IBERIAN DAILY 26 NOVEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACCIONA, ACCIONA ENERGÍA, FERROVIAL, NEINOR, TELEFÓNICA.Stock markets remain confident that the Fed will end up cutting rates
European stock markets rose, welcoming higher rate cut expectations in the Fed’s next meeting, especially after the weakness of the US data released yesterday. In the STOXX 600, Construction and Retail were the best performers whereas cyclicals sectors such as Technology and Energy posted the biggest drop. On the macro side, in the US September’s retail sales rose less than expected although the most volatile components were in line. November’s Conference Board consumer confidence fell much more than expected to Apr’25 lows. September’s production prices climbed in line with expectations but with the core data below expectations whereas November’s Richmond Fed index was disappointing after deteriorating in negative territory. On the geopolitical front, Ukraine’s peace plan would need more time, suggesting some reluctance between both parties. On another note, S. Bessent considers that D. Trump will likely announce J. Powell’s replacement before the end of the year. In Japan, according to Reuters, the BoJ would be preparing the market for a rate rise next month. In 3Q’25 US business results, Best Buy and Dell Technologies beat expectations and HP in line.
What we expect for today
European stock markets would open with gains >+0.7%, with growth sectors recovering. Currently, S&P futures are up +0.35% (the S&P 500 ended +0.26% higher vs. the European closing bell). Asian markets are climbing (China’s CSI 300 +0.73% and Japan’s Nikkei +1.73%). The Kospi is up +2.67%.
Today in the US we will learn weekly jobless claims, the 3Q’25 GDP, October’s capital goods orders, October’s personal income and the Fed Beige Book. In US Results Deere&Co, 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.
Ferrovial is a transportation company based in Spain. Co. is engaged in operations in the transportation sector. Co. specializes in the design, construction, management, administration and maintenance of transport infrastructures. Co.'s services range also includes the maintenance of parking lots, and land-, sea- and air-based transport networks. Co. is also engaged in the promotion and operation of short-stay parking lots, parking regulation and management services and promotion and sale of residents' parking.
Neinor Homes SA, formerly Neinor Homes SLU, is a Spain-based company engaged in the real estate sector. The Company focuses on the design, construction and promotion of residential properties. It develops housing projects in various Spanish cities, such as Malaga, Madrid, Barcelona, Cordoba, Vizcaya, Alicante, Almeria and Gerona.
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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