IBERIAN DAILY 23 OCTOBER + 3Q’23 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACCIONA, ACCIONA ENERGÍA, BANKING SECTOR, SANTANDER, 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 3Q’23 results to be released over the coming days in Spain.
Last week was marked by risk aversion
Last week ended with new drops on both sides of the Atlantic, where the uncertainty in the Middle East, along with the hike in crude oil prices and debt interests led to weekly corrections > -3.0% in the STOXX 600 (Ibex -2.2%) and -2,0% in the S&P. Thus, in the STOXX 600, all the sectors closed with losses, led by Real Estate and Basic Resources vs. the better relative performance of Household and Consumer goods. On the macro side, in the UK September’s retail sales fell more than expected. In US business results, American Express y Huntington beat expectations and Regions Financial came in below expectations.
What we expect for today
European stock markets would open with slight gains, but with oil companies hit by the falling crude oil prices and banks awaiting the rush of results. Currently, S&P futures are up +0.13% (the S&P 500 ended down -0.52% vs. the European closing bell). Volatility in the US rose (VIX 21.71). Asian stock markets are falling (China’s CSI 300 -0.56%, Japan’s Nikkei -0.38%).
Today in the euro zone we will learn October’s consumer confidence, in the US September’s Chicago Fed activity and in Mexico August’s IGAE economic activity index. In US business results, Packaging and Brown&Brown, among others, will release their earnings.
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.
Banco Santander is a holding company, providing a range of financial products. Co.'s products and services include: retail banking business that covers all customer banking businesses; wholesale banking business; as well as asset management and insurance business. Co.'s principal operations are in Spain, the U.K., Portugal, Germany, Italy and Latin America. As of Dec 31 2014, Co.'s total assets amounted to Euro1,266,296,000,000 and total customer deposits amounted to Euro647,627,000,000.
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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