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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’22 results to be released over the coming days in Spain.
Debt markets tighten
European stock markets recovered ground with falling IRRs on sovereign debt markets, with the Treasury moving away from 3.0%. In the Euro STOXX, Food and Technology led the gains (despite the fact US streaming companies suffered due to Netflix’s results), whereas Energy was the only sector in red and Consumer Goods rose the least. As for macro data, in the euro zone February’s industrial output rose in line with expectations. In France the election debate between E. Macron and M. Le Pen was more neck-and-neck than in 2017, although most polls continue to place the current PM as the winner. In Germany the Foreign Minister, A. Baerbock, announced that Russian coal will no longer be imported starting in the summer and Russian oil imports will be halved with the aim of ceasing all imports by year-end. The fact a formal ban has not been made and that the reduction is carried out voluntarily is positive for the markets. Meanwhile, G7 finance ministers continue to study ways to isolate Russia from the global economy. Joe Biden handed down new sanctions on cryptocurrency mining. In the US, March’s second-hand home sales contracted less than expected and the Fed’s Beige Book showed the economy growing at a moderate pace, although uncertainties have grown due to the war in Ukraine and rising prices. In US business results, Baker Hughes released disappointing earnings, Procter&Gamble was in line and Tesla beat expectations.
What we expect for today
European stock markets would open with gains, underpinned by cyclical sectors linked to raw materials. Currently, S&P futures are up +0.53% (yesterday the S&P 500 ended -0.35% lower vs. the European closing bell). Volatility in the US decreased (VIX 20.32). Asian markets are mixed (China’s CSI 300 -1.08%, and Japan’s Nikkei +1.21%).
Today in the euro zone we will learn March’s final inflation and April’s consumer confidence and in the US April’s Philadelphia Fed index and weekly jobless claims. In debt auctions: Spain (€ 6 Bn in bonds due 2025, 2032 and 2048) and France (€ 12.5 Bn in bonds due 2025, 2027, 2030 and I/L due 2031, 2036 and 2053). In US Results, Union Pacific, Snap-on, Phillip Morris and American Airlines, among others, will release their results.
IBERIAN DAILY 21 APRIL + 1Q’22 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: IAG.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’22 results to be released over the coming days in Spain.
Debt markets tighten
European stock markets recovered ground with falling IRRs on sovereign debt markets, with the Treasury moving away from 3.0%. In the Euro STOXX, Food and Technology led the gains (despite the fact US streaming companies suffered due to Netflix’s results), whereas Energy was the only sector in red and Consumer Goods rose the least. As for macro data, in the euro zone February’s industrial output rose in line with expectations. In France the election debate between E. Macron and M. Le Pen was more neck-and-neck than in 2017, although most polls continue to place the current PM as the winner. In Germany the Foreign Minister, A. Baerbock, announced that Russian coal will no longer be imported starting in the summer and Russian oil imports will be halved with the aim of ceasing all imports by year-end. The fact a formal ban has not been made and that the reduction is carried out voluntarily is positive for the markets. Meanwhile, G7 finance ministers continue to study ways to isolate Russia from the global economy. Joe Biden handed down new sanctions on cryptocurrency mining. In the US, March’s second-hand home sales contracted less than expected and the Fed’s Beige Book showed the economy growing at a moderate pace, although uncertainties have grown due to the war in Ukraine and rising prices. In US business results, Baker Hughes released disappointing earnings, Procter&Gamble was in line and Tesla beat expectations.
What we expect for today
European stock markets would open with gains, underpinned by cyclical sectors linked to raw materials. Currently, S&P futures are up +0.53% (yesterday the S&P 500 ended -0.35% lower vs. the European closing bell). Volatility in the US decreased (VIX 20.32). Asian markets are mixed (China’s CSI 300 -1.08%, and Japan’s Nikkei +1.21%).
Today in the euro zone we will learn March’s final inflation and April’s consumer confidence and in the US April’s Philadelphia Fed index and weekly jobless claims. In debt auctions: Spain (€ 6 Bn in bonds due 2025, 2032 and 2048) and France (€ 12.5 Bn in bonds due 2025, 2027, 2030 and I/L due 2031, 2036 and 2053). In US Results, Union Pacific, Snap-on, Phillip Morris and American Airlines, among others, will release their results.
Underlying
International Consolidated Airlines Group SA
International Airlines Group is an international scheduled airline and global premium airlines. Co.'s principal place of business is London with significant presence at Heathrow, Gatwick and London City airports.
Provider
Sabadell
Research Department
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