IBERIAN DAILY 03 APRIL (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: IBERDROLA.The quarter kicks off with losses
Despite the strong macro data in Europe, stock markets were in the red following the rise in debt market yields (more than +10bps in all euro zone countries) and the possibility of interest rate cuts being delayed. In the STOXX 600 most sectors fell, led by Retail and Real Estate, with Energy and Basic Materials ending with the biggest gains. On the macro side, in the euro zone the final manufacturing PMI was raised unexpectedly, although still in the contraction zone (for the 21st straight month). In Spain, the final manufacturing PMI rose more than expected, stringing together two months in the growth zone (>50). Separately, the number of Social Security registrations reached 21 million in March, a record high, whereas the number of unemployed fell to a low since March’08. In Germany, inflation fell to 2.2% YoY in March, as expected. In the US, February’s factory orders rose more than expected, with JOLTS job openings rising in line with expectations. From the Fed, L. Mester ruled out a rate cut in May and raised his long-term equilibrium rate to 3.0% from the previous 2.5%. In China, March’s Caixin Services PMI recovered slightly more than expected. In Japan, March’s final services PMI was lowered slightly to 51.4 from the preliminary 51.7. On the corporate side, Tesla released disappointing sales and delivered far fewer vehicles than expected in Q1.
What we expect for today
European stock markets would open with a slightly bearish slant, but with slight gains in oil companies in view of the new rise in Brent and refined product prices. Currently, S&P futures are down -0.11% (the S&P 500 ended up +0.31% vs. the European closing bell). Asian stock markets are falling (China’s CSI 300 -0.29%, Japan’s Nikkei -0.68%).
Today in the euro zone we will learn March’s inflation and February’s unemployment rate, in the US ADP private employment survey and March’s non-manufacturing ISM and in Brazil February’s industrial output.
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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