IBERIAN DAILY 16 JANUARY (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACCIONA ENERGÍA, ACS, BBVA.2023 got off to a strong start
The US earnings season saw a good start, with surprises among the large banking groups, which fuelled stock market gains in Europe. Last week, the Euro STOXX saw gains, led by the Technology and Real Estate sectors, whereas Media and Food were the only industries ending in the red. On the macro side, in Spain, December’s final inflation slowed down one tenth vs. the preliminary data to 5.7% whereas the core data climbed to 7.0%. In the euro zone, November’s industrial output grew at a faster pace, as opposed to the UK, where it slowed down more than expected. In Germany, the 4Q’22 GDP stagnated in QoQ terms although avoiding the technical recession and ending 2022 up 1.9%, above expectations. In the US, import prices rose unexpectedly in December, questioning the moderation of inflation, whereas the U. of Michigan consumer confidence improved more than expected although 5Y inflation prospects climbed to 3.0%. In Japan, December’s production prices sped up more than expected, reaching 10.2%, increasing pressures for a change in the BoJ’s policy. In China, the Govt. recognised some 60,000 deaths since the zero Covid policy was abandoned a month ago, and housing prices once again fell -2.3% YoY in December. In US 4Q’22 Results Citigroup, BlackRock, JP Morgan, Wells Fargo and Bank of America came in better.
What we expect for today
European stock markets would continue to see the positive performance from the past weeks, opening with gains of +0.3%. Currently, S&P futures are down -0.1% (the S&P 500 ended +0.68% higher vs. the European closing bell). Volatility in the US dropped (VIX 18.35). Asian markets are mixed (China’s CSI 300 +1.75% and Japan’s Nikkei -1.15%).
Today Eurogroup meeting in the euro zone. Today is a holiday in the US. As for auctions, Germany will issue € 5 Bn in 12M T-bills.
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.
Banco Bilbao Vizcaya Argentaria is an international financial group, engaged primarily on providing banking services and consumer finance to private individuals and businesses in Spain and Portugal; providing real estate activity in Spain; providing services to international companies and investment banking, capital markets and treasury management services to clients; and providing the banking, insurance and pension businesses in Mexico and the U.S., as well as in South America.
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