IBERIAN DAILY 07 NOVEMBER + 3Q’22 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: CAF, IBERDROLA, TALGO.At the end of today’s report, and during the entire results season, we will include a presentation with positive and negative results highlights and previews for the 3Q’22 results to be released over the coming days in Spain.
Employment data remains strong in the US
The European stock markets ended the week with gains of around +2% vs. the drops in the US, where the Fed’s hawkish tone dragged down the Nasdaq especially (-6.0%). Thus, within the Euro STOXX, the week’s best-performing sectors were Energy and Basic Resources, whereas Media and Financial Services were the worst performers. On the macro side, in Spain, the Services PMI climbed above expectations in October, whereas September’s industrial output slowed more than expected in YoY terms. In the US, October’s non-far employment creation slowed less than expected, whereas the unemployment rate increased more than expected to 3.7% from 3.5%, and wage earnings increased by 4.7% YoY as expected. In China, both exports and imports (in USD) contracted unexpectedly in October. In US business results, Cardenal Health, Berkshire Hathaway and Evergy came in better, and Duke Energy worse.
What we expect for today
The European stock markets would see a slightly bearish opening. Currently, S&P futures are down -0.20% (the S&P 500 ended +1.3% higher vs. the European closing bell). Volatility in the US dropped (VIX 24.55). Asian markets are mixed (China’s CSI 300 -0.1% and Japan’s Nikkei +1.2%).
Today in the Euro zone the Eurogroup will hold its meeting. Also, we will learn November’s Sentix index, in Germany September’s industrial output and in Mexico October’s consumer confidence. Separately, the COP27 Climate summit will be held this week. In US business results, NGR and Alliant Energy, among others, will release their earnings.
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.
Talgo is engaged in designing, manufacturing, repairing and maintaining the railway rolling stock, as well as the manufacturing, assembling, repairing and maintaining the engines, machinery and parts of the railway systems. Co. has an industrial presence in seven countries: Spain, Germany, Kazakhstan, Uzbekistan, Russia, Saudi Arabia and U.S.A. Co. has an active fleet in Europe, Asia and North America that comprises of 94 high-speed trains and more than 1,400 Talgo tilting passenger cars. Also, Co. purchases, redesigns, constructs, leases and sells all types of real estate.
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