IBERIAN DAILY 19 DECEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: CIE AUTOMOTIVE, ELECTRICITY SECTOR, FERROVIAL, IBERDROLA, REPSOL.Stock markets fall following the ECB’s message
It was a week of losses on stock markets following the messages from the Central Banks, which led to heavy widening in sovereign debt. Thus, the IBEX 35 ended the week down -2.13%, the DAX -3.39% and the EuroSTOXX 50 -3.51%. The best-performing sectors in the Euro STOXX were Retail and Banks, whereas Construction and Basic Resources ended with the worst relative performance last week. On the macro side, in the euro zone, December’s PMIs were better than expected, with November’s final inflation figure unchanged at 10.1%. In the US, December’s preliminary PMIs were worse than expected. In the UK, November’s retail sales came in below expectations. In the United Kingdom, November’s retail sales came in below expectations. In China, president Xi Jinping confirmed the 5% growth target for 2023 as new infections soared following the easing of restrictions, affecting the supply chain and manufacturing. In Japan, the Govt. denied the possibility of easing the monetary policy.
What we expect for today
The European stock markets would open with slight gains driven by cyclical stocks linked to raw materials, such as Energy and Basic Resources.
Currently, S&P futures are flat (the S&P 500 ended +0.47% higher vs. the European closing bell). Volatility in the US increased (VIX 22.62). Asian markets are falling (China’s CSI 300 -1.3% and Japan’s Nikkei -1.1%).
Today in Germany we will learn December’s IFO and in the US December’s NAHB index. In debt auctions, France will place 3M, 6M and 12M t-bills.
CIE Automotive is the parent company of an industrial group formed by several companies that are engaged in the design, manufacture and sale of automobile component and sub-units on the world market. In addition, Co. is also engaged in the bio-fuels business which is in the initial stages of development and is made up of various companies devoted to the production and distribution of bio-fuels.
Ferrovial is a transportation company based in Spain. Co. is engaged in operations in the transportation sector. Co. specializes in the design, construction, management, administration and maintenance of transport infrastructures. Co.'s services range also includes the maintenance of parking lots, and land-, sea- and air-based transport networks. Co. is also engaged in the promotion and operation of short-stay parking lots, parking regulation and management services and promotion and sale of residents' parking.
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.
Repsol is an oil and gas company. Co. is engaged in all the activities relating to the oil and gas industry, including exploration, development and production of crude oil and natural gas, transportation of oil products, liquefied petroleum gas (LPG) and natural gas, refining, the production of a wide range of oil products and the retailing of oil products, oil derivatives, petrochemicals, LPG and natural gas, as well as the generation, transportation, distribution and supply of electricity. Co. operates in more than 40 countries. Co.'s operations are divided into four segments: Upstream, Downstream, LNG and Gas Natural Fenosa.
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