IBERIAN DAILY 12 DECEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: BANKING SECTOR, CHANGES IBEX.The week of Central Bank meetings kicked off with doubts
It was a week of slight gains (except for the IBEX, which fell) in Europe, pending the central bank meetings, where no changes are expected in interest rates but where we do expect clues to be given on when cuts will begin. In the STOXX 600, Media and Construction were the biggest winners, with defensive sectors like Utilities and Food falling the most. On the macro side, in the euro zone the finance ministers did not reach an agreement on fiscal rules and will meet again before the year ends. In the US the latest New York Fed consumer survey showed another drop in 1Y inflation expectations to 3.4% (lowest level since April’21). The US Treasury 3Y bond auction did not see strong demand, while the 10Y bond auction was well received. Separately, the UN’s COP28 summit will end without being very ambitious in definitively reducing consumption of fossil fuels.
What we expect for today
European stock markets would open flat with some bullish bias, awaiting the inflation data that could trigger profit taking after the rally seen in the last few weeks. Currently, S&P futures are up +0.05% (the S&P 500 ended +0.34% higher vs. the European closing bell). Volatility in the US dropped (VIX 12.63). Asian stock markets are climbing (China’s CSI 300 +0.07%, Japan’s Nikkei +0.16%).
Today in the UK we will learn October’s ILO unemployment rate and in the US November’s inflation.
COMPANY NEWS
CHANGES IBEX 35. Weighting changes in Colonial, Fluidra and Logista.
At yesterday’s closing bell the IBEX 35 Technical Advisory Committee made no changes in the index’s components, as expected, only lowering the weight coefficients for Colonial, Fluidra and Logista from 80% to 60%. The change will be effective on 18 December (adjustments as of the closing bell on 15 December), and the next meeting will be held on 07 March.
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.
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