IBERIAN DAILY 03 MAY + 1Q’24 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACERINOX, IBERDROLA.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.
Doubts on the market despite an accommodating Fed
With the exceptions of the IBEX and FTSE 100, it was a session of losses on European stock markets with strong sector dispersion, and where falling sovereign debt yields reeled in part of the losses. Within the STOXX 600 sectors, the biggest gains came in Real Estate and Banks, whereas Technology and Retail ended with the biggest losses. On the macro side, in the euro zone April’s final manufacturing PMI was raised, whereas in Spain it recovered to 52.2 from the previous 51.4. In the US, weekly jobless claims fell unexpectedly, while 1Q’24 unit labour costs rose more than expected due to the sharp rise in hourly wages. In US business results, Baxter, Expedia, Moderna and Apple (which also announced a US$ 110 Bn buyback) beat expectations, with Pioneer releasing disappointing results.
What we expect for today
Stock markets would open with gains of up to +0.5%, awaiting US employment data. Currently, S&P futures are up +0.25% (the S&P 500 ended up +0.5% vs. the European closing bell). Asian stock markets are closed (China’s CSI 300 closed, but the Hang Seng +1.3%, Japan’s Nikkei closed).
Today in the US we will learn employment data and April’s non-manufacturing ISM and in the euro zone March’s unemployment rate. In US business results, Equinix and Cboe, among others, will release their earnings.
Acerinox is the parent company of a group engaged in the manufacture and sale of flat and long stainless steel products, and stainless steel wires. Co.'s major products include slabs, billets, black coils, plates, hot-rolled coils, hot-rolled sheets, flat bars, hot-rolled re-bars, hot-rolled black bars, engraved sheets, cold-rolled coils, cold-rolled sheets and circles. Co. also provides long stainless steel products, such as wire rods, angles, hot rolled flat bars, hot rolled re-bars, reinforced bars in coils, cold rolled re-bars, hot rolled black bars, cold drawn bars, and smooth turned bars. In addition, Co. offers wires, welding wire bars, and bars for electrodes.
Iberdrola is a holding company. Through its subsidiaries, Co. operates in four segments: network business, which includes all the energy transmission and distribution activities, and other regulated activity originated in Spain, the U.K., the U.S. and Brazil; deregulated business, which includes electricity generation and sales businesses as well as gas trading and storage businesses carried on by Co. in Spain, Portugal, the U.K. and North America; renewable business, with activities related to renewable energies in Spain, the U.K., the U.S. and the rest of the world; and other businesses, including the engineering and construction businesses and the non-power businesses.
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