IBERIAN DAILY 22 DECEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACERINOX, BANKINTER, EBRO FOODS, NEINOR HOMES.The Euro STOXX returns to 3,870 points
Nike’s Good results, the surprises in consumer confidence data along with the lower inflation expectations fuelled gains in stock markets worldwide. In the Euro STOXX all sectors recovered, with Real Estate and Retail being the best performers, and Chemicals and Telecommunications the worst relative performers. On the macro side, in the US we saw mixed data, November’s existing home sales slowed down more than expected whereas December’s Conference Board consumer confidence rose more than expected. We highlight that inflation expectations are at lows since Sep’21. In Russia, V. Putin prepared the population for a protracted conflict with Ukraine, proposing a 30% increase in the armed forces. In Brazil, the constitutional amendment to raise the debt ceiling by US$ 28 Bn was passed, and now da Silva will raise spending in healthcare and infrastructures. In China, microchip imports for November fell to a 2-year low due to the restrictions from the US, whereas the increase in Covid cases is a source for concern for WHO (even though the number of deaths for Covid-19 has not risen, queues are lining up in crematoriums). On another note, the PBoC bet on a cautious, accurate and firm monetary policy, keeping liquidity at reasonably comfortable levels, and it will foster mergers in the real estate sector in order to strengthen solvency.
What we expect for today
The European stock markets would build further on gains made yesterday on expectations that inflation can be brought under control without falling into recession. Currently, S&P futures are up +0.25% (the S&P 500 ended down -0.07% vs. the European closing bell). Volatility in the US decreased (VIX 20.07). Asian markets are rising (China’s CSI 300 +0.05% and Japan’s Nikkei +0.46%).
Today in the UK we will learn the final 3Q’22 GDP, in the US the final reading of the 3Q’22 GDP, November’s Chicago Fed activity index and weekly jobless claims.
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.
Bankinter is the parent company of a group engaged in banking activities. Services provided include: investment banking; capital market services; financial services insurance; international services such as foreign exchange transactions and travelers' checks; wholesale corporate banking; and retail and private banking services. Co. offers its products and services through the following channels of distribution: branch network; telephone banking, interactive (software) banking; agents; and Internet banking. As of Dec 31 2014, Co. had assets totalling Euro57,332,974,000 and deposits totalling Euro29,966,129,000.
Ebro Puleva is a food manufacturing group based in Spain. Co. is engaged in the manufacture and marketing, export and import of sugar, rice, dairy products, and products destined for agriculture development and human and animal consumption. Co.'s brand names include: Panzani®, Ronzoni®, American Beauty®, Skinner®, Lancia®, Catelli®, Healthy Harvest®, etc. in pastas and sauces, Mahatma®, Sucess®, Carolina®, Lustucru®, Taureau Aile®, Oryza®, Bosto®, Reis-Fit®, Riceland®, Danrice®, Risella®, Brillante®, Nomen®, La Cigala® and La Fallera® in the rice sector, Puleva®, Ram® and El Castillo® in the dairy sector, and Azucarera® and Sucran® in the sugar sector.
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.
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