IBERIAN DAILY 16 FEBRUARY + 4Q’23 RESULTS. PREVIEWS (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: IBERDROLA, SACYR.At the end of today’s report, and during the entire results season, we will include a presentation with previews for the 4Q’23 results to be released over the coming days in Spain.
IBEX bringing up the rear in Europe
IBEX bringing up the rear in Europe
It was a session of gains in Europe, despite the temporary burden from US macro data. In the STOXX 600, all the sectors except Media and energy closed with gains, led by Real Estate and Autos. On the macro side, in the US both industrial output and retail sales for January were disappointing, falling more than expected. Meanwhile, the Empire manufacturing index, the Philadelphia Fed index and the NAHB construction confidence index for February recovered more than expected, and weekly jobless claims fell unexpectedly. From the Fed, R. Bostic warned that there should be no rush to lower rates. In the euro zone, the EC’s new estimates lower expected GDP’24-25 growth to 0.8% and 1.5% from the previous 1.2% and 1.6%, respectively, dragged down by Germany (0.3% and 1.2% vs. 0.8% and 1.2% previously), whereas the estimate for Spain remains unchanged (1.7% and 2.0%). From the ECB, F. Villeroy (BoF) and Scicluna (BoM) conveyed messages in favour of rate cuts in the relatively near future. In Japan, the governor of the BoJ, K. Ueda, was confident in bringing the policy of negative rates to an end in the coming months. In US business results, Targa released worse earnings than expected, Zebra Technologies was in line and CBRE Group beat expectations.
What we expect for today
European stock markets would open with gains of up to +0.5%, with oil companies performing well. Currently, S&P futures are down -0.04% (the S&P 500 closed up +0.40% vs. the European closing bell). Asian stock markets are rising (China’s CSI 300 closed, Japan’s Nikkei +0.86%).
Today in the UK we will learn January’s retail sales and in the US February’s U. of Michigan consumer confidence, January’s building permits, housing starts and January’s production prices. In US business results, Vulcan Materials, among others, will release its 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.
Sacyr is the parent company of a group engaged in the acquisition, development and construction of urban properties for their subsequent rental or resale. Co. primarily leases and sells office buildings and complexes, housing units, and shopping centers. Co. is also engaged in the operation of urban car parking facilities. Co. offers services related to the real estate industry such as technical assistance in energy savings, inventory management, architectural design, telecommunications management, property maintenance, as well as gardening and landscaping. Co. also provides consulting services in the real estate fund management sector.
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