IBERIAN DAILY 18 JUNE (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: FERROVIAL, GRIFOLS.The market sees a technical rally
European stock markets rallied despite the slowing macro data out of China and the signs of inflationary pressures stemming from salaries. In the STOXX 600, the best-performing sectors were Travel & Leisure and Banks, whereas defensive ones like Pharma and Utilities ended with the biggest losses. On the macro side, in the euro zone 1Q’24 labour costs rose more than expected to 5.1% YoY, with salaries rising +5.3%. In France, M. Le Pen promised to work with PM Macron if the party wins the election in a nod to moderate voters. In the US, June’s Empire manufacturing index improved more than expected, although still in negative territory. From the Fed, P. Harker bets on 1 rate cut in 2024 although he does not rule out any scenario (2 cuts or none). In China, the Ministry of Commerce announced an antidumping investigation into pork imports (this would take up to one year) after the EU placed tariffs on electric vehicles imported from the country.
What we expect for today
Stock markets would open with gains of up to +0.5% with solid performance from oil companies, which should price in the strong rally in Brent prices. Currently, S&P futures are flat (the S&P 500 ended +0.60% higher vs. the European closing bell). Asian stock markets are rising (China’s CSI 300 +0.08%, Japan’s Nikkei +0.80%).
Today in the euro zone we will learn May’s inflation, in Germany June’s ZEW index and in the US May’s industrial output and retail sales.
Ferrovial is a transportation company based in Spain. Co. is engaged in operations in the transportation sector. Co. specializes in the design, construction, management, administration and maintenance of transport infrastructures. Co.'s services range also includes the maintenance of parking lots, and land-, sea- and air-based transport networks. Co. is also engaged in the promotion and operation of short-stay parking lots, parking regulation and management services and promotion and sale of residents' parking.
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