IBERIAN DAILY 23 MAY (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: CAIXABANK, GRIFOLS, INDRA, OHLA.Rallies take a breather
European markets saw profit taking, more concerned with the US debt curve. Thus, all sectors in the STOXX 600 ended in the red, with Chemicals and Household Goods being the best performers, whereas Consumer Goods and Autos ended with the biggest drops. On the macro side, in the euro zone May’s preliminary manufacturing PMI recovered slightly more than expected, whereas the services index fell unexpectedly to a low since Feb’24, with the composite PMI in a contraction zone. From the ECB, the minutes from the last meeting showed a slightly dovish tone in most members, with tariffs putting a downward risk on growth. By contrast, in Germany May’s IFO recovered slightly more than expected, although the current conditions component deteriorated more than expected. In the US, weekly jobless claims fell unexpectedly, whereas second-hand home sales for April came in below expectations and May’s PMIs rose more than forecast. On the geopolitical front, the House of Representatives passed Trump’s budget reform project (215 votes in favour vs. 214 against), whereas the Trump Administration will ban Harvard from enrolling foreign students and demands a unilateral tariff cut to Europe. In Mexico, the IGAE activity index contracted more than expected in March. In Japan, April’s inflation remained at 3.6% YoY seen in March whereas the core data climbed more than expected to 3.5%. In US business results, Ralph Lauren, Ross Stores and Autodesk beat expectations.
What we expect for today
European stock markets would open flat with some bearish slant and a mixed performance of cyclical and defensive sectors. Currently, S&P futures are flat (the S&P 500 ended -0.23% lower vs. the European closing bell). Asian markets are rising (China’s CSI 300 +0.23% and Japan’s Nikkei +0.48%).
Today in Germany we will learn the final 1Q’25 GDP, in the UK April’s retail sales and in the US building permits and new home sales for April.
Caixabank is an investment company based in Spain. Co. is involved in investment portfolio management activities across two areas: Services and Financial Business and Insurance. In the services area, Co. provides investment solutions for companies involved in the infrastructure, energy, services and entertainment sectors. In the financial business and insurance area, Co. is engaged in the investments for international banks, insurance and specialist financial services. Co. focuses most of its banking investments in India, China, the U.S., and Central and Eastern Europe with a particular interest in retail banking. Co. is also involved in the disinvestments activities.
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.
Obrascon Huarte Lain is an international concession and construction groups based in Spain. Co. maintains significant operations in 30 countries across all five continents. Co. is engaged in hospital and railway construction, transport infrastructure concessions, oil and gas, energy, solids handling and fire protection systems and international contracts. Co.'s operations are organized along four divisions: OHL Concesiones, OHL Construccion, OHL Industrial y OHL Desarrollos. Co. is also engaged in real state project developments of mixed use managed by the international hotel chains.
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