IBERIAN DAILY 23 JANUARY (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: CELLNEX, ELECTRICITY AND ENERGY SECTOR, IBERDROLA.C. Lagarde halts gains in European stock markets
C. Lagarde’s statements in Davos, insisting that the ECB will continue to raise rates, leaving them in restrictive territory as long as necessary to reduce inflation to the 2% target, halted the gains seen since the beginning of the year in European stock markets in the last sessions. Notwithstanding, the Ibex35 ended the week up +0.4%, whereas the Euro STOXX 50 was down -0.7% vs. -1.3% S&P 500. Travel&Leisure and Insurance were the best-performing sectors in the Euro STOXX, whereas Technology and Real Estate were the worst performers. On the macro side, in Germany, December’ production prices rose mora than expected. In the US, December’s existing home sales fell less than expected. On another note, Waller from the Fed was in favour or raising rates by 25bps at February’s meeting. In the euro zone, Knot from the ECB suggested 2 rises of 50bps in the upcoming meetings. In Mexico, December’s retail sales saw an unexpected rise. In US Results State Street and Huntington, among others xxx
What we expect for today
The European stock markets would open with gains of less than +0.5% driven by the good performance of technology stocks. Currently, S&P futures are down -0.1% (the S&P 500 ended +1.05% higher on Friday vs. the European closing bell). Volatility in the US fell (VIX 19.85). Asian markets are rising (China’s CSI 300 closed and Japan’s Nikkei +1.33%).
Today in the EMU we will learn January’s preliminary consumer confidence. In US Results, Timberland, among others, will release their earnings.
Cellnex Telecom SA is a Spain-based company engaged in the wireless telecommunications (telecom) business. Its activities are divided into three segments: Broadcasting infrastructure, Telecom site rental, as well as Network services and other. The Broadcasting infrastructure division comprises distribution and transmission of television (TV) and frequency modulation (FM) radio signals, operation and maintenance (O&M) of radio broadcasting network, as well as over-the-top (OTT) radio services, among others. The Telecom site rental division provides access to wireless infrastructure, primarily through infrastructure hosting and telecom equipment co-location, mainly for mobile network operators and other wireless and broadband telecom network operators. The Network services and other division offers connectivity services for a variety of telecom operators and radio communication, among others. The Company also develops 5th generation mobile networks (5G) through Alticom BV.
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.
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