IBERIAN DAILY 20 NOVEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: N/A.Market relief
European markets ended with gains yesterday after several sessions of corrections, also underpinned by rumours about a possible peace offer to Ukraine agreed between the US and Russia. Amid doubts surrounding AI the attention turned towards Nvidia’s results release after yesterday’s closing bell, which beat expectations and raised its 4Q guidance. In the STOXX 600, all the sectors except Telecoms, Utilities and Energy closed with gains, led by Media and Travel&Leisure. On the macro side, in the euro zone, October’s final inflation confirmed the preliminary data (2.1% YoY for general inflation and 2.4% for core inflation). In the UK, October’s core inflation moderated more than expected in MoM terms with the good performance of the services component. In the US, August’s trade deficit came in below expectations due to the slowdown of imports. The Fed minutes showed a strong division among its members regarding December’s interest rate decision. In China, Bloomberg echoes that the government would be studying new measures to bolster the housing market. Meanwhile, the PBoC kept the benchmark 1&5Y loan rates unchanged at 3.0% and 3.5%, respectively. In US business results, Target and Lowes beat expectations, Target released disappointing earnings with guidance cut.
What we expect for today
European stock markets would open with gains of around +1.0% and with the good performance of technology groups. Currently, S&P futures are up +1.24% (the S&P 500 ended +0.20% higher vs. the European closing bell). Asian markets are mixed (China’s CSI 300 -0.2% and Japan’s Nikkei +2.6%).
Today in the euro zone we will learn December’s consumer confidence, in the US September’s non-farm employment, unemployment rate and wage gains, October’s existing home sales and September’s building permits. In US business results, Walmart and Ross Stores, among others, 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.
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