EUR 100.00 For Business Accounts Only

IBERIAN DAILY 03 DECEMBER (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: AENA, BANKING SECTOR, BBVA, CHANGES IBEX, DIA, ELECTRICITY SECTOR, NEINOR, PRISA, RENEWABLES SECTOR.


MARKETS YESTERDAY AND TODAY

Consolidation levels
The European stock markets ended the session with slight losses, with the depreciation of the pound standing out after EU chief Brexit negotiator M. Barnier claimed, off-the-record, that any outcome is possible. Thus, within the Euro STOXX, the best-performing sector was once again Banks, followed by Energy (driven by an increased likelihood of an agreement being reached at tomorrow’s OPEC+ meeting), whereas Travel & Leisure and Household Goods posted the biggest losses. On the macro side, in Spain, the number of unemployed increased only by 25,000 in November (vs. 55,000 expected and 49,600 previously), whereas the labour market saw the number of employed persons return to 19 million for the first time since March. In the Euro zone, the unemployment rate rose as expected in October, whereas the current figure was raised slightly. On another note, the EC would be studying the creation of a European recovery fund that will not be financed with the EU budget as an alternative if Hungary and Poland maintain their veto. In the United Kingdom, the speedy approval of Pfizer’s (US) and BioNTech’s (Germany) Covid-19 vaccines suggests that both of them could be available next week. In the US, November’s ADP survey showed the lowest private job creation rate since July, and the Fed’s Beige book outlined that the winter weather and Covid-19 outbreaks are resulting in some slowdown in the recovery, with the Mid West states being the hardest hit.
What we expect for today
We expect a sideways opening, highly influenced by the leading activity data in Europe and the US and the outcome of the OPEC+ meeting. Currently, S&P futures are down -0.1% (the S&P 500 closed up +0.11% vs. its price at the closing bell in Europe). Volatility in the US decreased (VIX 21.17). Asian markets are trading with mixed results (CSI 300 -0.2%, Japan +0.05%).
Today we will learn in the Euro zone, November’s final Services PMIs and October’s retail sales, in the US the weekly jobless claims data and November’s ISM Services index. OPEC+ meeting. In debt auctions: France (€ 6.5 Bn in bonds due 2032, 2036, 2041 and 2048).