IBERIAN DAILY 08 NOVEMBER + 3Q’22 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ENDESA, IBERDROLA, SIEMENS GAMESA.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 3Q’22 results to be released over the coming days in Spain.
EuroSTOXX 50 consolidates 3,700 points
European stocks rose in view of the possibility China will ease restrictions after the Govt. made capital inflows and outflows more flexible. However, subsequently it rejected the possibility of easing the zero Covid policy and announced new measures to spur private investment. In the Euro STOXX, the best-performing sectors were Travel & Leisure and Financial Services. By contrast, Consumer Goods and Real Estate ended with the biggest losses. On the macro side, in the euro zone November’s Sentix index recovered more than expected, although still in negative territory. From the ECB, F. Villeroy backed new rate hikes until the underlying rate reaches its peak. In Germany, industrial output rose more than expected in September. Separately, the EC plans to give more power to each country’s Fiscal Authorities in order to carry out their debt reduction plans. In Japan, household spending slowed more than expected in September. In US business results, NGR and Mosaic Co. released disappointing earnings, Viatris and Welltower were in line and Activision Blizzard beat expectations.
What we expect for today
The European stock markets would open with slight gains awaiting the outcome of the US mid-term elections. Currently, S&P futures are down -0.10% (the S&P 500 ended +0.97% higher vs. the European closing bell). Volatility in the US dropped (VIX 24.35). Asian markets are mixed (China’s CSI 300 -1.3% and Japan’s Nikkei +1.25%).
Today in Germany we will learn September’s retail sales and in the US mid-term elections will be held. In US business results, DuPont, Occidental Petroleum, NortonLifeLock and Walt Disney, among others, will release their earnings. Debt auctions: Germany (€ 6 Bn in bonds due 2024).
Endesa is engaged in the production, transmission, distribution, and supply of electricity, through hydroelectric, fossil fuel, and nuclear generation. Co. is also engaged in the mining of coal for use in its fossil-fuel electric plants; mining research; land restoration, and environmental monitoring and control.
Iberdrola is a holding company. Through its subsidiaries, Co. operates in four segments: network business, which includes all the energy transmission and distribution activities, and other regulated activity originated in Spain, the U.K., the U.S. and Brazil; deregulated business, which includes electricity generation and sales businesses as well as gas trading and storage businesses carried on by Co. in Spain, Portugal, the U.K. and North America; renewable business, with activities related to renewable energies in Spain, the U.K., the U.S. and the rest of the world; and other businesses, including the engineering and construction businesses and the non-power businesses.
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