IBERIAN DAILY 24 JANUARY + 4Q’22 RESULTS. HIGHLIGHTS AND PREVIEWS (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: BANKING SCTOR, COLONIAL, ELECTRICITY SECTOR, IBERDROLA, NEINOR HOMES, TALGO.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 4Q’22 results to be released over the coming days in Spain.
The Ibex fails to reach 9,000 points
Gains resumed in European stock markets whereas the market is pricing in a more lenient inflation and growth scenario. Thus, in the Euro STOXX, Real Estate and Technology were the best-performing sectors vs. the drops of Chemicals and insurance. On the macro side, in the euro zone, January’s consumer confidence recovered less than expected but reaching highs from Feb’22. From the ECB, Kazimir suggested a 50bps rise in the next two meetings whereas Visco proposes a more gradual tightening, whereas C. Lagarde warned that interest rate will continue to rise significantly to a sufficiently restrictive territory. In Japan, January’s manufacturing PMI remained at the previous level of 48.9, whereas that of services recovered to 52.4 from 51.1 previously. On the geopolitical front, the US is accusing China of economic and not military aid to Russia by state-owned companies. In US Results Synchron Financial came in better than expected and Baker Hughes worse.
What we expect for today
European stock markets would open with gains of +0.3% that could ease throughout the session. Currently, S&P futures are flat (the S&P 500 ended -0.42% lower yesterday vs. the European closing bell). Volatility in the US rose (VIX 19.85). Asian markets are rising (China’s CSI 300 closed and Japan’s Nikkei +1.24%).
Today in the euro zone and the US we will learn January’s PM. As for auctions, Germany will issue € 1.5 Bn in bonds due 2025. In US Results, Microsoft, Invesco, General Electric and 3M, among others, will release their earnings.
COMPANY NEWS
4Q’22 results highlights and rest of previews
Along with our daily report we include 4Q’22 results forecasts with all the previews for next week in Spain with our qualitative opinion and the expected impact on the market. Of the stocks releasing their results over the coming days we highlight on the positive side Caixabank (03/02), where we expect solid performance starting from the NII heading, as well as strong cost control and CoR.
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.
Neinor Homes SA, formerly Neinor Homes SLU, is a Spain-based company engaged in the real estate sector. The Company focuses on the design, construction and promotion of residential properties. It develops housing projects in various Spanish cities, such as Malaga, Madrid, Barcelona, Cordoba, Vizcaya, Alicante, Almeria and Gerona.
Talgo is engaged in designing, manufacturing, repairing and maintaining the railway rolling stock, as well as the manufacturing, assembling, repairing and maintaining the engines, machinery and parts of the railway systems. Co. has an industrial presence in seven countries: Spain, Germany, Kazakhstan, Uzbekistan, Russia, Saudi Arabia and U.S.A. Co. has an active fleet in Europe, Asia and North America that comprises of 94 high-speed trains and more than 1,400 Talgo tilting passenger cars. Also, Co. purchases, redesigns, constructs, leases and sells all types of real estate.
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