IBERIAN DAILY 14 FEBRUARY + 4Q’22 RESULTS. HIGHLIGHTS AND PREVIEWS (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ELECTRICITY SECTOR, FCC.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 4Q’22 results to be released over the coming days in Spain.
Stock markets back on upward swing
European stock markets once again rose despite the increased geopolitical tensions between China and the US and the worsening of the war between Russia and Ukraine. In the Euro STOXX, the best-performing sectors were Travel & Leisure and Basic Materials, whereas Pharma and Utilities ended flat. On the macro side, the Eurogroup meeting brought more of a consensus regarding fiscal regulation reform, where the EC backed more prudent fiscal positions in order not to feed inflation and go against the monetary policy. Furthermore, the new EC forecasts improved upon the autumn figures, expecting the euro zone to avoid recession in 2023 with +0.9% growth (+0.6pp vs. previous), with the +1.5% growth maintained for 2024, and inflation falling to 5.6% from 6.1% previously (4.4% for Spain). In the case of Spain, the EC now forecasts 1.4% for 2023 (+0.4pp) and 2.0% for 2024 (unchanged). In Japan, the 4Q’22 GDP recovered less than expected. In US business results, Arista and SolarEdge, among others, came in better than expected.
What we expect for today
European stock markets would open flat with a slight bearish slant, awaiting US inflation data. Currently, S&P futures are down -0.1% (the S&P 500 ended +0.24% higher vs. the European closing bell). Volatility in the US dropped (VIX 20.34). Asian markets are mixed (China’s CSI 300 -0.25% and Japan’s Nikkei +0.6%).
Today in the UK we will learn December’s ILO unemployment rate, in the euro zone the 4Q’22 GDP and in the US January’s inflation. In US business results, Coca-Cola, Airbnb, America Movil, Marriott, Devon Energy, TransUnion and Tripadvisor, among others, will release their earnings. In debt auctions: Spain (€ 2.5 Bn in 3M and 9M t-bills).
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.