IBERIAN DAILY 08 DECEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACCIONA, IAG.The market remains suspicious about the zero-Covid policy in China
European stock markets posted slight losses even though China will partially ease its zero-Covid policy. In the Euro STOXX, Pharma and Retail were the best-performing sectors, whereas Energy (after the drops in Brent crude) and Telecoms saw the biggest drops. On the macro side, in Germany, industrial output stagnated in October vs. the drops expected. In the euro zone, the final 3Q’22 GDP rose two tenths to 2.3% YoY. In the US, non-farm productivity climbed more than expected, whereas unit labour costs slowed down unexpectedly in the 3Q’22. On the geopolitical front, the nuclear threat increased after V. Putin recalled that the nuclear arsenal is a deterrent, adding that Russia will use all its weapons to defend itself. In Brazil, the Central bank kept rates at 13.75%, as expected. In Peru, the president Pedro del Castillo was arrested after attempting to dissolve congress illegally, who will be replaced by the vice-president Dina Boluarte. In Japan, the 3Q’22 was raised slightly.
What we expect for today
European stock markets would open with slight drops. Currently, S&P futures are practically flat (the S&P 500 ended flat vs. the European closing bell). Volatility in the US remained unchanged (VIX 22.68). Asian markets are falling (China’s CSI 300 -0.06% and Japan’s Nikkei -0.4%).
Today in the US we will learn weekly jobless claims, in Mexico November’s inflation and in Brazil October’s retail sales.
Acciona is the parent company of a construction group. Co. is engaged in general construction activities in the areas of civil engineering and buildings, including railways, marine and hydraulic works, motorways and airports, town planning, conduits, pavements, parking lots, and industrial and urban buildings. In addition, Co. is engaged in the provision of real estate services, the operation of parking lots, telecommunications, services, ecology and alternative means of energy. Co.'s operations are organized in six business divisions: Infrastructures, Real Estate, Energy, Water, Environmental & Urban Services and Logistic & Transport Services.
International Airlines Group is an international scheduled airline and global premium airlines. Co.'s principal place of business is London with significant presence at Heathrow, Gatwick and London City airports.
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