IBERIAN DAILY 10 MARCH (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: CAF, IBERDROLA, INDRA.Stock markets driven by tariffs and fiscal plans
It was a highly volatile week following the historical rise in the German bond yield and fears of a downturn in the US, not only due to the macro data but also the impact from the tariff war. In the STOXX 600, the best-performing sectors were Chemicals and Construction, whereas Real Estate and Consumer Goods suffered the biggest drops. On the geopolitical front, Putin seems willing to sign a temporary ceasefire with conditions. On the macro side, we highlight the US employment data for February, with job creation coming in slightly below expectations, an unemployment rate of 4.1% and salary gains in line with expectations. In Spain, January’s industrial output slowed down more than expected. In the euro zone, the revised 4Q’24 GDP reached 0.2% QoQ vs. 0.1% expected, whereas 4Q’24 employment also beat expectations. In Brazil, the 4Q’24 GDP was a clear disappointment at +0.2% vs. +0.5% expected. In Mexico, February’s inflation rose in line with expectations. On the geopolitical front, E. Musk was in favour of the US immediate exit from NATO whereas the EU expects defence spending to reach 3.0% of GDP.
What we expect for today
European stock markets would open with gains of +0.5% that could ease throughout the session. Currently, S&P futures are down -0.47% (the S&P 500 ended +1.5% lower vs. the European closing bell). Asian markets are mixed (China’s CSI 300 -0.6% and Japan’s Nikkei +0.5%).
Today in Germany we will learn January’s industrial output and in the euro zone March’s Sentix index.
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.
Indra Sistemas is engaged in the design, development, manufacture, assembly, repair, and installation of computer software and applications. Through its subsidiaries, Co. is engaged in consulting, graphic design and multimedia, web design and marketing, internet development and electronic trade, systems integration and hosting geared business to business and business to consumer, as well as in internet financing and electronic marketing. Co. serves defense and security, transport and traffic, energy and industry, telecom and media, finance and insurance, and public administration and healthcare markets. Co. operates primarily in Europe, the United States, Canada, and Latin America.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.