IBERIAN DAILY 04 JANUARY (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACS.MARKETS YESTERDAY AND TODAY
The Ibex starts the year with gains
European equities started the year with gains in a session where the strong rally of long-term debt markets stood out. Thus, in the Euro STOXX, value sectors such as Automobiles and Retail were the best performers whereas Technology and Media saw the worst relative performance. On the macroeconomic level, in Europe, December’s final manufacturing PMI confirmed the preliminary data with higher surprises in Italy. The survey showed some improvement in the bottlenecks in the global supply chains. In the UK, the PM B. Johnson was confident in controlling Covid cases in the country although he left the door open to tighten restrictions. In Brasil, J. Bolsonaro was hospitalised again due to medical problems. In Mexico, December’s manufacturing PMI remained at 49.4, a level consistent with production drops. In China, December’s Caixin manufacturing PMI improved more than expected.
What we expect for today
European stock markets would open with gains although less optimistic than yesterday, awaiting the confirmation of the good leading activity data in the US. Currently, S&P futures are up +0.2% (the S&P 500 ended unchanged vs. its level at the European closing bell). Volatility in the US dropped (VIX 16.60). Asian markets are mixed (China’s CSI 300 -0.6% and Japan’s Nikkei +1.8%).
Today in Spain we will learn December’s job creation, in Germany November’s retail sales and December’s job creation, and in the US December’s manufacturing ISM. OPEC+ will hold a meeting today.
ACS Actividades de Construccion y Servicios is a holding company. Through its subsidiaries, Co.'s activities are divided into the following areas: Construction, engaged in the construction of civil works, and residential and non-residential building construction; industrial services, engaged in the development of applied engineering services, installations and the maintenance of industrial infrastructures in the energy, communications and control systems sectors; services, groups together environmental services, the outsourcing of building maintenance services, logistics and transport services; and concessions, mainly engaged in transport infrastructure concessions.
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