EUR 100.00 For Business Accounts Only

IBERIAN DAILY 21 FEBRUARY + 4Q’23 RESULTS. PREVIEWS (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: FERROVIAL, GRIFOLS.

At the end of today’s report, and during the entire results season, we will include a presentation with previews for the 4Q’23 results to be released over the coming days in Spain.

The Ibex exceeds the 10,000-point level
European stock markets remained flat, except the Ibex35 that climbed around +1% above the 10,000-point resistance level. In the STOXX 600, cyclical sectors such as Chemicals and Travel&Leisure were the best performers vs. Basic Resources and Technology (hit by a contagion effect form the US given the high expectations about NVIDIA’s results) that saw the biggest drops. On the macro side, the BoE governor, A. Bailey admitted that the rate cut expectations for 2024 are not unreasonable (-75bps starting in Aug’24). In Japan, January’s exports climbed much more than expected. In US business Results, Walmark came in above expectations, Home Depot and Medtronic in line and Palo Alto cut its guidance.
What we expect for today
European stock markets would open with slight gains of around +0.2%. Currently, S&P futures are down -0.11% (the S&P 500 ended +0.18% higher vs. the European closing bell). Asian stock markets are trading with mixed results (China’s CSI 300 +1.87%, Japan’s Nikkei -0.26%).
Today in the euro zone we will learn the ECB minutes from the last meeting and February’s consumer confidence and in Mexico December’s retail sales. In US business results, NVIDIA, Etsy, Garmin and Verisk, among others, will release their earnings.