IBERIAN DAILY 23 DECEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: BBVA, SANTANDER.Macro robustness drags down stock markets
Despite a bullish opening, the strong US macro data (which could lead the Fed to further rate hikes) dragged down the European stock markets, which closed with losses of -1%. Within the Euro STOXX, the best-performing sectors were Energy and Consumer Goods, whereas Technology and Autos saw the biggest losses. On the macro side, in the United Kingdom, the final 3Q’22 GDP was lowered by a tenth, still standing below 4Q’19 pre-Covid levels. In the US, the final reading of the 3Q’22 GDP improved unexpectedly to 3.2% QoQ thanks to the good performance of private consumption (2.3% vs. 1.7%) and the weekly jobless claims rose more than expected. In Japan November’s inflation climbed slightly, as expected. In China, fresh Covid-19 outbreaks would be halting activity judging by highly frequent data such as city traffic.
What we expect for today
European stock markets would open with slight gains, which could be erased over the course of the session. Stocks with greater exposure to China, such as Autos and Luxury, could fell more pressure. Currently, S&P futures are flat (the S&P 500 ended up +0.53% vs. the European closing bell). Volatility in the US decreased (VIX 21.97). Asian markets are falling (China’s CSI 300 -0.45% and Japan’s Nikkei -1.03%).
Today we will learn in Spain the final 3Q’22 GDP and December’s production prices, in Mexico November’s trade balance and October’s IGAE economic activity index, in the US November’s personal income and outlays, November’s preliminary capital goods orders, the University of Michigan’s consumer confidence for December and November’s new home sales.
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.
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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