IBERIAN DAILY 04 MARCH (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACS, GRIFOLS, REPSOL, TELEFÓNICA.The US and Japan hit new record highs
February ended with US and Japanese indices at record highs and with core sovereign yields widening +30/+40bps in the past month. Thus, in the euro zone, the Ibex 35 slid slightly less than -1.0% last week, with Grifols being one of the worst performers. Germany’s DAX ended with gains >-1.5% last week. In the STOXX600, Autos and Banks (benefiting from the rate expectations repricing) were the best-performing sectors, whereas Household and Food were the worst performers. On the macro side, in the euro zone, both the general and core inflation came in slightly above expectations (although hitting a low since March’22), whereas the estimate for February’s final manufacturing PMI improved. In the US, February’s manufacturing ISM and the University of Michigan final consumer confidence fell unexpectedly. In Brazil, the 4Q’24 GDP stood at 2.1% YoY vs. 2.2% expected. Separately, OPEC+ confirmed the rumour that it wiull extend production cuts during 2Q’24.
What we expect for today
European stock markets would open with slight gains, with growth performing well in a week in which we highlight the ECB and the Communist Party Congress in China. Currently, S&P futures are down -0.11% (the S&P 500 ended +0.34% higher vs. the European closing bell). Asian stock markets are mixed (China’s CSI 300 -0.22%, Japan’s Nikkei +0.50%).
Today in the euro zone we will March’s Sentix index.
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.
Repsol is an oil and gas company. Co. is engaged in all the activities relating to the oil and gas industry, including exploration, development and production of crude oil and natural gas, transportation of oil products, liquefied petroleum gas (LPG) and natural gas, refining, the production of a wide range of oil products and the retailing of oil products, oil derivatives, petrochemicals, LPG and natural gas, as well as the generation, transportation, distribution and supply of electricity. Co. operates in more than 40 countries. Co.'s operations are divided into four segments: Upstream, Downstream, LNG and Gas Natural Fenosa.
Telefonica is engaged in the provision of public or private telecommunications services, including ancillary or complementary telecommunications services or related services. Co.'s fixed business includes: traditional fixed telecommunication services, Internet and broadband multimedia services, data and business-aplications services, and wholesale services for telecommunication operators. Co. also provides a range of mobile and related services and products to consumer and business customers, including mobile voice services, value added services, mobile data and Internet services, wholesale services, corporate services, roaming, fixed wireless, and, trunking and paging.
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