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IBERIAN DAILY 25 NOVEMBER (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: CELLNEX.

Another week with the US leading the way
It was another week with the US closing in positive numbers, whereas Asia saw losses and Europe ended with mixed performance, where the FTSE and SMI were the best performers and the CAC and MIB the worst. In the STOXX 600, Media and Pharma led the gains, while Banks saw the biggest drops (more than -2.0%), followed by Travel & Leisure and Autos. On the macro side, in the euro zone November’s preliminary manufacturing and services PMIs fell unexpectedly and suggest stagnation/contraction of the GDP in 4Q’24. In the US, the services PMI rose unexpectedly to a 31-month high, whereas the manufacturing index rose slightly, as expected. In Mexico, the 3Q’24 GDP grew more than expected, whereas November’s preliminary inflation came in below expectations.
What we expect for today
Stock markets would open with gains of more than +0.5%, with cyclicals performing better in a session of risk-off thanks to the naming of S. Bessent as Treasury secretary of Trump’s government. Currently, S&P futures are up +0.40% (the S&P 500 ended +0.1% higher vs. the European closing bell). Asian markets are mixed (China’s CSI 300 -0.9%, Japan’s Nikkei +1.3%).
Today in Germany we will learn November’s IFO and in the US October’s national activity index.