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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.
No surprises from the Fed
The results season continues to stand out in another session of drops in Europe. Thus, in the STOXX 600 the best-performing sectors were Real Estate and Banks, whereas Technology and Retail were the worst relative performers. On the macro side, in Germany January’s inflation slowed more than expected (to 2.9% vs. 3.7% previously) and unemployment fell unexpectedly. In the US, the Fed meeting kept rates unchanged, and although all allusions to possible rate hikes were eliminated from the statement, J. Powell called into question cuts beginning in March’24. In China the Caixin manufacturing PMI repeated the previous data (in line), remaining in a zone consistent with recovering activity levels. In US business results, Boeing beat expectations, Mastercard and Nasdaq were in line.
What we expect for today
European stock markets would open with slight drops in view of a less ambitious message than expected from the Fed. However, the debt curve move could underpin share prices once more. Currently, S&P futures are up +0.15% (the S&P 500 ended -0.77% lower vs. the European closing bell). Asian stock markets are mixed (China’s CSI 300 +0.26%, Japan’s Nikkei -0.76%).
Today in the euro zone we will learn January’s general and core inflation as well as December’s unemployment, in Spain January’s manufacturing PMI, in the UK the BoE will meet and in the US manufacturing ISM and weekly jobless claims. In US business results, Apple, Amazon and Meta, among others, will release their earnings.
IBERIAN DAILY 01 FEBRUARY + 4Q’23 RESULTS. PREVIEWS (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: N/A.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.
No surprises from the Fed
The results season continues to stand out in another session of drops in Europe. Thus, in the STOXX 600 the best-performing sectors were Real Estate and Banks, whereas Technology and Retail were the worst relative performers. On the macro side, in Germany January’s inflation slowed more than expected (to 2.9% vs. 3.7% previously) and unemployment fell unexpectedly. In the US, the Fed meeting kept rates unchanged, and although all allusions to possible rate hikes were eliminated from the statement, J. Powell called into question cuts beginning in March’24. In China the Caixin manufacturing PMI repeated the previous data (in line), remaining in a zone consistent with recovering activity levels. In US business results, Boeing beat expectations, Mastercard and Nasdaq were in line.
What we expect for today
European stock markets would open with slight drops in view of a less ambitious message than expected from the Fed. However, the debt curve move could underpin share prices once more. Currently, S&P futures are up +0.15% (the S&P 500 ended -0.77% lower vs. the European closing bell). Asian stock markets are mixed (China’s CSI 300 +0.26%, Japan’s Nikkei -0.76%).
Today in the euro zone we will learn January’s general and core inflation as well as December’s unemployment, in Spain January’s manufacturing PMI, in the UK the BoE will meet and in the US manufacturing ISM and weekly jobless claims. In US business results, Apple, Amazon and Meta, among others, will release their earnings.
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Sabadell
Research Department
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