IBERIAN DAILY 28 NOVEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACCIONA/ACCIONA ENERGÍA, BANKINTER, BBVA.Another week of gains
European stock markets saw another week of recovery thanks to the expectations of softer rate rises over the coming months. Thus, in the Euro STOXX Media and Travel&Leksure were the best-performers last week whereas Consumer Goods ended in negative territory and Automobiles saw the lowest gains. On the macro side, in Germany, the final reading of the 3Q’22 was raised by one tenth to 1.2% YoY unexpectedly. In the euro zone, no agreement was reached on the cap on Russian crude oil price (Greece is not backing prices below US$ 70.00/barrel), and thus the final impact could be lower than expected. In Mexico, the final 3Q’22 GDP was raised unexpected to 5.3% YoY. In China, the PBoC cut gain the cash ratio by -25bps to 11.0% for most banks due to the deterioration of Covid-19, which will mean a US$ 70 Bn injection to the economy. Separately, there were massive protests in several Chinese cities against the zero-Covid policies in what could be the biggest challenge for the communist party since the Tiananmen Square protests of 1989. October’s industrial profits fell to -3.0% YoY from the previous -2.3%.
What we expect for today
European stock markets would open with drops near -0.5%, with energy and basic resources dragged down by the fall in raw material prices in view of China’s demonstrations. Currently, S&P futures are down -0.7% (the S&P 500 ended Friday’s session -0.17% lower vs. the European closing bell). Volatility in the US rose (VIX 20.50). Asian markets are sliding (China’s CSI 300 -1.7% and Japan’s Nikkei -0.4%).
Today in the euro zone we will learn October’s M3 and in Mexico October’s trade balance.
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.
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.
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