IBERIAN DAILY 18 DECEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: AMADEUS, BANKING SECTOR, FERROVIAL, METROVACESA, REDEIA.The stock market saves the week of Central banks
It was a week of gains for European stock markets where the market reinforced its bet on early and aggressive rate cuts after the Fed’s pivot point. In the STOXX 600, the best-performing sectors last week were bond proxies such as Real Estate and Construction (given the weight of concession groups) vs. defensive segments such as Telecommunications and Financials and Insurance. On the macro side, in the euro zone, the manufacturing PMI remained unchanged at 44.2 (worse) whereas the services PMI deteriorated unexpectedly to 48.1, on the whole suggesting that the 4Q’23 GDP will slow down by -0.1% YoY vs. 0.1% expected by the consensus. In Germany, the Lower House of the Parliament approved the debt break suspension for 2023. In Italy, the BoI cut its GDP’24 forecast to 0.6% from 0.8% previously and Greece approved its 2024 budgets with a +2.1% primary surplus after +1.1% seen in 2023. In the US, December’s manufacturing Empire index slowed down more than expected, hitting negative territory. On another note, November’s industrial output rose less than expected, with all indications suggesting that the slowdown will continue in early 2024.
What we expect for today
European stock markets would open flat with some bearish bias. Currently, S&P futures are up +0.21% (the S&P 500 ended -0.12% lower vs. the European closing bell). Volatility in the US fell (VIX 12.28). Asian stock markets are sliding (China’s CSI 300 -0.46%, Japan’s Nikkei +0.64%).
Today in Germany we will learn December’s IFO and in the US December’s (NAHB) housing confidence index.
Amadeus Fire is engaged in the provision of temporary personnel, permanent placement, interim and project management as well as the provision of training in the areas of tax, finance and accounting and financial control. Co. operates in two segments: temporary staffing/interim and project management/permanent placement, which focuses on the four divisions of accounting, office, banking and information technology services; and training, which provides corporate and private customers training with a particular focus on finance and accounting. Co. only provides its services in Germany.
Ferrovial is a transportation company based in Spain. Co. is engaged in operations in the transportation sector. Co. specializes in the design, construction, management, administration and maintenance of transport infrastructures. Co.'s services range also includes the maintenance of parking lots, and land-, sea- and air-based transport networks. Co. is also engaged in the promotion and operation of short-stay parking lots, parking regulation and management services and promotion and sale of residents' parking.
Metrovacesa SA, formerly Metrovacesa Suelo y Promocion SA, is a Spain-based real estate developer. The Company specializes in construction and sale of sustainable housing, both single-family and multi-family residential properties. Its activities also include promotion, urbanization and parceling of real estate in general, as well as real estate management for own benefit or on behalf of third parties. Its asset portfolio includes more than 6 million square meters of building land across Spain, as well as already developed properties in cities, such as Malaga, Almeria, Cordoba, Barcelona and Madrid, among others.
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