EUR 100.00 For Business Accounts Only

IBERIAN DAILY 27 NOVEMBER (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: ENDESA, UNICAJA, VISCOFAN.

The week of Black Friday set the pace
With the holiday in the US, the week was marked by a lower volume on global stock markets, the temporary ceasefire between Israel and Hamas and the volatility of crude oil prices after OPEC+ decided to postpone until 30 November its scheduled meeting due to disagreements on production levels and possible cuts in some African countries. With all this in mind, the Euro STOXX 50 ended the week up +0.66%, in line with the DAX, while the IBEX 35 led the way with the best performance, rising +1.90%. The best-performing sectors in the EuroSTOXX 600 were Media and Retail, whereas Basic Materials and Real Estate ended with the worst relative performance on the week. On the macro side, in Germany the final 3Q’23 GDP confirmed the -0.1% QoQ drop (expected), whereas November’s IFO index recovered slightly less than expected. In the US, the manufacturing PMI fell more than expected, entering a contraction zone, with the services index rising slightly above expectations. As for Black Friday, according to Adobe online sales would have grown +7.5% YoY, whereas Mastercard estimates +2.5% growth. In Mexico, the 3Q’23 GDP sped up more than expected. In China, industrial profits saw their advance slow significantly in October.
What we expect for today
European stock markets would open with losses of around -0.3%, with oil and basic materials dragged down by falling prices. Currently, S&P futures are down -0.30% (the S&P 500 ended +0.08% higher vs. the European closing bell). Volatility in the US fell (VIX 12.46). Asian stock markets are falling (China’s CSI 300 -0.89%, Japan’s Nikkei -0.53%).
Today in the US we will learn October’s new home sales and the Treasury will auction off 2Y and 5Y bonds.