IBERIAN DAILY 12 DECEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: AEDAS, BANKING SECTOR, CAF, CHANGES IBEX, ENERGY SECTOR, ENCE, GRIFOLS, TALGO.No surprises in US inflation data
It was a positive session for most European indices except the IBEX, which was dragged down by the results release from Inditex and fell for the fourth straight day, closing below 11,800 points. In the STOXX 600, most sectors (15/20) closed with gains, led by Media and Industrials, with Retail and Energy falling the most. On the macro side, in the US November’s inflation rose as expected to 2.7% YoY, with the core figure repeating at 3.3%. In France, today sees the end of the 48-hour period Macron set for a new PM to be named. Separately, yesterday the exiting Govt. presented its emergency budgets, which would be an extension of 2024’s but without adjusting for inflation and limiting some spending items in investments and subsidies. In Brazil, the Central Bank raised the Selic reference rate to +12.25% (+100bps) vs. 11.75% expected. In South Korea, the President will face a no confidence vote on Saturday, which would move forward with his own party’s support. On the geopolitical front, according to FT the European NATO members would be considering an increase in defence spending to 3.0% of GDP for the next few years.
What we expect for today
Stock markets would open with gains of around +0.3%, awaiting the ECB meeting and the new macro forecasts. Currently, S&P futures are down -0.11% (the S&P 500 was unchanged vs. the European closing bell). Asian markets are rising (China’s CSI 300 +1.06%, Japan’s Nikkei +1.50%).
Today the ECB will meet. In the UK we will learn October’s GDP, in the US weekly jobless claims and November’s production prices and in Brazil October’s retail sales.
COMPANY NEWS
CHANGES IBEX 35. Technical Advisory Committee to meet at today’s closing bell. We do not expect any changes.
At today’s closing bell the Technical Advisory Committee of the IBEX 35 will meet in its second follow-up meeting of the year. We do not expect any changes in components, and if there were to be any, we could only see an exclusion of Solaria and inclusion of Vidrala.
Aedas Homes is engaged in the housing development business in Spain. The company has a portfolio of approximately 1.5 million square meters of land that it develops for residential purpose. Co. develops multifamily homes for the housing market in Madrid, Catalonia, Levante and Majorca, Costa del Sol and Seville.
Ence Energia Y Celulosa is engaged in the manufacture and commercialization of wood pulp and derivatives. Co. divides its activities into the following two business lines: Forest Division: Co. manages timberlands in South America and the Iberian Peninsula. Co. is involved in trading of wood, and supplies solid wood products including: plywood, sawn timber, parquet flooring and glued-edge paneling. Co. is involved in forest and environmental consulting. Pulp Division and Energy Production: Co. is engaged in the production of Eucalyptus globulus-based TCF and ECF paper pulp. Co. is also involved in the generation of electricity through biomass power producing plants.
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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