IBERIAN DAILY 18 NOVEMBER + 3Q’24 RESULTS. PREVIEWS (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACCIONA, ACCIONA ENERGÍA, ENDESA, GRIFOLS, MERLIN PROPERTIES, ROVI.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 3Q’24 results to be released over the coming days in Spain.
Post-electoral phase in the US
After the confirmation that the Republican Party obtained majority in the two parliamentary chambers and following some announcements or possible appointments by D. Trump with a strong stance against China and some sectors global indices faced a post electoral phase in the US. Thus, in the STOXX 600, Energy and Banks were the best relative performers vs. the sharper drops of Basic Resources and Media. On the macro side, in the UK industrial output and the final 3Q’24 came in below expectations. In the euro zone, the European Commission expects GDP’25-26 growth of 1.3% and 1.6%, respectively, but we see this as overly optimistic. In the US, November’s Empire manufacturing index rose more than expected, whereas October’s retail sales excl. automobiles and gasoline came in below expectations and October’s industrial output contracted slightly less than expected. In Japan, September’s machinery orders contracted unexpectedly.
What we expect for today
Stock markets would open with a slightly bullish slant in a week in which the main driver in the US will be the earnings releases from NVIDIA, Palo Alto (cybersecurity) and Walmart. Currently, S&P futures are up +0.23% (the S&P 500 ended down -0.02% vs. the European closing bell). Asian markets are sliding (China’s CSI 300 -0.71%, Japan’s Nikkei -1.16%).
Today in the euro zone we will learn September’s trade balance and in the US November’s NAHB index.
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.
Endesa is engaged in the production, transmission, distribution, and supply of electricity, through hydroelectric, fossil fuel, and nuclear generation. Co. is also engaged in the mining of coal for use in its fossil-fuel electric plants; mining research; land restoration, and environmental monitoring and control.
Laboratorios Farmaceuticos Rovi is engaged in the sale of its own pharmaceutical products and the distribution of other products for which it holds licenses granted by other laboratories for specific periods, in accordance with the terms and conditions contained in the agreements entered into with said laboratories.
Merlin Properties SOCIMI SA is a Spain-based company engaged in the operation of a real estate investment trust (REIT). The Company focuses on the acquisition, management and rental of commercial properties located in the Iberian Peninsula, primarily in Spain. The Company's activities are divided into the following segments: Office buildings, operating a portfolio of office space; High-street retail, engaged in leasing retail stores; Shopping centers, engaged in managing department stores; Logistics, operating logistics warehouses and distribution centers, and Others. The Company's other activities include property management services rendered to third parties.
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