EUR 100.00 For Business Accounts Only

IBERIAN DAILY 14 FEBRUARY + 4Q’24 RESULTS. PREVIEWS (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: FERROVIAL, GRUPO CATALANA OCCIDENTE.

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’24 results to be released over the coming days in Spain.

End of the war in Ukraine?
European equity markets extended their bullish streak, driven by the expectations of a peace agreement in Ukraine and that Trump’s Govt. would make exceptions on reciprocal tariffs in cars and healthcare products. The IBEX, despite lagging somewhat in Europe, closed on the verge of 13,000 points. In the STOXX 600, most sectors (16/20) closed with gains, led by Autos and Chemicals, with Energy and Household Goods the worst relative performers. On the macro side, in the euro zone, December’s industrial output fell more than expected. In the US, January’s production prices rose more than expected, with the previous data being raised. Weekly jobless claims fell more than expected. Meanwhile, Trump stated that on 01 April he will announce the reciprocal tariffs that will take into consideration the tariff difference, VAT and other barriers that put US products at a disadvantage, where European automobiles would be among the hardest hit. In Brazil, December’s retail sales fell unexpectedly. In US business results, Moody’s was in line, Global Payments came in below expectations and Palo Alto and Airbnb beat expectations.
What we expect for today
European stock markets would open with profit taking following Trump’s announcement on reciprocal tariffs, which would especially hit the automotive, food and pharma sectors. Currently, S&P futures are up +0.1% (the S&P 500 ended up +0.6% vs. the European closing bell). Asian markets are mixed (China’s CSI 300 +0.7% and Japan’s Nikkei -0.8%).
Today in the euro zone we will learn the 4Q’24 GDP, in Spain January’s final inflation and in the US retail sales and industrial output for January. In US business results, Moderna and Devon Energy, among others, will release their earnings.