EUR 100.00 For Business Accounts Only

IBERIAN DAILY 27 DECEMBER (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: ACCIONA, AEDAS, DIA.

MARKETS YESTERDAY AND TODAY

Transitional session with hardly any changes
With some of the major stock markets closed, Tuesday’s half session saw hardly any changes and little trading volume. Within the Euro STOXX, Energy (underpinned by crude oil) led gains once again, whereas Consumer Goods saw the biggest drops. In Italy, the minister of education resigned in protest of the budget cuts, potentially triggering a new political crisis in the country. On the macro side, in the US the Richmond Fed index fell unexpectedly. In Mexico, October’s IGAE Economic Activity Index came in slightly below expectations. In Japan, early this morning December’s Tokyo inflation was in line with expectations, as was November’s industrial output, whereas November’s retail sales were weaker than expected. In China, November’s business profits recovered, growing at +5.4% vs. the previous drop of around -10%.
What we expect for today
European markets will see a bullish opening to include the gains from the rest of the risk assets over the holiday. Currently, S&P futures are trading unchanged (the S&P 500 closed +0.46% vs. its price at the closing bell in Europe). Volatility in the US fell slightly (VIX 12.65%). Asian markets are rising (Japan -0.36% following the sharp rise on 26/12 and Hong Kong +1.06%).
Today in Spain we will learn November’s retail sales.