IBERIAN DAILY 23 MARCH (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACERINOX, ELECTRICITY SECTOR.Equity markets rally with sales in debt markets
In the absence of significant news from Ukraine, the session was marked by a new increase in crude oil prices the previous morning after Russia announced the partial temporary shutdown of an oil pipeline connecting Kazakhstan with the Black Sea, allegedly for repair works, however, this could be a mew pressure measure in response to the sanctions imposed (ahead of the meeting before the US and the EU where the purchase of gas from Russia will be discussed) and rising debt yields following the hawkish comments made by the Fed’s President. Nonetheless, stock markets ended in the black, with the European indices rallying by +1%, with value beating growth (unlike in the US, where growth stocks performed better). Thus, all sectors within the Euro STOXX except for Food ended with gains, led by Banks and Basic Resources. As for macro data, in the US, the Richmond Fed manufacturing index climbed above expectations in March.
What we expect for today
European stock markets would open with gains, although volatility will remain high over the course of the session. Currently, S&P futures are up +0.22% (yesterday the S&P 500 ended practically flat vs. the European closing bell). Volatility in the US dropped (VIX 22.94). Asian markets are rising (China’s CSI 300 +0.5%, and Japan’s Nikkei +3%).
Today we will learn in the Euro zone March’s consumer confidence, in the UK March’s inflation and in the US new home sales.
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.
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