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IBERIAN DAILY 10 JANUARY (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: CELLNEX, FLUIDRA.

Europe recovers during Carter’s holiday
European stock markets closed in positive numbers, where the IBEX 35 and FTSE 100 were the best performers in a session without trading in the US. It was another relatively positive day for growth and defensive sectors, and in the STOXX 600 the best performers were Basic Materials, Financial Services and Pharma (all rising more than +1.0%), whereas Autos and Retail recorded the biggest drops. On the macro side, in the euro zone retail sales rose less than expected in November. In Germany, November’s industrial output recovered more than expected. In Brazil November’s retail sales fell more than expected. In Mexico, general inflation fell as expected in December, but the core figure rose more than expected. In Japan, November’s household spending fell less than expected. In China, the PBoC will temporarily halt bond purchases due to excess demand.
What we expect for today
Stock markets would open with a bearish slant with the good performance of technology thanks to TSMC’s good results (beating consensus sales expectations at the end of 2024). Currently, S&P futures are down -0.28% (the S&P 500 was closed for Carter’s holiday). Asian markets are falling (China’s CSI 300 -0.68% and Japan’s Nikkei -0.92%).
Today in the US we will learn non-farm employment, the unemployment rate and salary gains for December, in Spain November’s industrial output and in Brazil December’s inflation.