IBERIAN DAILY 24 NOVEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: IBERDROLA, ROVI.Macro indicators beat expectations
The European stock markets rallied following the positive preliminary PMIs for November in the Euro zone and the slightly positive macro data in the US. Thus, within the Euro STOXX, Travel & Leisure posted the biggest gains, whereas Real Estate and Auto were the worst performers. On the macro side, in the Euro zone, the preliminary manufacturing PMI improved unexpectedly but still stands below 50 (at 47.3). The services PMI was unchanged at 48.6 vs. the drop expected. These data assume GDP growth below the consensus’ 1.1% YoY estimate. In the United Kingdom, the preliminary manufacturing and services PMIs remained at October’s levels. In the US, October’s preliminary core capital goods orders climbed unexpectedly, hinting at a good performance of capital goods investments. Although weekly jobless claims came in slightly above expectations and November’s manufacturing and services PMIs fell more than expected, new home sales rallied unexpectedly in October, as did the University of Michigan consumer confidence in November. As expected, the Fed minutes showed the intention of easing the pace of rate rises in the next meetings although some members warned that final rates will have to be higher than initially expected. In Japan, November’s preliminary manufacturing and services PMI dropped more than expected. In China, Covid cases hit a new record level. On the geopolitical front, the G-7 is considering a cap on Russian crude oil prices at between US$ 65/barrel and US$ 70/barrel.
What we expect for today
European stock markets would see a flat opening, with lower trading volume as the US market is closed. Currently, S&P futures are up +0.1% (the S&P 500 ended +0.49% higher vs. the European closing bell). Volatility in the US dropped (VIX 20.35). Asian markets are mixed (China’s CSI 300 -0.4% and Japan’s Nikkei +0.95%).
Today we will learn in Germany November’s IFO and in the euro zone the ECB monthly report. In debt auctions: Italy (€ 2.75 Bn in bonds due 2024).
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.
Laboratorios Farmaceuticos Rovi is engaged in the sale of its own pharmaceutical products and the distribution of other products for which it holds licenses granted by other laboratories for specific periods, in accordance with the terms and conditions contained in the agreements entered into with said laboratories.
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