IBERIAN DAILY 10 APRIL (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ENAGÁS, IAG, MERLIN PROPERTIES.Profit taking on the markets
With few drivers, European stock markets lost a bit of ground, despite the drop in debt curves ahead of the release of March’s inflation data and with no clear style dominating. In the STOXX 600, the best-performing sectors were Basic Materials and Telecoms, whereas Insurance and Industrials ended with the biggest drops. On the macro side, in the US, March’s SME confidence index fell slightly more than expected. From the Fed, R. Bostic was in favour of just one rate cut in 2024 although he left the door open to 2 if the job data deteriorate or if inflation continues to fall. In China, Fitch put the sovereign debt rating under negative watch although keeping the A+ rating for the time being. On the geopolitical front, Turkey imposed restrictions on exports to Israel until a ceasefire is reached in Gaza. On the business front, Taiwan’s TSMC (NVIDIA’s and Apple’s main provider) released 1Q sales above expectations (+16% YoY), the best data in the last year and a half.
What we expect for today
European stock markets would open with gains of around +0.5%, with growth outperforming in view of the falling debt yields and awaiting the US inflation data. Currently, S&P futures are up +0.12% (the S&P 500 ended up +0.46% vs. the European closing bell). Asian stock markets are falling (China’s CSI 300 -0.72%, Japan’s Nikkei -0.27%).
Today in Brazil and the US we will learn March’s inflation.
Enagas is a gas transportation company based in Spain. Co. is engaged in the technical distribution and storage of gas through pipelines as well as the provision of regasification services. Co. and subsidiaries are engaged in the ownership, administration, storage, pipeline transportation, distribution flow, and sale of natural gas. As a transport company, Co. also provides gas and manages the gas infrastructures.
International Airlines Group is an international scheduled airline and global premium airlines. Co.'s principal place of business is London with significant presence at Heathrow, Gatwick and London City airports.
Merlin Properties SOCIMI SA is a Spain-based company engaged in the operation of a real estate investment trust (REIT). The Company focuses on the acquisition, management and rental of commercial properties located in the Iberian Peninsula, primarily in Spain. The Company's activities are divided into the following segments: Office buildings, operating a portfolio of office space; High-street retail, engaged in leasing retail stores; Shopping centers, engaged in managing department stores; Logistics, operating logistics warehouses and distribution centers, and Others. The Company's other activities include property management services rendered to third parties.
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