EUR 100.00 For Business Accounts Only

IBERIAN DAILY 24 NOVEMBER (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: ACS, LAR ESPAÑA.

The Ibex returns to 9,900 points
European stock markets saw slight gains in a session where debt yields widened and the macroeconomic environment in the euro zone continues to slow down despite the slight improvement in November’s PMI data. Thus, in the STOXX 600 Energy and Banks led gains, whereas Travel&Leisure and Autos ended with the biggest drops. On the macro side, in the euro zone, November’s preliminary manufacturing and services PMI recovered more than expected, although in general suggesting GDP slowdown in the 4Q’23. From the ECB, the minutes from the last meeting leave the door open to rate rises although the decision of keeping them unchanged was unanimous. In Sweden, the Riskbank kept rates unchanged at 4.0% although it left the door open to a new rise. In Turkey, the Central Bank raised rates slightly more than expected to 40%. In Japan, October’s general and core inflation rose less than expected, November’s manufacturing PMI fell unexpectedly whereas that of services practically remained at October’s level.
What we expect for today
European stock markets would open flat with a slightly bearish slant in another low-volume session. Currently, S&P futures are flat (the S&P 500 was closed for the holiday). Asian stock markets are mixed (China’s CSI 300 -0.73%, Japan’s Nikkei +0.52%).
Today in Germany we will learn the final 3Q’23 GDP and November’s IFO, in Mexico September’s IGAE economic activity index and in the US November’s manufacturing and services PMI.