EUR 100.00 For Business Accounts Only

IBERIAN DAILY 17 DECEMBER (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: GRIFOLS, INDRA.

Doubts do not disappear they change
Calm prevailed at both sides of the Atlantic with a battery of macroeconomic data that did not convince the market. In the STOXX 600, almost all sectors (16/20) ended with drops, led by Energy and Industrials vs. the larger gains of Consumer Goods, Financial Services and Retail Estate. On the macro side, in the euro zone, November’s PMI fell more than expected (the manufacturing PMI was at its lowest level in 8 months) but the composite PMI remained at levels consistent with 1.0% GDP growth. In Germany, December’s ZEW index climbed more than expected even though the current situation component deteriorated more than expected. The EU decided to ease in the end the emission targets of the automotive sector for 2030 (90% reduction vs. 100% electric previously), which will enable further sales of plug-in, advanced biofuel or green steel hybrids. In the UK, November’s PMI rose more than expected. In the US, the unemployment rate rose for the fourth consecutive month to 4.6% (the highest level since September’21). Non-farm employment climbed in November more than expected (although more than 105,000 jobs disappeared in October due to the federal job cuts) and wage gains moderated more than expected. Retail sales were disappointing after stagnating in October but the core component rose more than expected whereas November’s PMI fell more than expected. In Japan, October’s machinery orders climbed more than expected whereas November’s trade surplus came in far above expectations thanks to the strong dynamism of exports. On the geopolitical front, the US administration ordered the total blockade of oil tankers entering and leaving Venezuela. On the trade front, D. Trump threatened with tariffs or restrictions to some companies (Siemens, Spotify, Accenture) as a retaliation to the EU’s digital tax
What we expect for today
European stock markets would open with slight gains of around +0.1%. Currently, S&P futures are up +0.10% (the S&P 500 ended +0.58% higher vs. the European closing bell). Asian markets are climbing (China’s CSI 300 +2.10%, Japan’s Nikkei +0.36 % and Korea’s Kospi +1.43%).
Today in the UK we will learn November’s inflation, in the euro zone November’s final inflation and in Germany December’s IFO.