IBERIAN DAILY 17 FEBRUARY + 4Q’22 RESULTS. HIGHLIGHTS AND PREVIEWS (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ENCE, FERROVIAL, ROVI, SACYR.At the end of today’s report, and during the entire results season, we will include a presentation with positive and negative results highlights and previews for the 4Q’22 results to be released over the coming days in Spain.
Market near annual high
The surprises in results aided a bullish opening in European stock markets, although the strong US macro data slowed the gains. In the Euro STOXX, the best-performing sectors were Banks and Consumer Goods, whereas Real Estate and Construction were the worst performers. On the macro side, from the ECB F. Panetta backed a more relaxed rate hike roadmap in order to calibrate monetary policy, admitting that rates are currently restrictive and inflation is falling. In the US, January’s production prices fell less than expected, which continues to fuel the risks of inflation remaining high, and weekly jobless claims fell unexpectedly, confirming the resilience of the US job market. By contrast, building permits rose less than expected and housing starts fell more than expected in January. Lastly, the Philadelphia Fed index worsened unexpectedly. From the Fed, J. Bullard (without vote) was in favour of raising 50bps in March whereas L. Mester (without vote) bet on raising 50bps in February, admitting that a recession could materialize as a result of the rate hike. In US business results, Zebra Technologies beat expectations, whereas Hasbro released disappointing earnings.
What we expect for today
European stock markets would open with drops of as much as -1.0%, where growth cyclicals would be the hardest hit. Currently, S&P futures are down -0.54% (the S&P 500 ended -0.78% lower vs. the European closing bell). Volatility in the US increased (VIX 20.17). Asian markets are falling (China’s CSI 300 -0.8% and Japan’s Nikkei -0.66%).
Today in the UK we will learn January’s retail sales. In US business results, John Deere and PPL, among others, will release their earnings.
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.
Ferrovial is a transportation company based in Spain. Co. is engaged in operations in the transportation sector. Co. specializes in the design, construction, management, administration and maintenance of transport infrastructures. Co.'s services range also includes the maintenance of parking lots, and land-, sea- and air-based transport networks. Co. is also engaged in the promotion and operation of short-stay parking lots, parking regulation and management services and promotion and sale of residents' parking.
Laboratorios Farmaceuticos Rovi is engaged in the sale of its own pharmaceutical products and the distribution of other products for which it holds licenses granted by other laboratories for specific periods, in accordance with the terms and conditions contained in the agreements entered into with said laboratories.
Sacyr is the parent company of a group engaged in the acquisition, development and construction of urban properties for their subsequent rental or resale. Co. primarily leases and sells office buildings and complexes, housing units, and shopping centers. Co. is also engaged in the operation of urban car parking facilities. Co. offers services related to the real estate industry such as technical assistance in energy savings, inventory management, architectural design, telecommunications management, property maintenance, as well as gardening and landscaping. Co. also provides consulting services in the real estate fund management sector.
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