IBERIAN DAILY 26 JANUARY + 4Q’22 RESULTS. HIGHLIGHTS AND PREVIEWS (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ENCE, SACYR, SANTANDER, SIEMENS GAMESA, UNICAJA.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’22 results to be released over the coming days in Spain.
Stock markets fall ahead of the Central Banks meetings
It was a session of moderate falls in Europe and large falls in the US, where the greater resilience of the economy could lead to higher rates for longer. Thus, within the Euro STOXX, the best-performing sectors were Banks and Retail vs. the bigger drops in Real Estate and Media. On the macro side, in Germany, January’s IFO rose for the fourth consecutive month, in line with expectations, mainly driven by the expectations component. In Spain, growth in production prices slowed from 20.5% to 15.7%. In Mexico, November’s IGAE economic activity index fell more than expected. In US business results, Freeport-McMoran, Tesla and Abbot Laboratories came in better, and Nasdaq worse.
What we expect for today
European markets would see gains of +0.5%. Currently, S&P futures are up +0.33% (the S&P 500 ended +0.77% higher yesterday vs. the European closing bell). Volatility in the US dropped (VIX 19.08). Asian markets are falling (China’s CSI 300 closed and Japan’s Nikkei -0.12%).
Today we will learn in Spain the 4Q’22 unemployment rate, in Mexico December’s unemployment data, and in the US the 4Q’22 GDP, the Chicago Fed, the new home sales data and December’s durable goods orders. In debt auctions: Italy (€ 5 Bn in bonds and I/L bonds). In US business results, Comcast, Mastercard, Visa and Intel, 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.
Ence Energia Y Celulosa is engaged in the manufacture and commercialization of wood pulp and derivatives. Co. divides its activities into the following two business lines: Forest Division: Co. manages timberlands in South America and the Iberian Peninsula. Co. is involved in trading of wood, and supplies solid wood products including: plywood, sawn timber, parquet flooring and glued-edge paneling. Co. is involved in forest and environmental consulting. Pulp Division and Energy Production: Co. is engaged in the production of Eucalyptus globulus-based TCF and ECF paper pulp. Co. is also involved in the generation of electricity through biomass power producing plants.
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.
Unicaja Banco SA is a Spain-based financial institution (the Bank) engaged in the banking sector. The Bank offers services to individual and business customers. Its products and services range includes current and savings accounts, debit and credit cards, consumer and commercial loans, real estate credit, securities brokerage, funds management, leasing, factoring, pension plans, life and non-life insurance, international trade financing, money transfer, as well as treasury, among others. The Bank operates a number of branches in Spain and Morocco. The Bank is controlled by Fundacion Bancaria Unicaja.
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