IBERIAN DAILY 17 JANUARY (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACS, TALGO.IBEX unable to break 12,000 point barrier
Except for the IBEX, European stock markets ended with gains, boosted by the good news out of the technology and luxury sectors. In the STOXX 600, the best-performing sectors were Consumer Goods and Technology, whereas Autos and Travel & Leisure ended with the biggest drops. On the macro side, in the US, December’s core retail sales grew slightly less than expected, but those used to calculate the GDP rose more than expected, reflecting strong private consumption in 4Q’24. December’s import prices rose unexpectedly, weekly jobless claims increased more than expected and January’s Philadelphia Fed index improved much more than forecast. In France, PM F. Bayrou survived the first vote of no confidence. In Brazil, the economic activity index slowed more than expected in November. In China, the GDP reached the target of 5.0% in 2024, while industrial output and retail sales for December grew more than the previous month and expectations. On the negative side, investment in fixed assets grew less than expected in December, the population contracted for the third straight year and the savings rate remains high. In US business results, Morgan Stanley, BofA, M&T Bank beat expectations, and Bancorp was in line.
What we expect for today
Stock markets would open with a slightly bullish slant thanks to the good macroeconomic data released in China. Currently, S&P futures are up +0.2% (the S&P 500 ended down -0.32% vs. the European closing bell). Asian markets are mixed (China’s CSI 300 +0.40% and Japan’s Nikkei -0.31%).
Today in the euro zone we will learn final December’s final inflation and in the US building permits and housing starts for December along with December’s industrial output. In US business results, Schlumberger, Fastenal and State Street will release their earnings.
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.
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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