IBERIAN DAILY 10 JANUARY (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: GRIFOLS, IBERDROLA.IBEX penalised by corporate news
With all eyes on the US inflation data and the 4Q’23 results season, stock markets erased part of Monday’s gains, despite the stability in US sovereign debt (although with strong intraday volatility and widening in the euro zone). In the STOXX 600, defensive sectors like Pharma and Household Goods, along with Construction, were the only ones to end in green numbers, whereas cyclicals like Basic Materials and Banks were once again the hardest hit on the session. On the macro side, in Germany November’s industrial output fell unexpectedly. In the US, the NFIB SME confidence index for December rose more than expected, but has remained below the historical average for the past 24 months. From the Fed, M. Barr (vice president of supervision) announced that March will see the end of the emergency loan programme launched due to the 2022 banking crisis. Separately, in its latest report the World Bank forecasts 2.4% global growth in 2024 (unchanged vs. previous estimate) vs. 2.6% in 2023, where the US will grow 1.6% this year (+0.8pp vs. previous estimate). By contrast, the euro zone will grow only 0.7% in 2024 (meaning -0.6pp), hit by the tougher financing conditions and the impact from energy prices. The World Bank expects international trade recovery more in line with the GDP.
What we expect for today
European stock markets would open with losses of up to -0.3%, with the microchip segment in the spotlight after the company Microchip lowered its guidance for 4Q’23. Currently, S&P futures are down -0.10% (the S&P 500 ended down -0.06% vs. the European closing bell). Volatility in the US fell (VIX 12.76). Asian stock markets are mixed (China’s CSI 300 -0.36%, Japan’s Nikkei +2.01%).
Today there are no noteworthy macro data releases.
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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