IBERIAN DAILY 11 OCTOBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: AENA, UNICAJA.The market calms
Rally on European stock markets, which offset Monday’s risk episode following Hamas’s attack on Israel. Also helping were the comments from P. Jefferson and L. Logan suggesting a halt to rate hikes given the levels of the long-term debt curves. Moreover, R. Bostic (voting in 2024) recognised progress being made in inflation, backing an end to rate hikes. With all this in mind, in the STOXX 600 cyclical sectors led the gains, like Travel & Leisure and Basic Resources, whereas defensive sectors like Pharma and Telecoms rose the least. On the macro side, the IMF’s new October forecasts estimate global growth slowing to 3.0% in 2023 and 2.9% in 2024 (-0.1pp vs. July’23) due to the toughening monetary policy and the withdrawal of fiscal support. Forecasts for the US were raised to 2.1% in 2023 (+0.3pp) and 1.5% in 2024 (+0.5pp), compared to the euro zone, which was cut to 0.7% in 2023 (-0.2pp) and 1.2% in 2024 (-0.3pp), and Spain, which was lowered to 2.5% in 2023 and 1.7% in 2024 (-0.3pp).
What we expect for today
European stock markets would open with losses of -0.5%, with technology stocks performing well after the good news from Samsung, and with luxury dragged down by LVMH’s results. Currently, S&P futures are up +0.10% (the S&P 500 ended -0.56% lower vs. the European closing bell). Volatility in the US fell (VIX 17.03). Asian stock markets are rising (China’s CSI 300 +0.30%, Japan’s Nikkei +0.71%).
Today in Germany we will learn September’s final inflation and in Brazil September’s inflation. Debt auctions: Italy (€ 2.5 Bn in bonds due 2048 and 2052).
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.
Unicaja Banco SA is a Spain-based financial institution (the Bank) engaged in the banking sector. The Bank offers services to individual and business customers. Its products and services range includes current and savings accounts, debit and credit cards, consumer and commercial loans, real estate credit, securities brokerage, funds management, leasing, factoring, pension plans, life and non-life insurance, international trade financing, money transfer, as well as treasury, among others. The Bank operates a number of branches in Spain and Morocco. The Bank is controlled by Fundacion Bancaria Unicaja.
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