EUR 100.00 For Business Accounts Only

IBERIAN DAILY 07 FEBRUARY + 4Q’23 RESULTS. PREVIEWS (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: ACCIONA, ACCIONA ENERGÍA.

At the end of today’s report, and during the entire results season, we will include a presentation with previews for the 4Q’23 results to be released over the coming days in Spain.

The Ibex returns to the 10,000-point level
Stock markets welcome the earnings calendar and the newsflow underpinning China’ stock exchange. In the STOXX 600, the best-performing sectors were Energy (given the rise in crude oil prices after the attack on a vessel in Yemen by Houthi rebels) and Retail, whereas Utilities and Financial Services ended with the biggest drops. On the macro side, in Germany December’s industrial goods orders rose significantly and unexpectedly. In the euro zone, December’s retail sales slowed down unexpectedly. From the ECB, the 1-year inflation expectations fell in December to 3.2% from 3.5% previously, whereas the 3-year climbed to 2.5% vs. 2.4% previously. I. Schnabel called for caution amid premature expectations of rate cuts. In the US, a Washington Court has ruled that D. Trump does not have presidential immunity for the assault on the US Capitol. From the Fed, P. Harker was confident in reaching a soft landing, whereas L. Mester thinks it is more appropriate to wait until the end of the year to cut rates. In US business results, Linde, Eli Lilly, Gartner, Willis Towers Watson and Ford beat expectations.
What we expect for today
European stock markets would open flat with some bearish bias throughout the session and with the worse relative performance of growth. Currently, S&P futures are down -0.02% (the S&P 500 ended +0.33% higher vs. the European closing bell). Asian stock markets are mixed (China’s CSI 300 +0.35%, Japan’s Nikkei -0.11%).
Today in Germany and Spain we will learn December’s industrial output. In US business results, Walt Disney, Uber, FOX, PayPal and Hilton Worldwide, among others, will release their earnings.