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At the end of today’s report, and during the entire results season, we will include a presentation with previews for the 3Q’23 results to be released over the coming days in Spain.
Optimism continues
The gains (although smaller than on Tuesday) continued on both sides of the Atlantic, with sovereign yields widening, especially following the solid macro data in the US. Thus, in the STOXX 600, Technology and Basic Materials were the best relative performers, with Real Estate and Household Goods suffering the biggest losses. In the euro zone, September’s industrial output contracted more than expected, now falling seven straight months. The European Commission released its latest economic forecasts, with GDP’23-24 growth being cut to 0.6% and 1.2% vs. the previous 0.8% and 1.7% (1.6% growth for 2025). In the US, November’s Empire manufacturing index rose unexpectedly. October’s retail sales contracted less than expected. The meeting between Joe Biden and Xi Jinping opened the door to better direct communication between both parties although no progress was made on Taiwan. In China, new home prices remained in October at -0.6% YoY reported in September. In US business results, Target and Cisco beat expectations.
What we expect for today
European stock markets would open with slight drops of around -0.2%. Currently, S&P futures are down -0.10% (the S&P 500 ended unchanged vs. the European closing bell). Volatility in the US rose (VIX 14.18). Asian stock markets are falling (China’s CSI 300 -0.71%, Japan’s Nikkei -0.28%).
Today in the US we will learn October’s industrial output and weekly jobless claims and in Brazil September’s economic activity index. In US business results, Walmart, among others, will release its earnings.
COMPANY NEWS
CAF. 9M’23 Results above expectations and confirming FY2023 expectations. BUY.
At yesterday’s closing bell, the company released 9M’23 Results above expectations in sales (+4% vs. BS(e) and consensus) and EBIT (+6% vs. BS(e) and +7% vs. consensus), with the EBIT margin coming in slightly better than expected at 4.7% (4.6% BS(e) and consensus; 4.4% in 9M’22 and 4.5% in 1H’23) . The group kept its 2023 guidance unchanged, predictably beating the top end guidance in sales. After these results and the comments made in the conference call, we believe that the roadmap set for 2023 remains unchanged although as results were above expectations we could see a market reaction with a positive slant, especially since the share price has slid -4% vs. IBEX YtD.
IBERIAN DAILY 16 NOVEMBER + 3Q’23 RESULTS. PREVIEWS (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: BANKING SECTOR, CAF, FLUIDRA.At the end of today’s report, and during the entire results season, we will include a presentation with previews for the 3Q’23 results to be released over the coming days in Spain.
Optimism continues
The gains (although smaller than on Tuesday) continued on both sides of the Atlantic, with sovereign yields widening, especially following the solid macro data in the US. Thus, in the STOXX 600, Technology and Basic Materials were the best relative performers, with Real Estate and Household Goods suffering the biggest losses. In the euro zone, September’s industrial output contracted more than expected, now falling seven straight months. The European Commission released its latest economic forecasts, with GDP’23-24 growth being cut to 0.6% and 1.2% vs. the previous 0.8% and 1.7% (1.6% growth for 2025). In the US, November’s Empire manufacturing index rose unexpectedly. October’s retail sales contracted less than expected. The meeting between Joe Biden and Xi Jinping opened the door to better direct communication between both parties although no progress was made on Taiwan. In China, new home prices remained in October at -0.6% YoY reported in September. In US business results, Target and Cisco beat expectations.
What we expect for today
European stock markets would open with slight drops of around -0.2%. Currently, S&P futures are down -0.10% (the S&P 500 ended unchanged vs. the European closing bell). Volatility in the US rose (VIX 14.18). Asian stock markets are falling (China’s CSI 300 -0.71%, Japan’s Nikkei -0.28%).
Today in the US we will learn October’s industrial output and weekly jobless claims and in Brazil September’s economic activity index. In US business results, Walmart, among others, will release its earnings.
COMPANY NEWS
CAF. 9M’23 Results above expectations and confirming FY2023 expectations. BUY.
At yesterday’s closing bell, the company released 9M’23 Results above expectations in sales (+4% vs. BS(e) and consensus) and EBIT (+6% vs. BS(e) and +7% vs. consensus), with the EBIT margin coming in slightly better than expected at 4.7% (4.6% BS(e) and consensus; 4.4% in 9M’22 and 4.5% in 1H’23) . The group kept its 2023 guidance unchanged, predictably beating the top end guidance in sales. After these results and the comments made in the conference call, we believe that the roadmap set for 2023 remains unchanged although as results were above expectations we could see a market reaction with a positive slant, especially since the share price has slid -4% vs. IBEX YtD.
Underlyings
Construcciones Y Auxiliar De Ferrocarriles, S.A.
Fluidra S.A.
Fluidra is engaged in the manufacture and commercialization of accessories and specific products for swimming pools, irrigation, and water treatment and purification systems.
Provider
Sabadell
Research Department
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