IBERIAN DAILY 21 OCTOBER + 3Q’24 RESULTS. PREVIEWS (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ENDESA, IBERDROLA, REPSOL.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’24 results to be released over the coming days in Spain.
IBEX unable to break through 12,000 points by the week’s end
The week ended with gains on both sides of the Atlantic, where the best performance in Europe came in peripheral nations. In the US, the market is beginning to price in a victory for Trump in the upcoming election. In the STOXX 600, despite the strong performance on Friday, the Technology and Consumer Goods sectors had the biggest drops on the week (followed by Energy), whereas Telecoms, Media and Utilities posted the biggest weekly gains (more than +2.5%). On the macro side, in the US both housing starts and building permits fell unexpectedly in September. In France, Scope downgraded the country’s rating one notch to AA-, bringing it in line with Fitch and S&P. In China, the PBoC cut (-25bps) the reference rate for 1Y and 5Y loans more than expected to 3.1% and 3.6%, expecting more cuts. In US business results, American Express, Fifth Third Bank and Procter & Gamble beat expectations in profits, but disappointing in sales.
What we expect for today
Stock markets would open flat with a slightly bearish slant. Currently, S&P futures are up +0.07% (the S&P 500 ended +0.12% lower vs. the European closing bell). Asian markets are climbing (China’s CSI 300 +1.28%, Japan’s Nikkei +0.16%).
Today there are no noteworthy macro references. In US business results, Berkeley and Nucor, among others, will release their earnings.
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.
Repsol is an oil and gas company. Co. is engaged in all the activities relating to the oil and gas industry, including exploration, development and production of crude oil and natural gas, transportation of oil products, liquefied petroleum gas (LPG) and natural gas, refining, the production of a wide range of oil products and the retailing of oil products, oil derivatives, petrochemicals, LPG and natural gas, as well as the generation, transportation, distribution and supply of electricity. Co. operates in more than 40 countries. Co.'s operations are divided into four segments: Upstream, Downstream, LNG and Gas Natural Fenosa.
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