IBERIAN DAILY 07 APRIL (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ENERGY SECTOR, GRIFOLS, IAG, INDRA, TALGO.Stock markets lacking direction in view of the uncertainty with the war in Iran
On Thursday, stock markets erased part of Wednesday’s gains in view of the disappointing messages conveyed by Trump, with the end of the war still not in sight. Nevertheless, the session ended better than it began, with a significant recovery following the opening bell on the US market. With this in mind, over the course of the week European stock markets rallied more than +3% from the previous week’s lows. In the STOXX 600, Basic Materials and Utilities were the best performers, with gains of more than +6% on the week, with the worst performance coming in defensive sectors (although also in positive numbers) like Household Goods and Telecoms, as well as Energy (with a slight drop in crude oil prices). On the macro side, in the US, on Friday March’s non-farm job creation rose more than expected, with the unemployment rate falling unexpectedly by -0.1% to 4.3%. Yesterday March’s services ISM fell more than expected, while the prices component rose above 70 from the previous 63. In the euro zone, five finance ministers (including Germany’s and Spain’s) called the European Commission to place a tax on extraordinary profits for energy companies. In Brazil, March’s services PMI fell to 50.1 from the previous 53.1. In Japan, February’s household spending contracted more than expected.
What we expect for today
European stock markets would open with slight gains that could be reeled in with Trump continuing to threaten to destroy Iran’s electricity infrastructure, but once again the negotiation deadline has been extended to tonight. Currently, S&P futures are down -0.4% (the S&P 500 ended +0.5% lower vs. the European closing bell). Asian markets are mixed (China’s CSI 300 -0.2%, Japan’s Nikkei -0.1% and South Korea’s Kospi +0.3%).
Today in the euro zone and the UK we will learn March’s final services PMI and in the US March’s final services PMI and February’s durable goods orders.
Indra Sistemas is engaged in the design, development, manufacture, assembly, repair, and installation of computer software and applications. Through its subsidiaries, Co. is engaged in consulting, graphic design and multimedia, web design and marketing, internet development and electronic trade, systems integration and hosting geared business to business and business to consumer, as well as in internet financing and electronic marketing. Co. serves defense and security, transport and traffic, energy and industry, telecom and media, finance and insurance, and public administration and healthcare markets. Co. operates primarily in Europe, the United States, Canada, and Latin America.
International Airlines Group is an international scheduled airline and global premium airlines. Co.'s principal place of business is London with significant presence at Heathrow, Gatwick and London City airports.
Talgo is engaged in designing, manufacturing, repairing and maintaining the railway rolling stock, as well as the manufacturing, assembling, repairing and maintaining the engines, machinery and parts of the railway systems. Co. has an industrial presence in seven countries: Spain, Germany, Kazakhstan, Uzbekistan, Russia, Saudi Arabia and U.S.A. Co. has an active fleet in Europe, Asia and North America that comprises of 94 high-speed trains and more than 1,400 Talgo tilting passenger cars. Also, Co. purchases, redesigns, constructs, leases and sells all types of real estate.
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