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IBERIAN DAILY 07 MAY + 1Q’24 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: GRIFOLS.


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’24 results to be released over the coming days in Spain.

IBEX close to 11,000 points
Positive performance on European stock markets, underpinned by the falling sovereign debt yields and the solid macro data in Europe yesterday. In the STOXX 600, all the sectors except Pharma and Retail closed with gains, led by Insurance and Energy. On the macro side, in the euro zone April’s final services PMI was raised slightly, leading the composite index deeper into expansive territory. Furthermore, May’s Sentix confidence index recovered more than expected to a two-year high. In Spain the services PMI reached 56.2 vs. 56.1 previously, while the number of unemployed fell -4.4% in April, showing that the job market is still at cruising speed with 2.4% YoY growth in social security registrations. In the US, from the Fed, Barkin expects the restrictive monetary policy to being inflation down to its target, while Williams insisted that more evidence is needed to cut rates. Meanwhile, the credit survey showed tighter lending conditions and lower demand in most categories, except commercial real estate. In US business results, Tyson Foods beat expectations and Realty Income released disappointing earnings.
What we expect for today
Stock markets would open with gains of around +0.3%. Currently, S&P futures are flat (the S&P 500 ended up +0.43% vs. the European closing bell). Asian stock markets are mixed (China’s CSI 300 -0.08%, Japan’s Nikkei +1.30%).
Today in the euro zone we will learn April’s final construction PMI and in Germany April’s construction PMI and March’s industrial orders. In US business results, Walt Disney, UBS, Ferrari and Infineon, among others, will release their earnings.