IBERIAN DAILY 05 DECEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACS, CAIXABANK, CHANGES IBEX, FERROVIAL, TALGO.IBEX on the verge of 12,000 points
European stock markets’ bullish streak in December continued with gains of around +1.0% and despite the political crises in France and South Korea. In the STOXX 600, the best-performing sectors were Retail (leading the pack for the third straight day) and Technology, with Pharma and Energy posting the biggest losses. On the macro side, the OECD presented its new forecasts, where we highlight the growth in GDP’25 for Spain of 2.3% vs. 3.0% expected in 2024, whereas for the euro zone the growth estimate would be 1.3%, for the US 2,4% and for China 4.7%. In the euro zone, the final services PMI was raised to near a growth zone, and in Spain it fell more than expected, although still leading the euro zone. In France, the no confidence vote against PM Barnier was successful, as expected, and E. Macron will have to find a replacement before Saturday (Parliament cannot be reassembled until July). In the US, the services ISM fell more than expected to 52.1. The Fed’s Beige Book showed modest growth, but with an optimistic outlook for 2025. From the Fed, J. Powell admitted the organisation may now be more cautious in its rate cuts.
What we expect for today
Stock markets would open with losses of up to -0.3%, with all eyes on French stocks after Barnier’s Govt. fell. Currently, S&P futures are down -0.1% (the S&P 500 was +0.2% higher vs. the European closing bell). Asian markets are mixed (China’s CSI 300 -0.4%, Japan’s Nikkei +0.2%).
Today in OPEC will meet, in the euro zone we will learn October’s retail sales, in Spain October’s industrial output and in the US weekly jobless claims.
COMPANY NEWS
CHANGES IBEX 35. Technical Advisory Committee to meet on 12 December. We do not expect any changes.
At the closing bell on 12 December the Technical Advisory Committee of the IBEX 35 will meet in its second follow-up meeting of the year. We do not expect any changes in components, and if there were to be any, we could only see an exclusion of Solaria and inclusion of Vidrala.
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.
Caixabank is an investment company based in Spain. Co. is involved in investment portfolio management activities across two areas: Services and Financial Business and Insurance. In the services area, Co. provides investment solutions for companies involved in the infrastructure, energy, services and entertainment sectors. In the financial business and insurance area, Co. is engaged in the investments for international banks, insurance and specialist financial services. Co. focuses most of its banking investments in India, China, the U.S., and Central and Eastern Europe with a particular interest in retail banking. Co. is also involved in the disinvestments activities.
Ferrovial is a transportation company based in Spain. Co. is engaged in operations in the transportation sector. Co. specializes in the design, construction, management, administration and maintenance of transport infrastructures. Co.'s services range also includes the maintenance of parking lots, and land-, sea- and air-based transport networks. Co. is also engaged in the promotion and operation of short-stay parking lots, parking regulation and management services and promotion and sale of residents' parking.
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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