IBERIAN DAILY 04 DECEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: IBERDROLA, SACYR, SANTANDER.The falling inflation spurred risk assets
The latest inflation data continued to support the levels reached over the past few weeks, with the addition of the strong volatility in oil prices after OPEC+ unexpectedly announced an additional “voluntary” cut of -900,000 b/d for 2024, although Angola refused to reduce its quota, showing the division within the group. With all this in mind, the Euro STOXX 50 ended the week near 4,400 points, with the best-performing sectors in the Euro STOXX being Food and Pharma, whereas Real Estate and Financial Services ended as the worst relative performers on the week. On the macro side, in Spain November’s manufacturing PMI was slightly better than expected (46.3), which led to a rise in the euro zone figure to 44.2, above expectations. In the US, November’s manufacturing ISM remained at the same level as the previous month, although below expectations, where we highlight the employment heading, which entered a contraction zone. In monetary policy, J. Powell repeated the message from his previous appearance, hinting that it is too early to talk about a restrictive enough policy and that the Fed could tighten up even further if needed.
What we expect for today
European stock markets would open flat in a session with many macro data released, but where Lagarde may provide indications on where monetary policy is headed. Currently, S&P futures are down -0.20% (the S&P 500 ended up +0.16% vs. the European closing bell). Volatility in the US fell (VIX 12.63). Asian stock markets are falling (China’s CSI 300 -0.53%, Japan’s Nikkei -0.61%).
Today in Spain we will learn November’s unemployment, in the euro zone December’s SENTIX index and in the US October’s factory orders.
Banco Santander is a holding company, providing a range of financial products. Co.'s products and services include: retail banking business that covers all customer banking businesses; wholesale banking business; as well as asset management and insurance business. Co.'s principal operations are in Spain, the U.K., Portugal, Germany, Italy and Latin America. As of Dec 31 2014, Co.'s total assets amounted to Euro1,266,296,000,000 and total customer deposits amounted to Euro647,627,000,000.
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.
Sacyr is the parent company of a group engaged in the acquisition, development and construction of urban properties for their subsequent rental or resale. Co. primarily leases and sells office buildings and complexes, housing units, and shopping centers. Co. is also engaged in the operation of urban car parking facilities. Co. offers services related to the real estate industry such as technical assistance in energy savings, inventory management, architectural design, telecommunications management, property maintenance, as well as gardening and landscaping. Co. also provides consulting services in the real estate fund management sector.
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