IBERIAN DAILY 31 OCTOBER + 3Q’22 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: AENA, IBERDROLA.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.
A week marked by the ECB’s message
The possibility that the ECB eases rate rises and the performance of business results led to rises of approx. +4% in European stock markets. The best-performing sectors in the Euro STOXX were Travel&Leisure and Real Estate whereas Basic Resources and Technology ended with the worst relative performance last week. On the macro side, in Spain the 3Q’22 GDP came in below expectations (3.8% YoY), as well as October’s inflation (7.3%). In Germany GDP provided a positive surprise (1.1%) and inflation rose to 10.4%. In the US, September’s personal income and outlays rose above expectations whereas September’s pending home sales dropped more than expected. In Brazil, L. da Silva won the second round of the presidential elections. In China, October’s manufacturing and services PMI dropped more than expected, below 50. Lastly, Russia abandoned the cereal agreement of the Back Sea due to Ukraine’s attacks. In US business results, Exxon Mobil, Chevron and Colgate came in better than expected, whereas Davita, among others, came in worse.
What we expect for today
The European stock markets would open with slight gains (+0.5%), with all eyes on the Fed meeting to be held on Wednesday. Currently, S&P futures are down -0.3% (the S&P 500 ended +0.85% up vs. the European closing bell). Volatility in the US fell (VIX 25.75). Asian markets are mixed (China’s CSI 300 -0.9% and Japan’s Nikkei +1.66%).
Today in Spain we will learn September’s retail sales and October’s current account balance, in the EMU October’s inflation and the preliminary 1Q GDP. In US business results, Berkshire Hathaway, Aflac and Arista Networks, among others, will release their earnings. As for auctions, Germany will issue € 7 Bn in 3 & 9M T-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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