EUR 100.00 For Business Accounts Only

IBERIAN DAILY 03 JANUARY (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: CAF, ELECTRICITY SECTOR, LOGISTA.


Mixed start for stock markets, with the peripheral segment standing out
Stock markets saw a decreasing performance, dragged down by growth and some bond proxies in view of the rise in interest rates. Thus, whereas US indices saw the worst performance, the Euro STOXX50 ended with slight drops and both the Ibex and Italy’s Mib rose >+0.5%. In the STOXX 600 Telecoms, Banks and Automobiles were the best performers, whereas Technology, Retail and Consumer Goods saw the biggest Drops (>-1.2%). On the macro in Spain, December’s manufacturing PMI fell unexpectedly, whereas the final PMI in the eurozone was raised slightly thanks to Germany and Italy. In the euro zone, the slowdown of M3 moderated and even though the rise in household loans continued to moderate, corporate loans showed signs of recovery. In the US, the manufacturing PMI dropped again unexpectedly, showing slowdown for 8 consecutive months. On the geopolitical front, Israel has been accused of assassinating Hamas’ deputy leader in Beirut.
What we expect for today
European stock markets would open with slight drops >-0.2% and with the worse relative performance of oil groups and some technology companies hit by Apple’s recommendation downgrade. Currently, S&P futures are down -0.1% (the S&P 500 ended flat vs. the European closing bell). Volatility in the US rose (VIX 13.2). Asian stock markets are sliding (China’s CSI 300 -0.2%, Japan’s Nikkei -0.5%) although Chinese technology groups were recovering amid rumours that China could have suspended the regulation on video game companies announced in December’23.
Today in Spain and Germany we will learn December’s unemployment number, in the US December’s manufacturing ISM, November’s job openings (JOLTS) and the Fed minutes.