IBERIAN DAILY 14 NOVEMBER + 3Q’22 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: AENA, CONSTRUCTION SECTOR.At the end of today’s report, and during the entire results season, we will include a presentation with positive and negative results highlights and previews for the 3Q’22 results to be released over the coming days in Spain.
The market continues to be satisfied
Last Friday, European stock markets posted new gains of around +1.0% thanks to the ease in China’s Covid restrictions and the good digestion of US inflation data. Thus, the Euro STOXX climbed +5% last week, led by Technology and Real Estate, whereas Energy and Banks saw the lowest gains. On the macro side, in Europe, the EC new forecasts mean a significant cut to 2023 growth in the euro zone (0.3% vs. 1.4% prev.), setting a technical recession for 4Q’22 and 1Q’23 with 1.5% growth in 2024. For Spain, the EC cut its forecast to 1.0% in 2023 (-1.1pp vs. previous level), foreseeing 2.0% growth in 2024. In the US, the consumer confidence of the University of Michigan dropped more than expected in November whereas 1-year inflation forecasts climbed to 5.1%, in line with expectations. Separately, in the end the Democrats kept a majority in the Senate. In China, the Govt. announced a package of 16 measures focused on lending financial support to developers and spurring housing purchases in order to stem the real estate sector crisis.
What we expect for today
European stock markets would open with some bullish bias with the positive performance of basic resources, underpinned by the hike in metals and the measures adopted in China. Currently, S&P futures are down -0.4% (the S&P 500 ended +0.8% higher vs. the European closing bell). Volatility in the US decreased (VIX 22.52). Asian markets are mixed (China’s CSI 300 +0.2% and Japan’s Nikkei -1.1%).
Today in the euro zone we will learn September’s industrial output, and in Brazil’s September’s economic activity index. G20 meeting this week. In US business results, Tyson Foods, among others, will release its earnings. In debt auctions: Germany (€ 5 Bn in 3 & 9M- bills).
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.
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