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IBERIAN DAILY 14 NOVEMBER + 3Q’24 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: FERROVIAL, GRIFOLS, IBERDROLA.

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 3Q’24 results to be released over the coming days in Spain.

US inflation continues to follow the script
European stock markets ended with drops, although the US inflation data helped distance them from daily lows. In the STOXX 600 the best-performing sectors were Energy and Consumer Goods, whereas Real Estate and Technology saw the biggest losses. On the macro side, in the US October’s inflation rose in line with expectations to 2.6%, with the core figure remaining stable at 3.3%. This supports an additional -25bps rate cut in December, which the futures market is pricing in with an 81% probability. From the Fed, N. Kashkari was confident inflation is on the right track. Separately, the Republicans maintained control of Congress. In the UK, the Tax Office minister is considering a unification of public pension funds that could create a mega-fund with the capacity to invest up to £ 80 Bn. In Japan, the Govt. would be mulling an additional 13.5 Tn yen of stimulus measures. In US business results, Occidental Petroleum and Cisco Systems beat profit expectations.
What we expect for today
Stock markets would open flat with a slightly bullish slant. Currently, S&P futures are down -0.08% (the S&P 500 ended down -0.16% vs. the European closing bell). Asian markets are falling (China’s CSI 300 -0.86%, Japan’s Nikkei -0.34%).
Today in Spain we will learn October’s general and core inflation, in the euro zone the final reading of the 3Q’24 GDP and in the US weekly jobless claims and production prices for October. In US business results, Walt Disney and Applied Materials, among others, will release their earnings.