IBERIAN DAILY 06 DECEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: AENA, INDRA, PUIG BRANDS.IBEX breaks above 12,000 points
European stock markets rallied once again, bringing the IBEX to a 14-year high, with no added pressure from the French political noise. The drama in France was not too big a burden, as Le Pen was open to negotiating a quick replacement of the PM and new budgets, substantially lowering the French sovereign risk. In the STOXX 600, the best performing sectors were Travel & Leisure and Banks, with Real Estate and Energy falling the most. On the macro side, in the euro zone October’s retail sales fell more than expected. In Spain, October’s industrial output rose more than expected. In France, Macron’s appearance calmed the market, promising a PMI in the coming days and making it clear he will fulfill his presidential mandate until 2027. In this regard, Le Pen was open to negotiating new budgets for 2025 in the coming weeks without calling for Macron to resign, which significantly lowered the French sovereign risk, which even saw the risk premium fall. In the US, weekly jobless claims rose slightly more than expected.
What we expect for today
Stock markets would open practically flat with the French index rising slightly awaiting a new PM and underpinned by a risk premium below 80bps. Currently, S&P futures are down -0.07% (the S&P 500 was -0.18% lower vs. the European closing bell). Asian markets are mixed (China’s CSI 300 +1.3%, Japan’s Nikkei -0.81%).
Today in the US we will learn non-farm employment (job creation expected to spike after the previous data was affected by the hurricanes), the unemployment rate and November’s salary gains along with the U. of Michigan consumer confidence for December, in the euro zone, the final 3Q’24 GDP and in Germany October’s industrial output.
Aena SME SA, formerly Aena SA, is a Spain-based company primarily engaged in the airports operation. Its activities are divided into four segments: Airports, which comprises Aeronautical subdivision, responsible for the management of airports, jetways, security, handling, cargo and fuel services, among others, as well as Commercial subdivision, including duty-free and specialty stores, restaurant services, car rental, as well as banking services and advertising; Services outside the terminal, which manages real estate assets, such as parking lots, warehouses and lands; International, which comprises operations of Company's subsidiary, Aena Desarrollo Internacional SA, that invests in other airport owners principally in Mexico, Colombia and the United Kingdom; and Others, encompassing corporate activities. It manages tourism, hub and regional airports, as well as heliports and general aviation areas. Furthermore, its destination range comprises Europe, the Americas, Asia and Africa.
Indra Sistemas is engaged in the design, development, manufacture, assembly, repair, and installation of computer software and applications. Through its subsidiaries, Co. is engaged in consulting, graphic design and multimedia, web design and marketing, internet development and electronic trade, systems integration and hosting geared business to business and business to consumer, as well as in internet financing and electronic marketing. Co. serves defense and security, transport and traffic, energy and industry, telecom and media, finance and insurance, and public administration and healthcare markets. Co. operates primarily in Europe, the United States, Canada, and Latin America.
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