EUR 100.00 For Business Accounts Only

IBERIAN DAILY 12 JANUARY (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: ACCIONA, ACERINOX, ACS, ELECTRICITY SECTOR, GRIFOLS.


Stock markets deflate after the US inflation data
The disappointing US inflation data led to slight widening in debt curves, reversing the stock market gains on both sides of the Atlantic. The STOXX 600 ended with losses, led by financials like Banks and Real Estate, whereas Chemicals, Technology and Industrials ended with slight losses. On the macro side, in Spain industrial output for November rose more than expected to 0.8% YoY. In the US, weekly jobless claims fell unexpectedly. As for December’s inflation data, the general figure rose more than expected to 3.4% YoY, whereas the core figure fell less than expected to 3.9%, where service prices ex-energy and rents remain relatively strong, suggesting a very gradual drop that delay the forecast rate cuts for 1H’24. In Brazil, December’s inflation fell slightly less than expected. In Mexico, November’s industrial output saw a disappointing contraction. In China, December’s inflation rose less than expected and the YoY figure ended the year at -0.3% vs. the previous -0.5%, while the trade surplus recovered more than expected thanks to more dynamic exports. On the geopolitical side, the US and UK have launched an attack by sea and air on targets in Yemen in order to halt the threats in the Red Sea.
What we expect for today
European stock markets would open with gains of more than +0.5%, with oil companies once again in positive numbers in view of rising crude prices. Currently, S&P futures are down -0.10% (the S&P 500 ended up +0.79% vs. the European closing bell). Asian stock markets are mixed (China’s CSI 300 -0.08%, Japan’s Nikkei +1.5%).
Today in Spain we will learn December’s final general and core inflation and in the US December’s production prices. In US business results, BofA, JPMorgan, Citigroup, BlackRock, Wells Fargo and Delta Airlines, among others, will release their earnings.