IBERIAN DAILY 30 MARCH (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACS, NH HOTELES, REPSOL.Stability in the banking sector underpins stock markets
European stock markets rose once again, with the IBEX 35 managing to recover, and rise above, the psychological barrier of 9,000 points, after worries on the banking sector eased. Meanwhile, ECB chief economist Phillip Lane warned that the ECB will have to continue to raise rates in order to keep inflation in check as the upheaval in the banking sector subsides. In the Euro STOXX, Real Estate and Technology posted the biggest gains, while Autos and Energy were the worst relative performers. On the macro side, there were few references, with February’s pending home sales in the US rising unexpectedly (+0.8% vs. -2.3% expected and +8.1% previously).
What we expect for today
The European stock markets would open with gains of up to +0.5% that would tone down over the session. Currently, S&P futures are up +0.07% (the S&P 500 ended +0.33% higher vs. the European closing bell). Volatility in the US fell (VIX 19.12). Asian markets are mixed (China’s CSI 300 +0.04% and Japan’s Nikkei -0.78%).
Today in Spain and Germany we will learn March’s preliminary inflation, in the euro zone the ECB’s monthly report and March’s economic climate indicator, in the US weekly jobless claims and 4Q’22 GDP and in Mexico the Central Bank will meet.
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.
NH Hotel is engaged in the operation and management of hotels throughout Spain, the Benelux countries, Germany, and South America.
Repsol is an oil and gas company. Co. is engaged in all the activities relating to the oil and gas industry, including exploration, development and production of crude oil and natural gas, transportation of oil products, liquefied petroleum gas (LPG) and natural gas, refining, the production of a wide range of oil products and the retailing of oil products, oil derivatives, petrochemicals, LPG and natural gas, as well as the generation, transportation, distribution and supply of electricity. Co. operates in more than 40 countries. Co.'s operations are divided into four segments: Upstream, Downstream, LNG and Gas Natural Fenosa.
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