IBERIAN DAILY 16 JANUARY (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ENAGÁS, GRIFOLS, MAPFRE, NATURGY, OHLA.IBEX holding on to 10,000 points
The week kicked off with moderate drops in Europe and with the US closed for Martin Luther King Day. Thus, and with no significant macro data releases, the session had lower trading levels than normal. In the STOXX 600, except for Travel & Leisure, Telecoms and Insurance, all the sectors were in the red, led by Consumer Goods and Basic Materials. In the euro zone, November’s industrial output fell more than expected. In Germany, the 2023 GDP ended at -0.3% YoY, the first negative growth since the pandemic. From the ECB, P. Lane (Ireland) suggested June is the earliest date possible to begin cutting rates, whereas J. Nagel (Bundesbank) warned that it is too early to talk about rate cuts and R. Holzmann (Austria) stated that rate cuts in 2024 are not a given. In the US, ex-President Donald Trump easily beat the second-place candidate (R. DeSantis) in the Iowa primaries.
What we expect for today
European stock markets would open with drops >-0.5%, with growth dragged down by the hike in interest rates. Currently, S&P futures are down -0.35% (the S&P 500 was closed yesterday). Asian stock markets are falling (China’s CSI 300 -0.19%, Japan’s Nikkei -0.79%).
Today in Germany we will learn January’s ZEW index and December’s final inflation and in the US January’s Empire manufacturing index. In US business results, Goldman Sachs and Morgan Stanley, among others, will release their earnings.
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.
Mapfre is an insurance company based in Spain. Co. is the parent company of a group engaged in the underwriting and provision of insurance in Spain and abroad. Insurance policies provided include: life, non-life, accident, home-owner, general and health. Through its subsidiaries, Co. is also engaged in the provision of reinsurance, the management of investment funds, pension funds and pension plans, real estate and related services. On the domestic market, Co.'s activities include managing investment funds, pension funds and pension plans, real estate and other service businesses.
Obrascon Huarte Lain is an international concession and construction groups based in Spain. Co. maintains significant operations in 30 countries across all five continents. Co. is engaged in hospital and railway construction, transport infrastructure concessions, oil and gas, energy, solids handling and fire protection systems and international contracts. Co.'s operations are organized along four divisions: OHL Concesiones, OHL Construccion, OHL Industrial y OHL Desarrollos. Co. is also engaged in real state project developments of mixed use managed by the international hotel chains.
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