IBERIAN DAILY 24 SEPTEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: INDRA, REPSOL, TELEFÓNICA.Transitional session brings gains
European stock markets rallied, spurred by optimism on the positives of AI and the expected greater economic dynamism. In the STOXX 600, the gains were led by Autos and Consumer Goods, whereas defensive sectors like Pharma and Food suffered the biggest drops. On the macro side, in the euro zone the preliminary manufacturing PMI for September fell into a zone compatible with falling activity levels (49.5), while the services PMI rose more than expected (51.4) thanks to the increase in Germany vs. the collapse in France. In the US, the preliminary manufacturing and services PMIs fell more than expected in September. From the Fed, M. Bowman suggested that the pace of rate cuts may need to be sped up if symptoms of job destruction are detected, while A. Goolsbee believes there is room to lower rates if inflation cools. On another note, J. Powell kept his stance unchanged after suggesting only limited cuts over the next 12 months. In Mexico, July’s retail sales rose unexpectedly, while the IGAE activity index for July once again deteriorated more than expected. In Japan, the services and manufacturing PMI fell in August, with the latter deteriorating to slowdown territory. In China, Alibaba announce new investment plans in AI infrastructure (US$ 53 Bn) over the next 3 years while it unveiled its new LLM model (Qwen3-Max LLM). On the geopolitical level, D. Trump changed his stance and he was in favour of Ukraine recovering all its land occupied by Russia, which does not bring closer the peace scenario.
What we expect for today
European stock markets would open with corrections of -0.4%. Currently, S&P futures are up +0.08% (yesterday the S&P 500 ended -0.33% lower vs. the European closing bell). Asian markets are climbing (China’s CSI 300 +0.54% and Japan’s Nikkei +0.10%).
Today in Germany we will learn September’s IFO, in the US final building permits and August’s new home sales.
Indra Sistemas is engaged in the design, development, manufacture, assembly, repair, and installation of computer software and applications. Through its subsidiaries, Co. is engaged in consulting, graphic design and multimedia, web design and marketing, internet development and electronic trade, systems integration and hosting geared business to business and business to consumer, as well as in internet financing and electronic marketing. Co. serves defense and security, transport and traffic, energy and industry, telecom and media, finance and insurance, and public administration and healthcare markets. Co. operates primarily in Europe, the United States, Canada, and Latin America.
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.
Telefonica is engaged in the provision of public or private telecommunications services, including ancillary or complementary telecommunications services or related services. Co.'s fixed business includes: traditional fixed telecommunication services, Internet and broadband multimedia services, data and business-aplications services, and wholesale services for telecommunication operators. Co. also provides a range of mobile and related services and products to consumer and business customers, including mobile voice services, value added services, mobile data and Internet services, wholesale services, corporate services, roaming, fixed wireless, and, trunking and paging.
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