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IBERIAN DAILY 15 MAY + 1Q’24 RESULTS. REST OF PREVIEWS (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: GRIFOLS, NATURGY, REPSOL.


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.

The Ibex near 2015 levels
Italy and Spain stood out once more in a session with slight gains for the rest of European indices. In the STOXX 600, Autos and Telecoms led gains, whereas Travel&Leisure and Energy saw the worst performance. On the macro side, in Germany, May’s ZEW climbed more than expected to Feb’22 highs, whereas April’s final inflation remained unchanged at 2.2% YoY. In Spain, April’s final inflation confirmed the preliminary 3.3% YoY, with the core data moderating to 2.9%. In the UK, March’s ILO unemployment rate climbed unexpectedly. In the US, the president J. Biden raised tariffs to Chinese products worth US$ 18 Bn, including electric cars, batteries or semiconductors, among others. Meanwhile, April’s production prices rose more than expected. In China, market rumours suggest a possible government plan to buy vacant homes to solve the crisis in the sector. In US Results Home Depot was in line with expectations.
What we expect for today
Stock markets would open with gains of around +0.2%, with the technology sector climbing (following the trend seen in the US sector yesterday). Currently, S&P futures are up