IBERIAN DAILY 17 SEPTEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: COLONIAL, IBERDROLA.The ECB is more cautious
European stock markets ended with corrections, with more cautious comments from the ECB. Thus, in the STOXX 600 Retail and Household led gains, whereas Technology and Autos posted the biggest drops. On the macro side, in the euro zone, the 2Q’24 labour costs and wages moderated to 4.7% and 4.5%, respectively (from 5.0% and 5.2% previously). From the ECB, the chief economist P. Lane was in favour of gradually easing the monetary restrictions whereas P. Kazimir (Slovakia) outlined more doubts about maintaining cuts in October, whereas M. Kazaks agreed with a rate of 2.5% by June’25. In the US, the Empire manufacturing index recovered more than expected in September, returning to positive territory and to highs from April’22. In company news, Microsoft announced a US$ 65 Bn share buyback and a 10% increase to its dividend, while Intel, although it lost the contract to design and manufacture chips for Sony, signed a contract with Amazon to provide ad-hoc AI chips for the AWS service, and it will also receive US$ 3.5 Bn for chips for the Pentagon.
What we expect for today
Stock markets would open with gains of up to +0.5%, with tech stocks driven by the good news from the other side of the Atlantic. Currently, S&P futures are up +0.03% (the S&P 500 ended +0.29% higher vs. the European closing bell). Asian markets are sliding (China’s CSI is closed and Japan’s Nikkei -1.48%).
Today in Germany we will learn September’s ZEW index and in the US August’s retail sales and industrial output.
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.
Repsol is an oil and gas company. Co. is engaged in all the activities relating to the oil and gas industry, including exploration, development and production of crude oil and natural gas, transportation of oil products, liquefied petroleum gas (LPG) and natural gas, refining, the production of a wide range of oil products and the retailing of oil products, oil derivatives, petrochemicals, LPG and natural gas, as well as the generation, transportation, distribution and supply of electricity. Co. operates in more than 40 countries. Co.'s operations are divided into four segments: Upstream, Downstream, LNG and Gas Natural Fenosa.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.