IBERIAN DAILY 10 JANUARY (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACS, ELECTRICITY SECTOR, SACYR, TELEFÓNICA.The strong 2023 continues
It was another session of strong gains in developed economy stock markets on both sides of the Atlantic, with the IBEX lagging slightly due to its link to Brazil, following the assault on Congress, the Supreme Court and the presidential palace. In the Euro STOXX, all the sectors except Food and Energy closed with gains, led by Technology and Travel&Leisure. On the macro side, in the euro zone January’s Sentix index recovered more than expected (best reading since June), although it remains in negative territory. November’s unemployment rate remained unchanged at 6.5%. In Germany, November’s industrial output fell unexpectedly. In the US, inflation expectations from the NY Fed consumer survey fell to 5.0% from 5.2%, the lowest level since July’21. From the Fed, M. Daly is considering a +50bps or +25bps hike in February, warning that it is too early to confirm if the fight against inflation has been successful, whereas R. Bostic admitted the Fed is willing to overreact, and that rates will remain high through 2024. He also expects rates to reach 5.0-5.25% this year. In Japan, Tokyo inflation rose to 4.0% in December.
What we expect for today
Comments from Fed members hinting at new rate hikes put dampened optimism in stock markets, and thus, the European stock exchanges would open with drops of -0.5%. Currently, S&P futures are down -0.18% (the S&P 500 ended down -1.35% vs. the European closing bell). Volatility in the US rose (VIX 22.55). Asian markets are rising (China’s CSI 300 +0.15% and Japan’s Nikkei +0.7%).
Today in Spain we will learn November’s industrial output and in Brazil December’s inflation. In debt auctions: Germany (€ 500 M in I/L bonds due 2033).
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.
Sacyr is the parent company of a group engaged in the acquisition, development and construction of urban properties for their subsequent rental or resale. Co. primarily leases and sells office buildings and complexes, housing units, and shopping centers. Co. is also engaged in the operation of urban car parking facilities. Co. offers services related to the real estate industry such as technical assistance in energy savings, inventory management, architectural design, telecommunications management, property maintenance, as well as gardening and landscaping. Co. also provides consulting services in the real estate fund management sector.
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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