IBERIAN DAILY 14 JULY + 2Q’23 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: IBERDROLA.At the end of today’s report, and during the entire results season, we will include a presentation with positive and negative results highlights and previews for the 2Q’23 results to be released over the coming days in Spain.
Stock markets continue to celebrate
The results campaign begins today in the US after a very positive week for stock markets on both sides of the Atlantic, where the strong inflation data in the US and the expectation of an end to rate hikes from the Fed continued to spur gains. In the Euro STOXX, all sectors except Household Goods ended with gains, led by Technology and Media. On the macro side, in the euro zone May’s industrial output fell more than expected, whereas in the UK it fell in line with expectations. The Eurogroup passed a more restrictive fiscal policy for 2024 and pushed for sensible fiscal consolidation. In the US, June’s producer prices and weekly jobless claims slowed more than expected. In Japan, May’s industrial output fell more steeply in May.
What we expect for today
European stock markets would open with slight profit taking that would increase throughout the session, marked by the results of US banks. Currently, S&P futures are down -0.06% (the S&P 500 ended up +0.25% vs. the European closing bell). Volatility in the US dropped (VIX 13.61). Asian stock markets are rising (China’s CSI 300 +0.15%, Japan’s Nikkei +0.10%).
Today in the US we will learn July’s University of Michigan consumer sentiment. The 2Q’23 results season will kick off with JP Morgan, BlackRock, State Street and Citigroup reporting 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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