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IBERIAN DAILY 09 DECEMBER (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: FERROVIAL, SIEMENS GAMESA, UNICAJA.

Increasing market jitters about the announcements to be made by Central Banks next week
The bullish opening of New York (and the technology sector) drove European stock markets higher in the afternoon in view of slightly higher weekly jobless claims that despite their relative irrelevance fuelled expectations of a less hawkish Fed. In the Euro STOXX, Technology, Real Estate and Basic Resources were the best-performing sectors whereas Retail ended with the biggest drops. In the US, the Biden administration would be preparing new sanctions against Russia due to the violations of human rights in Ukraine. On the macro side, in Germany, industrial output stagnated in October vs. the drops expected. In the euro zone, the final 3Q’22 rose two tenths to 2.3% YoY. In Mexico, November’s inflation fell below expectations. In Brazil, October’s retail sales rose more than expected. In China, November’s inflation moderated in line with expectations. The Chinese government would be studying new stimulus measures for the real estate sector that would be announced next week. On another note, the president Xi Jinping announced he expects to increase oil trade with Saudi Arabia, initiating a new phase in their relationship.
What we expect for today
European stock markets would open with gains of around +0.5%. Currently, S&P futures are up +0.2% (the S&P 500 ended flat vs. the European closing bell). Volatility in the US dropped (VIX 22.29). Asian markets are climbing (China’s CSI 300 +0.84% and Japan’s Nikkei +1.2%).
Today we will learn in Spain October’s industrial output, and in the US November’s industrial output prices, final wholesale inventories and October’s final University of Michigan confidence index.