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INFORME DIARIO 10 MARZO + RDOS. EUROPA 4T’24. PREVIEWS (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: CAF, IBERDROLA, INDRA. EUROPA: ALLIANZ, BAYER

Incluido en el informe diario de hoy, y durante toda la campaña de resultados, incorporamos al final una presentación con los resultados destacados en positivo y negativo y previews de Rdos. 4T’24 que se publicarán en España y Europa en los próximos días.

Las bolsas se mueven entre los aranceles y los planes fiscales
Semana cargada de volatilidad tras el repunte histórico de la rentabilidad del bono alemán y los temores de desaceleración en EE.UU. no sólo por los datos macro, sino también por el impacto de la guerra de los aranceles. En el STOXX 600, los mejores registros fueron para Químicas y Construcción mientras que Inmobiliario y Bienes de Consumo sufrieron las mayores caídas. Por el lado macro, destacaron los datos de empleo de febrero en EE.UU. con una creación de empleo ligeramente por debajo de lo esperado, una tasa de paro al alza hasta el 4,1% y unas ganancias salariales avanzando en línea con lo esperado. En España la producción industrial de enero se contrajo más de lo esperado. En la Eurozona el PIB revisado en el 4T alcanzó el 0,2% trimestral frente al 0,1% esperado, mientras que el empleo del 4T’24 también salió por encima de lo esperado. En Brasil el PIB del 4T’24 decepcionó claramente con un 0,2% trimestral frente al 0,5% esperado. En México la inflación de febrero repuntó en línea con lo esperado. Por el lado geopolítico, E. Musk se mostró a favor de la salida inmediata de EE.UU. de la OTAN mientras que la UE aspira a alcanzar un gasto en defensa del 3,0% del PIB.
Qué esperamos para hoy
Las bolsas abrirían con subidas del orden del +0,5% que podrían ir diluyéndose a lo largo de la sesión. En estos momentos, los futuros del S&P 500 cotizan con caídas del -0,5% (el S&P 500 terminó el viernes con subidas del +1,5% con respecto al nivel al que estaba al cierre de las bolsas europeas). Los mercados asiáticos cotizan mixtos (CSI 300 chino -0,6%, Nikkei de Japón -+0,5%).
Hoy en Alemania la producción industrial de enero. En la Eurozona el índice Sentix de marzo.
Underlyings
Allianz SE

Allianz is engaged in the provision of a range of insurance and asset management products and services. Co. has three business segments: Property-Casualty, which provides insurance products to both private and corporate customers, including motor liability and own damage, accident, general liability, fire and property, legal expense, credit and travel insurance; Life/Health, which provides life and health insurance products including annuities, endowment and term insurance, unit-linked and investment-oriented products and private health and supplemental health and long-term care insurance; and Asset Management, which provides institutional and retail asset management products and services.

Bayer AG

Bayer is a life sciences group based in Germany. Co.'s operations are organized along three divisions: Pharmaceuticals (engaged in prescription pharmaceuticals for cardiology and women's healthcare); Consumer Health (engaged in non-prescription products in dermatology, dietary supplement, analgesic, gastrointestinal, allergy, cold and flu, foot care, sun protection and cardiovascular risk prevention categories); and CropScience (engaged in the development of seeds and plant traits; crop protection; and for gardens, the green industry and non-agricultural pest control). Co. also maintains an Animal Health business unit engaged in the development of products for farm and companion animals.

ENCE Energia y Celulosa SA

Ence Energia Y Celulosa is engaged in the manufacture and commercialization of wood pulp and derivatives. Co. divides its activities into the following two business lines: Forest Division: Co. manages timberlands in South America and the Iberian Peninsula. Co. is involved in trading of wood, and supplies solid wood products including: plywood, sawn timber, parquet flooring and glued-edge paneling. Co. is involved in forest and environmental consulting. Pulp Division and Energy Production: Co. is engaged in the production of Eucalyptus globulus-based TCF and ECF paper pulp. Co. is also involved in the generation of electricity through biomass power producing plants.

Iberdrola SA

Iberdrola is a holding company. Through its subsidiaries, Co. operates in four segments: network business, which includes all the energy transmission and distribution activities, and other regulated activity originated in Spain, the U.K., the U.S. and Brazil; deregulated business, which includes electricity generation and sales businesses as well as gas trading and storage businesses carried on by Co. in Spain, Portugal, the U.K. and North America; renewable business, with activities related to renewable energies in Spain, the U.K., the U.S. and the rest of the world; and other businesses, including the engineering and construction businesses and the non-power businesses.

Indra Sistemas S.A. Class A

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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Sabadell
Sabadell

Analysts
Research Department

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