IBERIAN DAILY 11 DECEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: CAF, INDRA, NATURGY.The FED cut rates, as expected
With the Ibex remaining near highs, the lack of definition continued for European stock markets, awaiting the Fed’s decision. In the STOXX 600, Basic Resources and Banks led the gains whereas Autos and Construction (after an equity research firm cut Vinci’s recommendation) were the worst performers. On the macro side, in the US, as expected, the Fed cut interest rates by 25bps to 3.5%-3.75% (with 1 member in favour of cutting -50bps and 2 members in favour of keeping rates unchanged), with the 2026/27 forecast median remaining unchanged at 3.375% and 3.125%, respectively. J. Powell ruled out the lack of control on inflation in his speech. In Brazil, the Central Bank kept the Selic rate unchanged at 15.0%, as expected, whereas inflation moderated to 4.5%, in line with expectations. In China, the IMF raised its growth forecast to 5.0% in 2025 (vs. 4.85% prev.) and 4.5% for 2026 (vs. 4.2% prev.) On the geopolitical front, the Mexican Senate voted in favour of implementing tariffs of as much as 50% to 1,400 products from Asia (mainly from China) starting in 2026. In US Results Oracle released disappointing cloud figures and announced new investments in data centres, while Adobe beat expectations.
What we expect for today
European stock markets would open with drops of -0.3%, with the technology sector dragged down by Oracle’s results. Currently, S&P futures are down -0.90% (the S&P 500 ended up +0.56% vs. the European closing bell). Asian markets are sliding (China’s CSI 300 -0.60%, Japan’s Nikkei -0.90% and Korea’s Kospi -0.59%).
Today in Brazil we will learn October’s retail sales and in the US the weekly jobless claims.
COMPANY NEWS
NATURGY. Blackrock/GIP sells 7.1% capital. UNDERWEIGHT
BlackRock/GIP (11.42% NTGY) has sold around 69 M shares (7.1% capital) through an accelerated bookbuild among qualified investors at € 24.75/sh. (-5.4% vs. yesterday’s close). The seller has assumed a 90-day lock-up period. Negative news, partially expected after BlackRock acquired GIP in 2024, which opened the door to new future placements by BlackRock. The transaction means closing the door to the possible incorporation of a new shareholder in the company, making easier the future departure for CVC. After this placement, NTGY would see an increase in free-float from around 18% to 25%.
Ence Energia Y Celulosa is engaged in the manufacture and commercialization of wood pulp and derivatives. Co. divides its activities into the following two business lines: Forest Division: Co. manages timberlands in South America and the Iberian Peninsula. Co. is involved in trading of wood, and supplies solid wood products including: plywood, sawn timber, parquet flooring and glued-edge paneling. Co. is involved in forest and environmental consulting. Pulp Division and Energy Production: Co. is engaged in the production of Eucalyptus globulus-based TCF and ECF paper pulp. Co. is also involved in the generation of electricity through biomass power producing plants.
Indra Sistemas is engaged in the design, development, manufacture, assembly, repair, and installation of computer software and applications. Through its subsidiaries, Co. is engaged in consulting, graphic design and multimedia, web design and marketing, internet development and electronic trade, systems integration and hosting geared business to business and business to consumer, as well as in internet financing and electronic marketing. Co. serves defense and security, transport and traffic, energy and industry, telecom and media, finance and insurance, and public administration and healthcare markets. Co. operates primarily in Europe, the United States, Canada, and Latin America.
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