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IBERIAN DAILY 08 JANUARY (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: IBERDROLA.


The IBEX closes the first week of the year in positive numbers
European stock markets ended the first week of the year with mixed results, where peripheral markets (IBEX, MiB) ended with slight gains and the Euro STOXX 50 and S&P500 closed with slight losses, ending the streak of nine straight weeks of gains. In the STOXX 600, the sectors with the biggest gains were Banks, Autos and Basic Materials, whereas growth sectors like Retail, Consumer Goods and Technology fell the most (more than -4.0%). On the macro side, in the euro zone December’s inflation rose less than expected, while the core figure fell more than expected. In the US, non-farm job creation beat expectations and salary gains rose unexpectedly. By contrast, the non-manufacturing ISM fell unexpectedly to 50.6, with a sharp drop in the employment subindex but with the price index remaining high. Lastly, Congress would be negotiating a spending agreement that would prevent a shutdown on 20 January. In Brazil, November’s industrial output rose more than expected.
What we expect for today
European stock markets would open with losses of -0.3%, with the oil sector dragged down by falling crude prices. Currently, S&P futures are down -0.12% (the S&P 500 ended down -0.18% vs. the European closing bell). Volatility in the US fell (VIX 13.35). Asian stock markets are falling (China’s CSI 300 -1.13%, Japan’s Nikkei closed).
Today in the euro zone we will learn January’s Sentix index, retail sales and November’s unemployment rate. In debt auctions, Germany and France will issue t-bills.