IBERIAN DAILY 15 JULY + 2Q’24 RESULTS. PREVIEWS (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: GREENING, GRIFOLS, IBERDROLA, NEINOR HOMES, ROVI, TALGO.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 2Q’24 results to be released over the coming days in Spain.
IBEX back above 11,200 points
It was a positive week for stock markets on both sides of the Atlantic, where the IBEX 35 stood out (rising more than +2%) thanks to the solid inflation data and the start of the US results season. In the STOXX 600, all the sectors except Energy rose over the course of the week, led by Real Estate and Retail. On the macro side, in Spain June’s inflation confirmed the preliminary figure of 3.4%. In the US, June’s production prices rose more than expected. The University of Michigan’s consumer confidence fell unexpectedly with its weakest reading since Nov’23. Separately, Trump suffered an assassination attempt on Saturday, and today he will be officially named the Republican candidate for the election. In Mexico, May’s monthly growth for industrial output beat expectations. In China, the 2Q’24 GDP came in far below expectations, dragged down by consumption (disappointing retail sales) and residential investments (remaining at -10.1% YoY), and despite higher growth in industrial output than expected. In US business results for 2Q’24, Citigroup and Bank of NY beat expectations, with Wells Fargo and JP Morgan in line.
What we expect for today
Stock markets would open with losses of -0.5%, with the consumption sector exposed to China hit by the macro data. Currently, S&P futures are up +0.14% (the S&P 500 ended -0.20% lower vs. the European closing bell). Asian stock markets are climbing (China’s CSI 300 +0.11%, Japan’s Nikkei is closed).
Today in the euro zone we will learn May’s industrial output and in the US July’s Empire manufacturing index. In US business results, BlackRock and Goldman Sachs, among others, will release their earnings.
COMPANY NEWS
GRIFOLS, OVERWEIGHT
According to the press, last Friday Moody’s announced it dropped GRF’s coverage as it considers it has insufficient or inadequate information to continue its analysis. Not that Moody’s had a B3 rating for GRF with stable outlook. Negative news. We believe that Moody’s decision underscores the company’s lack of transparency and the need of further changes to restore the market confidence. GRF’s ADR dropped -6.67% last Friday.
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.
Laboratorios Farmaceuticos Rovi is engaged in the sale of its own pharmaceutical products and the distribution of other products for which it holds licenses granted by other laboratories for specific periods, in accordance with the terms and conditions contained in the agreements entered into with said laboratories.
Neinor Homes SA, formerly Neinor Homes SLU, is a Spain-based company engaged in the real estate sector. The Company focuses on the design, construction and promotion of residential properties. It develops housing projects in various Spanish cities, such as Malaga, Madrid, Barcelona, Cordoba, Vizcaya, Alicante, Almeria and Gerona.
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