IBERIAN DAILY 24 AUGUST (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACERINOX, ELECTRICITY SECTOR, TALGO.Macro data drags down European stock exchanges
August’s disappointing data at both sides of the Atlantic dragged down the main European indices, with morning gains easing to end flat, with the exception of the FTSE100 and Switzerland’s SMI that climbed >+0.7%. However, the US stock market was once more fuelled by technology and by the strong rate drop. In the Euro STOXX, Real Estate and Travel&Leisure were the best performers, whereas Energy and Household saw the biggest drops. On the macro side, in the euro zone, August’s manufacturing PMI climbed slightly more than expected but that of services fell significantly more than expected, below 50. In the UK and the US, both the manufacturing and services PMI dropped more than expected. In the US, July’s new home sales climbed more than expected. In US 2Q’23 Results, NetAPP came in better than expected and NVIDIA widely beat all estimates.
What we expect for today
European stock markets would open with gains of +0.8% that would exceed +1.00% thoughout the session with the good performance of the technology sector thanks to the NVIDIA effect. Currently, S&P futures are up +0.7% (the S&P 500 was +0.3 % higher vs. the European closing bell). Volatility in the US dropped (VIX 16.0). Asian stock markets are climbing (China’s CSI 300 +1.1%, Japan’s Nikkei +0.9%).
Today Turkey will make public its interest rate decision and in the US we will learn July’s durable goods orders 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.
Talgo is engaged in designing, manufacturing, repairing and maintaining the railway rolling stock, as well as the manufacturing, assembling, repairing and maintaining the engines, machinery and parts of the railway systems. Co. has an industrial presence in seven countries: Spain, Germany, Kazakhstan, Uzbekistan, Russia, Saudi Arabia and U.S.A. Co. has an active fleet in Europe, Asia and North America that comprises of 94 high-speed trains and more than 1,400 Talgo tilting passenger cars. Also, Co. purchases, redesigns, constructs, leases and sells all types of real estate.
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