IBERIAN DAILY 11 FEBRUARY (ANÃLISIS BANCO SABADELL)
NEWS SUMMARY: BBVA.MARKETS YESTERDAY AND TODAY
A mixed bag in the US and Europe
Lacking any strong drivers, European stock markets remained flat during yesterday’s session, whereas the US market closed with gains. In the Euro Stoxx, the best-performing sectors were Real Estate and Financial Services, whereas Energy and Autos led the drops. On the macro side, in the euro zone the Sentix index fell slightly more than expected in February. In Spain, there will be regional elections held in the Basque Country and Galicia on the 5th of April in order not to coincide with the Catalan elections. From the ECB, Luis de Guindos stated that there is still leeway to act in case the economy needs more stimuli. In the US, M. Bowman (member of the Fed) stated that the US economy is at a very favourable time to meet its growth, employment and inflation targets, whereas P. Harker ruled out interest rate cuts. In Mexico, November’s fixed investment fell less than expected. In the US business results, Allergan and Davita beat expectations, while Esteris was in line.
What we expect for today
The European stock markets would open with gains of around +0.8%. Currently, S&P futures are up +0.30% (the S&P 500 closed +0.48% higher vs. its price at the closing bell in Europe). Volatility in the US fell (VIX 15.04%). The Asian markets that are open are rising (Hong Kong +1.37%).
Today in the US we highlight J. Powell’s address to Congress. Also in the UK we will learn preliminary 4Q’19 GDP data and industrial output and in Mexico industrial output. In US business results, Hilton Worldwide, Masco and Amcor, among others, will release their earnings. Debt auctions: Spain (€ 5 Bn in 6M and 12M t-bills) and the Netherlands (€ 2 Bn in bonds due 2026).
Banco Bilbao Vizcaya Argentaria is an international financial group, engaged primarily on providing banking services and consumer finance to private individuals and businesses in Spain and Portugal; providing real estate activity in Spain; providing services to international companies and investment banking, capital markets and treasury management services to clients; and providing the banking, insurance and pension businesses in Mexico and the U.S., as well as in South America.
Mapfre is an insurance company based in Spain. Co. is the parent company of a group engaged in the underwriting and provision of insurance in Spain and abroad. Insurance policies provided include: life, non-life, accident, home-owner, general and health. Through its subsidiaries, Co. is also engaged in the provision of reinsurance, the management of investment funds, pension funds and pension plans, real estate and related services. On the domestic market, Co.'s activities include managing investment funds, pension funds and pension plans, real estate and other service businesses.
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