IBERIAN DAILY 22 AUGUST (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: GRIFOLS, IBERDROLA, TALGO.Stock market saw gains without significant catalysts
Stock markets rose, with the Ibex returning to 11,100 points even though it was among the worst-performing indices in Europe, and with volatility falling despite the strong job creation cut in the US. In the STOXX 600, Automobiles and Basic Resources led gains, whereas Utilities and Telecoms were the worst performers but with moderate drops. On the macro side, in the US the preliminary annual revision of non-farm payrolls (April’23-Mar’24) came in at -818,000 Bn, leaving job creation at around 2.1 M jobs vs. 2.95 M initially released. Meanwhile, the Fed Minutes underscored that some members were in favour of cutting rates in July but the majority backed this cut in September. Some members also showed their concern about the deterioration of the job market. In US 2Q’24 business results, Target (raising its sales guidance) and Agilent beat expectations slightly.
What we expect for today
Stock markets would open with some profit taking. Currently, S&P futures are flat (the S&P 500 ended up +0.2% vs. the European closing bell). Volatility on the S&P 500 (VIX) rose to 16.3. Asian markets are climbing slightly (CSI flat and Nikkei +0.5%).
Today in the euro zone we will learn August’s preliminary PMI, in the US preliminary PMI, weekly jobless claims and July’s existing home sales. In US business results, Ross Stores and Intuit will release their 2Q’24 earnings.
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.
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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