IBERIAN DAILY 15 FEBRUARY + 4Q’22 RESULTS. HIGHLIGHTS AND PREVIEWS (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACCIONA, ACCIONA ENERGÍA, FCC.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’22 results to be released over the coming days in Spain.
Stock markets remain confident
The European stock markets welcomed the slowdown in inflation (which still came in above expectations) but, in the end, the lack of catalysts dragged down indices, with the Euro STOXX ending flat and the peripheral segment leading gains. Thus, within the Euro STOXX, the best-performing sectors were Telecoms and Travel & Leisure, whereas Chemicals and Insurance saw the biggest drops. On the macro side, in the United Kingdom, employment grew above expectations in December, whereas wage returns climbed unexpectedly. In the Euro zone, from the ECB, M. Centeno stressed that the total impact of rate hikes might not end up being passed onto the real economy. In the US, January’s inflation slowed “only” by one tenth to 6.4%, ending above expectations, as did core inflation, coming in at 5.6%, with the Services (excl. Energy) component speeding up. On another note, L. Logan and T. Barkin warned that rates might have to be increased more than initially expected. In US business results, Coca Cola came in better, Marriot in line.
What we expect for today
European stock markets would see drops of as much as -0.5% with the worse relative performance of growth. Currently, S&P futures are down -0.5% (the S&P 500 ended +0.75% higher vs. the European closing bell). Volatility in the US dropped (VIX 18.91). Asian markets are sliding (China’s CSI 300 -0.6% and Japan’s Nikkei -0.4%).
Today we will learn in the UK and Spain January’s inflation, in the Euro zone December’s industrial output, and in the US February’s Empire index, January’s both retail sales and industrial output and February’s NAHB index. In US business results, Cisco, Glencore, Seagen and Intel, among others, will release their earnings. In debt auctions: Germany (€ 2.5 Bn in bonds due 2048 and 2052).
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.
Fomento de Construcciones y Contratas is the parent company of a group engaged in sanitation services, cleaning, maintaining, purification and distribution of water, construction of highways, hydraulic works, marine works, air and rail transport infrastructure, urban developments, housing, non-residential buildings, office buildings, toll highways, parking garages, marinas and water treatment plants. Co. is also engaged in the manufacture and sale of cement and cement infrastructures, such as precast concrete elements; and in the financial markets, and real estate development, leasing and tourism.
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