IBERIAN DAILY 22 SEPTEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ELECTRICITY SECTOR, IBERDROLA.IBEX “saves” the week
Slight gains in Europe on Friday, but somewhat stronger for the IBEX, which had lagged behind in a positive week for stock markets, where we highlight the performance of the technology sector on both sides of the Atlantic. In the STOXX 600, Technology was the sector that rose the most on the week (+5%), with Media and Telecoms falling the most. On the macro side, in the UK August’s retail sales fell less than expected. In France, September’s investor confidence index rose more than expected, despite the political situation, although it remains below the historical average. Separately, DBRS downgraded France’s credit rating by one notch to AA (stable) vs. AA- from S&P and Fitch. In the US, the Govt. will impose a cost of US$ 100,000 on work visas and will also review their remuneration. The conversation between Trump and Jinping was constructive in matters such as trade, the fentanyl problem and Tik-Tok. In geopolitics, Canada, the UK, Australia and Portugal joined the group recognising the independent State of Palestine.
What we expect for today
European stock markets would open flat with a slightly bullish slant. Currently, S&P futures are down -0.1% (on Friday the S&P 500 ended up +0.22% vs. the European closing bell). Asian markets are rising (China’s CSI 300 +0.43% and Japan’s Nikkei +1.23%).
Today in the euro zone we will learn September’s consumer confidence.
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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