IBERIAN DAILY 05 JANUARY (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: IBERDROLA, REPSOL.MARKETS YESTERDAY AND TODAY
The Ibex kicks off the year strong
European equities showed new gains in a more stable session for debt markets. However, in the Euro STOXX, value sectors were once more the best performers, with Travel&Leisure and Automobiles leading gains whereas Household and Retail saw the biggest losses. On the macroeconomic level, in Spain, December’s job creation ended with 76,000 new jobs and SS affiliation at 19.8 M people. In Germany, November’s retail sales slowed down less than expected and December’s job creation sped up more than expected. From the ECB, F. Villeroy outlined that the effects from the fifth wave have been quite limited, expecting inflation to gradually reach 2%, as the energy pressures are solved. In the US, December’s manufacturing ISM dropped more than expected. The positive news would be the moderation of the price sub-index, which would suggest lower inflationist pressure over the coming months. From the Fed, Kashkari backed two rate rises to offset the risks stemming from inflation. OPEC+ confirmed the production rise of 400,000 b/d at its meeting, remaining confident that the strength of demand will resist the impact from Omicron. In this regard, production problems in several countries of the cartel, such as Libya, are curbing the real oil supply. In China, Tencent lowered its stake in Sea after selling 3,000 M shares for the second consecutive week, which could suggest new regulatory pressure from the government.
What we expect for today
European stock markets would see a bearish opening, dragged down by the sell off in the technology sector. Currently, S&P futures are down -0.3% (the S&P 500 ended -0.1% lower vs. its level at the European closing bell). Volatility in the US rose (VIX 16.91). Asian markets are mixed (China’s CSI 300 -1.1% and Japan’s Nikkei +0.1%).
Today in the US we will learn the Fed minutes and December’s ADP private employment survey, in the euro zone December’s final services and composite PMI, and in Brazil December’s services and composite PMI.
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.
Repsol is an oil and gas company. Co. is engaged in all the activities relating to the oil and gas industry, including exploration, development and production of crude oil and natural gas, transportation of oil products, liquefied petroleum gas (LPG) and natural gas, refining, the production of a wide range of oil products and the retailing of oil products, oil derivatives, petrochemicals, LPG and natural gas, as well as the generation, transportation, distribution and supply of electricity. Co. operates in more than 40 countries. Co.'s operations are divided into four segments: Upstream, Downstream, LNG and Gas Natural Fenosa.
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