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IBERIAN DAILY 12 SEPTEMBER (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: AEDAS HOMES, CAF, CHANGES IBEX, NEINOR HOMES.

IBEX close to 11,300 points
It was a positive session in Europe, with the US inflation data showing no surprises and where the IBEX led the gains following Inditex’s solid results. Thus, in the STOXX 600 Retail (driven by Inditex’s results) and Technology posted the biggest gains, whereas Real Estate (the second-best sector over the past three months) and Consumer Goods were the worst performers. On the macro side, in the US August’s general inflation fell in line with expectations, although unexpectedly the MoM core figure rose slightly. In France, the formation of a coalition is getting more complicated for M. Barnier given the refusal of the left-wing party (FNP). In Mexico, July’s industrial output rose more than expected. In Japan, N. Tamura, member of the BoJ, considers that the real balance interest rate ranges between -1.0% and 0.5%, and thus the neutral rate that should be gradually reached is around 1.0%.
What we expect for today
Stock markets would open with gains of as much as +1.5%, where technology and oil groups would continue to recover ground. Currently, S&P futures are up +0.21% (the S&P 500 ended up +1.85% vs. the European closing bell). Asian markets are rising (China’s CSI +3.16% and Japan’s Nikkei +0.13%).
Today the ECB will meet. In Spain we will learn August’s final and core inflation, in the US August’s production prices and weekly jobless claims and in Brazil July’s retail sales.


COMPANY NEWS

CHANGES IBEX 35. Today the Technical Advisory Committee will meet. We do not expect any changes.
At today’s closing bell the Technical Advisory Committee of the Ibex 35 will hold its second follow-up meeting of the year. We do not expect any changes in composition, and any weighting changes would be of little impact.