IBERIAN DAILY 12 FEBRUARY + 4Q’24 RESULTS. PREVIEWS (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: SANTANDER, TALGO, TELEFÓNICA.At the end of today’s report, and during the entire results season, we will include a presentation with positive and negative results highlights and previews for the 4Q’24 results to be released over the coming days in Spain.
The market remains positive
In another session lacking big macro releases or tariff surprises, most European indices once again posted moderate gains, with the IBEX on the verge of 12,800 points. Thus, in the STOXX 600, most sectors were in positive numbers, led by Banks, Energy and Technology, with Travel & Leisure and Basic Materials suffering the biggest losses. On the macro side, in the euro zone EC president U. von der Leyen threatened D. Trump with firm countermeasures if tariffs are imposed on the EU. Separately, a gas price ceiling would be considered (in a maximum of two years and up to four times higher than in North America). In the US, the NFIB SME confidence fell more than expected, although remaining above the average over the past 51 years. Separately, J. Powell insisted that there is no rush to lower rates, admitting that tariffs could push inflation up. In Brazil, January’s inflation fell in line with expectations. In Mexico, December’s industrial output fell more than expected. In US business results, Coca-Cola, DuPont and Marriott beat expectations.
What we expect for today
Stock markets would open with a slightly bullish slant awaiting the US inflation data. Currently, S&P futures are down -0.1% (the S&P 500 ended +0.14% higher vs. the European closing bell). Asian markets are rising (China’s CSI 300 +0.4% and Japan’s Nikkei +0.5%), with Alibaba rising more than +8.0% in Hong Kong, as according to TheInformation the company would have signed a partnership with Apple to develop AI in iPhones.
Today in the US we will learn January’s inflation. In US business results, Heinz, Biogen and Cisco, 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.
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.
Telefonica is engaged in the provision of public or private telecommunications services, including ancillary or complementary telecommunications services or related services. Co.'s fixed business includes: traditional fixed telecommunication services, Internet and broadband multimedia services, data and business-aplications services, and wholesale services for telecommunication operators. Co. also provides a range of mobile and related services and products to consumer and business customers, including mobile voice services, value added services, mobile data and Internet services, wholesale services, corporate services, roaming, fixed wireless, and, trunking and paging.
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