EUR 100.00 For Business Accounts Only

IBERIAN DAILY 10 DECEMBER (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: AEDAS, CAF, SOLARIA.

France underpins Euro STOXX 50
The French CAC was one of the few big euro zone indices to close in positive numbers, thus preventing the Euro STOXX 50 from ending with losses. In the STOXX 600, the best-performing sectors were those most exposed to China, like Basic Materials, Ebergy and Consumer Goods, with Real Estate and Telecoms falling the most. On the macro side, in the euro zone the Sentix investor sentiment index for December fell more than expected. In China, the press leaked the main points from the last Politburo, which suggested a more proactive fiscal policy (stimulating consumption and in domestic demand in general) and a slightly more lax monetary policy for 2025, thus marking a change in the trend that had not shifted since 2011 and which favoured a “prudent” monetary policy. Separately, November’s exports grew less than expected, while imports contracted unexpectedly.
What we expect for today
Stock markets would open with losses of up to -0.5%, with the luxury goods sector falling after the previous session’s gains in view of the expected stimulus measures in China. Currently, S&P futures are down -0.1% (the S&P 500 was down -0.25% vs. the European closing bell). Asian markets are rising (China’s CSI 300 +1.0%, Japan’s Nikkei +0.4%).
Today in Germany and Brazil we will learn November’s inflation, in the US SME confidence (NFIB) for November and the revision of labour costs and productivity for 3Q’24.