performing sectors were Banks and Utilities, whereas Consumer Goods and Food ended with the biggest drops. On the macro side, in Spain November’s inflation rose more than expected to 2.4%, while the core figure fell one tenth of a percent and also stood at 2.4% YoY. In Germany, November’s inflation rose slightly less than expected, coming in at 2.2%. In the euro zone, the M3 index rose in October in line with expectations, when household and corporate lending continues to recover whereas November’s economic sentiment rose unexpectedly. In Japan, Tokyo’s inflation climbed more than expected in October whereas retail sales and industrial output recovered less than expected. On the geopolitical front, OPEC+ pushed back its meeting on production until 05 December, when cuts are expected to be extended.
What we expect for today
Stock markets would open flat with some bullish slant. Currently, S&P futures are up +0.31% (the S&P 500 was closed for the Thanksgiving holiday). Asian markets are mixed (China’s CSI 300 +1.09%, Japan’s Nikkei -0.42%).
Today in Germany we will learn October’s retail sales and November’s number of unemployed, in the euro zone general and core inflation for November and in Brazil October’s unemployment rate.