IBERIAN DAILY 25 MARCH (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: AEDAS HOMES, ENDESA, NATURGY, REPSOL.Tariffs continue to set the pace
It was a session of slight drops in Europe vs. the gains in US indices, boosted by rumours of lower tariffs by the Trump Administrations. In the STOXX 600, the biggest gains came in Basic Materials and Technology, with Real Estate and Food leading the drops. On the macro side, in the euro zone March’s PMI data was mixed, with the manufacturing index rallying more than expected and the services index falling unexpectedly, keeping the composite index in the growth zone. Car registrations in Europe fell in February by -3.4% YoY vs. -2.6% previously. In the US March’s PMIs were also mixed, although in this case services rose more than expected and manufacturing fell more than expected, even below the expansion zone. R. Bostic from the Fed now bets on a rate cut in 2025 due to the impact from tariffs on inflation. Meanwhile, D. Trump signed an order to impose 25% tariffs to those countries importing crude oil from Venezuela. In Mexico January’s IGAE activity index recovered less than expected.
What we expect for today
Stock markets would open with slight drops of -0.2%, with some cyclicals like autos and industrials ex-defence dragged down by tariff talks. Currently, S&P futures are down -0.2% (the S&P 500 ended up +0.16% vs. the European closing bell). Asian markets are mixed (China’s CSI 300 -0.1% and Japan’s Nikkei +0.6%).
Today in Germany we will learn March’s IFO index and in the US March’s consumer confidence, building permits and new home sales for February.
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.
Endesa is engaged in the production, transmission, distribution, and supply of electricity, through hydroelectric, fossil fuel, and nuclear generation. Co. is also engaged in the mining of coal for use in its fossil-fuel electric plants; mining research; land restoration, and environmental monitoring and control.
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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