IBERIAN DAILY 09 JUNE (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: CHANGES IBEX, ENDESA, UNICAJA.Doubts about the resistance of the cycle
The European stock markets lacked definition over the session, although the Euro STOXX ended with slight gains and the Ibex with marginal losses. Meanwhile, the rise in weekly jobless claims to 1.5-year highs pushed US curve yields lower, which again boosted US technology companies. Within the Euro STOXX, cyclical sectors such as Basic Resources and Autos led gains, whereas Food and Telecoms saw the bigger losses. On the macro side, in the Euro zone, the final 1Q’23 GDP was lowered, confirming the technical recession, bringing quarterly growth to -0.1%., dragged down by public spending and stagnating private consumption. In Mexico, May’s general and core inflation slowed as expected. In the US, weekly jobless claims rose more than expected. In China, May’s inflation came in slightly below expectations (0.2% annual vs. 0.1% previously), while production prices fell more than expected.
What we expect for today
European stock markets would open with slight gains in a session with no significant macro data. Currently, S&P futures are down -0.12% (the S&P 500 ended up +0.25% vs. the European closing bell). Volatility in the US dropped (VIX 13.65). Asian stock markets are mixed (China’s CSI 300 -0.10%, Japan’s Nikkei +1.77%).
Today no relevant data will be released.
COMPANY NEWS
CHANGES IBEX 35. Weight change for Caixabank in IBEX 35.
Yesterday the IBEX 35 Technical Advisory Committee made no changes to the index’s composition, in line with expectation. The only change it made was to lower Caixabank’s weight from 100% to 80%. The change will be made effective on 19 June and the next meeting will be held on 7 September.
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.
Unicaja Banco SA is a Spain-based financial institution (the Bank) engaged in the banking sector. The Bank offers services to individual and business customers. Its products and services range includes current and savings accounts, debit and credit cards, consumer and commercial loans, real estate credit, securities brokerage, funds management, leasing, factoring, pension plans, life and non-life insurance, international trade financing, money transfer, as well as treasury, among others. The Bank operates a number of branches in Spain and Morocco. The Bank is controlled by Fundacion Bancaria Unicaja.
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