IBERIAN DAILY 11 MARCH (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: BANKINTER, CAIXABANK, GRIFOLS, TELEFÓNICA.ECB meeting spurred markets at the end of the week
The ECB’s meeting spurred stock markets at the end of the week to hit new 2024 highs, driven by the expected start to interest rate cuts in June. The IBEX 35 rose around +3% over the week, exceeding 10,300 points, and the EuroSTOXX 50 rose slightly less (around +2%) and the DAX gained less than +1%. In the STOXX 600, Utilities and Technology were the big winners last week, whereas Autos, Media and Telecoms fell the most. On the macro side, in Germany January’s industrial output recovered more than expected MoM, whereas in Spain it reached 0.4% vs. -0.6% previously. In the US, in employment data, 275,000 new jobs were created (beating expectations), while unemployment rose slightly to 3.9% in February from the previous 3.7%, and average hourly wages slowed more than expected. In China, inflation has reversed the negative numbers and rose more than expected in February. In Japan, the 4Q’23 GDP was raised, although less than expected, thus avoiding a technical recession.
What we expect for today
European stock markets would open with losses of up to -0.5%, with the tech sector dragged down in view of the profit taking in the US and Japan. Currently, S&P futures are down -0.10% (the S&P 500 ended -0.43% lower vs. the European closing bell). Asian stock markets are mixed (China’s CSI 300 +0.62%, Japan’s Nikkei -2.19%).
Today in the euro zone the Eurogroup will meet.
Bankinter is the parent company of a group engaged in banking activities. Services provided include: investment banking; capital market services; financial services insurance; international services such as foreign exchange transactions and travelers' checks; wholesale corporate banking; and retail and private banking services. Co. offers its products and services through the following channels of distribution: branch network; telephone banking, interactive (software) banking; agents; and Internet banking. As of Dec 31 2014, Co. had assets totalling Euro57,332,974,000 and deposits totalling Euro29,966,129,000.
Caixabank is an investment company based in Spain. Co. is involved in investment portfolio management activities across two areas: Services and Financial Business and Insurance. In the services area, Co. provides investment solutions for companies involved in the infrastructure, energy, services and entertainment sectors. In the financial business and insurance area, Co. is engaged in the investments for international banks, insurance and specialist financial services. Co. focuses most of its banking investments in India, China, the U.S., and Central and Eastern Europe with a particular interest in retail banking. Co. is also involved in the disinvestments activities.
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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