IBERIAN DAILY 09 FEBRUARY + 4Q’23 RESULTS. PREVIEWS (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: OHLA, SANTANDER, TALGO.At the end of today’s report, and during the entire results season, we will include a presentation with previews for the 4Q’23 results to be released over the coming days in Spain.
Ibex above 9,900 points again
European stock markets rallied slightly, with all eyes on the earnings calendar. In the STOXX 600, the best and worst performing sectors saw significant dispersion, with Consumer Goods and Automobiles seeing the sharpest gains > +1.0%, whereas defensive sectors such as Pharma and Utilities saw the biggest drops again (>-1.0%). On the macro side, in the euro zone, the ECB’s chief economist insisted that further data will be needed to be confident that inflation will meet the 2.0% target and be able to cut rates. In the US, weekly jobless claims moderated slightly more than expected. From the Fed, Barkin was cautious about rate cuts, awaiting the inflation performance. In Mexico, January’s inflation climbed in line with expectations, coming in at 4.9%, whereas the core data moderated slightly less than expected. Meanwhile, the BoM kept the reference rate unchanged, as expected, but suggesting possible cuts in upcoming meetings. In Japan, the IMF recommended the BoJ finalise the asset purchase programme and control the rate curve. In US business results, Philip Morris released disappointing earnings, ConocoPhillips, Ralph Lauren, Verisign and Motorola beat expectations.
What we expect for today
European stock markets would open with some bearish bias. Currently, S&P futures are down -0.08% (the S&P 500 ended unchanged vs. the European closing bell). Asian stock markets are rising (China’s CSI 300 closed, Japan’s Nikkei +0.10%).
Today in Germany we will learn January’s final inflation and in Mexico December’s industrial output. In US business results, PepsiCo, Catalent and AMC Networks, among others, will release their earnings.
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.
Obrascon Huarte Lain is an international concession and construction groups based in Spain. Co. maintains significant operations in 30 countries across all five continents. Co. is engaged in hospital and railway construction, transport infrastructure concessions, oil and gas, energy, solids handling and fire protection systems and international contracts. Co.'s operations are organized along four divisions: OHL Concesiones, OHL Construccion, OHL Industrial y OHL Desarrollos. Co. is also engaged in real state project developments of mixed use managed by the international hotel chains.
Talgo is engaged in designing, manufacturing, repairing and maintaining the railway rolling stock, as well as the manufacturing, assembling, repairing and maintaining the engines, machinery and parts of the railway systems. Co. has an industrial presence in seven countries: Spain, Germany, Kazakhstan, Uzbekistan, Russia, Saudi Arabia and U.S.A. Co. has an active fleet in Europe, Asia and North America that comprises of 94 high-speed trains and more than 1,400 Talgo tilting passenger cars. Also, Co. purchases, redesigns, constructs, leases and sells all types of real estate.
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