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IBERIAN DAILY 13 FEBRUARY + 4Q’22 RESULTS. HIGHLIGHTS AND PREVIEWS (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: CELLNEX, IAG, TELEFÓNICA.

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 4Q’22 results to be released over the coming days in Spain.

Stock markets marked by Central Banks
The main indices saw a week of sideways consolidation below highs following the hawkish comments made by Central Banks at both sides of the Atlantic, with European stock markets ending down >-1.0% with the exception of Italy’s MIB (+1.2%). Thus, in the Euro STOXX, Energy and Banks were the best performers, while Retail and Consumer Goods were the worst relative performers last week. On the macro side, in the UK, the 4Q’22 GDP was in line with expectations (+0.2%, for the time being avoiding a technical recession) and December’s industrial output provided a positive surprise. In the US, the University of Michigan consumer confidence recovered more than expected in February. In Japan, the PM unexpectedly named K. Ueda (former member of the BoJ) as new governor of the Central Bank starting in April. On the geopolitical front, the US shot down a new object possibly from China, announcing the trade embargo to 6 Chinese companies linked to the manufacturing of the balloon. In US business results, IQVIA and Global Payments were in line with expectations.
What we expect for today
European stock markets would open flat with some bullish bias in a volatile week, awaiting the US inflation data. Currently, S&P futures are down -0.4% (the S&P 500 ended +0.4% higher last Friday vs. the European closing bell). Volatility in the US dropped (VIX 20.53). Asian markets are mixed (China’s CSI 300 +0.83% and Japan’s Nikkei -0.88%).
Today in the euro zone Eurogroup meeting. In US business results, Global Payments, among others, will release their earnings. As for auctions, Germany and France will issue T-bills.