IBERIAN DAILY 28 SEPTEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: BBVA, ECOENER, IBERDROLA, SANTANDER, SOLARIA.IBEX approaching 9,300 points
Stock markets decreased over the session without any big drivers, and where the price of oil once again hit a 2023 high following the release of US stock data. In the Euro STOXX, Energy and Industrials were the big winners, while Real Estate and Utilities suffered the biggest losses. On the macro side, in Spain, as expected, conservative PP party leader Feijoo did not receive enough support to be sworn in as PM. In this Friday’s bote a simple majority would be necessary, which is not expected to be reached. In the euro zone, August’s M3 contracted more than expected, with household and corporate lending falling. This morning, Germany’s initial regional inflation data suggested significant moderation in September. In the US, August’s core durable goods orders rallied more than expected, offsetting the cut to the previous data. In this regard, the order/inventory ratio of the manufacturing ISM is beginning to recover, suggesting more dynamic investments in capital goods in 3Q’23. From the Fed, N. Kashkari warned that the strike in the automotive sector and the possible shutdown could call for less action from the Fed. In politics, Joe Biden will meet with Ursula von der Leyen to review the suspension of steel tariffs as well as to look at green energy subsidies.
What we expect for today
European stock markets would open flat, with growth performing worse and oil companies boosted by the new rise in Brent prices. Currently, S&P futures are up +0.12% (the S&P 500 ended +0.24% higher vs. the European closing bell). Volatility in the US fell (VIX 18.22). Asian stock markets are falling (China’s CSI 300 -0.23%, Japan’s Nikkei -1.78%).
Today in Spain and Germany we will learn September’s inflation, in the euro zone September’s consumer confidence in the EC and in the US weekly jobless claims, the third reading of the 2Q’23 GDP and August’s pending home sales. In debt auctions: Germany (€ 4 Bn in bonds due 2033).
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.
Iberdrola is a holding company. Through its subsidiaries, Co. operates in four segments: network business, which includes all the energy transmission and distribution activities, and other regulated activity originated in Spain, the U.K., the U.S. and Brazil; deregulated business, which includes electricity generation and sales businesses as well as gas trading and storage businesses carried on by Co. in Spain, Portugal, the U.K. and North America; renewable business, with activities related to renewable energies in Spain, the U.K., the U.S. and the rest of the world; and other businesses, including the engineering and construction businesses and the non-power businesses.
Solaria Energia y Medio Ambiente manufactures both solar and thermal cells and panels, rolls out turnkey projects for large installations, operates solar plants and generates electricity through its owned plants.
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