IBERIAN DAILY 21 APRIL + 1Q’23 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: IBERDROLA, FERROVIAL.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 1Q’23 results to be released over the coming days in Spain.
The streak is over
After hitting annual highs, the Ibex ended its six-session rally following the release of worse business results than expected in Europe and the US. Thus, within the Euro STOXX, most sectors ended in the red, with Consumer Goods and Media being the best relative performers vs. the bigger drops in Auto and Real Estate. On the macro side, in the Euro zone, April’s consumer confidence improved more than expected to pre Ukraine war conflict levels. March’s ECB minutes showed that there is room for further rate hikes. In the US, second-hand home sales fell more than expected in March, the Philadelphia Fed index for April dropped more than expected and weekly jobless claims increased above expectations. In Mexico, February’s retail sales slowed more than expected. In Japan, as expected, inflation remained at the YoY level from the previous month (3.2%) although the core data climbed more than expected to 3.8% annually, whereas the PMI did not bring any surprises or changes (manufacturing below 50 and services around 55). In US business results, KeyCorp and American Express came in worse than expected, and Philip Morris in line.
What we expect for today
The European stock markets would open with slight gains that would be erased throughout the session, with business results and PMIs in the spotlight. Currently, S&P futures are down -0.1% (the S&P 500 ended -0.11% lower vs. the European closing bell). Volatility in the US increased (VIX 17.17). Asian markets are falling (China’s CSI 300 -1.18% and Japan’s Nikkei -0.30%).
Today we will learn in the Euro zone and the US April’s PMIs. In US business results, Procter and Gamble and Freeport-McMoRan, among others, will release their earnings.
COMPANY NEWS
4Q’22 Results highlights and rest of previews
Of the stocks releasing their earnings over the coming days, on the positive side we highlight Vidrala (27/04), as we expect a very good quarter thanks to price increases to clients, the drop in energy costs and an undemanding comparison.
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.
Iberdrola is a holding company. Through its subsidiaries, Co. operates in four segments: network business, which includes all the energy transmission and distribution activities, and other regulated activity originated in Spain, the U.K., the U.S. and Brazil; deregulated business, which includes electricity generation and sales businesses as well as gas trading and storage businesses carried on by Co. in Spain, Portugal, the U.K. and North America; renewable business, with activities related to renewable energies in Spain, the U.K., the U.S. and the rest of the world; and other businesses, including the engineering and construction businesses and the non-power businesses.
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