IBERIAN DAILY 10 NOVEMBER + 3Q’21 RESULTS. PREVIEWS (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: IBERDROLA.MARKETS YESTERDAY AND TODAY
At the end of today’s report, and during the entire results season, we will include a presentation with previews for the 3Q’21 results to be released over the coming days in Spain.
Worsening towards the end of the session
European stock markets were dragged down by the opening in the US, where the best-performing indices in Europe were in Portugal, Switzerland and Spain. Meanwhile, the worst-performing sectors in the Euro STOXX were Basic Materials and Banks, with the best performers being Retail and Household Goods. On the macro side, in Germany the ZEW index for November rose more than expected (although the current situation component fell more than expected). Separately, the IFO warns that German retailers expect supply problems to drag on another 10 months, on average. In the US, production prices retained the YoY rate from the previous month on both the general (8.6%) and underlying levels (6%) vs. the expected rises. In China, inflation and production prices for October rose more than expected. Separately, today marks the end of the grace period on the US$ 148 M coupon not paid by Evergrande, whereas Fantasia Holding resumed trading after a 6-week suspension (due to an unexpected default), plummeting -50%. In US business results, Dr. Horton and Westrock beat expectations and Sysco came in below expectations.
What we expect for today
European stock markets would open with slight drops that could aggravate, dragged down by inflation fears in China and problems in the home development sector. Currently, S&P futures are down -0.2% (the S&P 500 ended up +0.18% vs. its price at the closing bell in Europe). Volatility in the US rose (VIX 17.78). Asian markets are falling (China’s CSI 300 -0.8% and Japan’s Nikkei -0.6%).
Today in the US we will learn October’s inflation. In US business results, Walt Disney and Atmos Energy, among others, will release their earnings.
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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