IBERIAN DAILY 08 SEPTEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ELECTRICITY SECTOR.Stock markets volatile in first week of September
Following a positive, calm August, September has started off volatile on the markets due to the no-confidence vote in France and the weak macro data in the US. In the STOXX 600, the best-performing sectors were Media and Pharma, with Energy (dragged down by the falling oil prices) and Insurance falling the most. On the macro side, in the UK, July's retail sales rose more than expected. In Germany, July's factory orders fell more than expected. In the euro zone, the final 2Q'25 GDP slightly beat expectations (1.5% vs. 1.4%). In the US, August's non-farm employment came in below expectations, with the unemployment rate rising in line with expectations and wage gains slowing their advance, as expected. According to Donald Trump, the candidates to head the Fed are C. Waller, K. Hasset and K. Warsh. In Japan, the 2Q'25 GDP was raised due to private consumption. Separately, the current PM S. Ishiba announced he is stepping down. In China, August's trade surplus was bigger than expected, despite the smaller rise in exports (-33% drop towards US). Lastly, OPEC+ decided to continue raising production levels starting in October by 137,000 b/d.
What we expect for today
European stock markets would open with new gains of +0.3%. Currently, S&P futures are up +0.1%. Asian markets are mixed (China’s CSI 300 -0.2% and Japan’s Nikkei +1.5%).
Today in France there will be a no-confidence vote, in Germany we will learn July’s industrial output and in the euro zone September’s Sentix index.
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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