IBERIAN DAILY 29 AUGUST (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: INDRA, REPSOL.All eyes on Nvidia’s results that were not convincing in the end
Europe ended with slight gains, which led the Ibex to consolidate June’s highs of 11,300 points after climbing 12 of the last 15 sessions. In the STOXX 600, Chemicals and Insurance led gains, whereas Basic Resources posted the biggest drops. On the macro side, in the euro zone, July’s M3 expanded less than expected. Car registrations grew 0.2% YoY vs. 4.3% previously. In the US, R. Bostic from the Fed admitted that his rate cut pattern has intensified although they should be cautious so as not to be forced to interrupt cuts and raise rates again. On another note, another survey suggests the victory of K. Harris vs. D. Trump in the states of Arizona, Georgia and Nevada. In US business results, Salesforce, NetAPP and Nvidia came in above expectations.
What we expect for today
Stock markets would open with drops of as much as -0.3% that should ease throughout the session. Currently, S&P futures are down -0.28% (the S&P 500 ended flat vs. the European closing bell). Asian markets are sliding (China’s CSI -0.12% and Japan’s Nikkei -0.13%).
Today in Spain and Germany we will learn August’s inflation, in the euro zone August’s economic confidence index, in the US the second reading of the 2Q’24 GDP, weekly jobless claims and July’s pending 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.
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