IBERIAN DAILY 02 DECEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: FCC, IBERDROLA, TALGO.The week was marked by the US holiday and risk in France
The week was marked by the Thanksgiving holiday in the US, which allowed for some stability in risk assets and led the Euro STOXX 50 to rise above 4,750 points and the IBEX back above 11,600. Separately, the political noise in France hit the risk premium, awaiting concessions from the Govt. to move forward with the budgets. In the STOXX 600, the best-performing sectors were Telecoms and Real Estate, whereas Retail and Chemicals ended with the biggest drops. On the macro side, in Germany October’s retail sales were disappointing, with November’s number of unemployed beating expectations. In the euro zone, general inflation was in line with expectations, with a slight improvement in November’s core figure (2.7% vs. 2.8% expected). In France, budget talks have stalled and the far right is threatening with a vote of no confidence in the coming days. In the US, according to Mastercard, store sales would have stagnated vs. 2023, whereas online sales rose +14.6%. In China, both the official and Caixin manufacturing PMI rose more than expected (50.3 and 51.5, respectively), whereas the non-manufacturing PMI remained at 50.0. In Japan, the Governor of the BoJ warned that rates will be raised soon.
What we expect for today
Stock markets would open with losses against the backdrop of the political uncertainty in France. Currently, S&P futures are down -0.2% (the S&P 500 was -0.1% lower vs. the European closing bell). Asian markets are rising (China’s CSI 300 +0.8%, Japan’s Nikkei +0.6%).
Today in the euro zone we will learn November’s final manufacturing PMI and October’s unemployment rate, in the US manufacturing ISM and October’s construction spending and in Brazil and Mexico November’s manufacturing PMI.
Fomento de Construcciones y Contratas is the parent company of a group engaged in sanitation services, cleaning, maintaining, purification and distribution of water, construction of highways, hydraulic works, marine works, air and rail transport infrastructure, urban developments, housing, non-residential buildings, office buildings, toll highways, parking garages, marinas and water treatment plants. Co. is also engaged in the manufacture and sale of cement and cement infrastructures, such as precast concrete elements; and in the financial markets, and real estate development, leasing and tourism.
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.
Talgo is engaged in designing, manufacturing, repairing and maintaining the railway rolling stock, as well as the manufacturing, assembling, repairing and maintaining the engines, machinery and parts of the railway systems. Co. has an industrial presence in seven countries: Spain, Germany, Kazakhstan, Uzbekistan, Russia, Saudi Arabia and U.S.A. Co. has an active fleet in Europe, Asia and North America that comprises of 94 high-speed trains and more than 1,400 Talgo tilting passenger cars. Also, Co. purchases, redesigns, constructs, leases and sells all types of real estate.
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