IBERIAN DAILY 16 MAY + 1Q’24 RESULTS. PREVIEWS (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACCIONA, ACCIONA ENERGÍA, CAIXABANK, IAG, NATURGY, TELEFÓNICA.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 1Q’24 results to be released over the coming days in Spain.
Stock markets continue to rally
It was a new session of gains, with the Ibex standing out and consolidating 2015 highs, and with sovereign yields tightening significantly after the US inflation data. In the STOXX 600, almost all sector ended with gains, led by Real Estate and Telecoms vs. the worse negative performance of Consumer Goods and Household. On the macro side, in the euro zone, March’s industrial output recovered more than expected, whereas the second reading of the 1Q’24 GDP did not bring any surprises, remaining at 0.4% YoY. In the US, April’s inflation moderated one tenth to 3.4% and the core data to 3.6% YoY, as expected. May’s Empire manufacturing index dropped more than expected and Aprils retail sales stagnated, contrary to expectations. From the Fed, J.Powell expects the downward trend in inflation to continue. In Japan, the 1Q’24 GDP slowed down more than expected. In US Results Cisco Systems came in better than expected and raised its guidance.
What we expect for today
Stock markets would open with slight gains that could grow to +0.5%. Currently, S&P futures are up +0.18% (the S&P 500 ended +0.34% higher vs. the European closing bell). Asian stock markets are climbing (China’s CSI 300 +0.70%, Japan’s Nikkei +0.98%).
Today in the US we will learn April’s industrial output, May’s Philadelphia Fed index, April’s building permits and housing starts and weekly jobless claims. In US business results, Walmart will release its earnings, among others.
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.
Caixabank is an investment company based in Spain. Co. is involved in investment portfolio management activities across two areas: Services and Financial Business and Insurance. In the services area, Co. provides investment solutions for companies involved in the infrastructure, energy, services and entertainment sectors. In the financial business and insurance area, Co. is engaged in the investments for international banks, insurance and specialist financial services. Co. focuses most of its banking investments in India, China, the U.S., and Central and Eastern Europe with a particular interest in retail banking. Co. is also involved in the disinvestments activities.
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.
Telefonica is engaged in the provision of public or private telecommunications services, including ancillary or complementary telecommunications services or related services. Co.'s fixed business includes: traditional fixed telecommunication services, Internet and broadband multimedia services, data and business-aplications services, and wholesale services for telecommunication operators. Co. also provides a range of mobile and related services and products to consumer and business customers, including mobile voice services, value added services, mobile data and Internet services, wholesale services, corporate services, roaming, fixed wireless, and, trunking and paging.
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