IBERIAN DAILY 22 APRIL + 1Q’24 RESULTS. PREVIEWS (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: MELIÁ HOTELS, MERLIN PROPERTIES, NATURGY.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 1Q’24 results to be released over the coming days in Spain.
A week of losses in Europe, except in the periphery
Friday was another day of risk aversion due to the geopolitical risk, but fears began to subside throughout the session, although this was not enough to prevent the weekly performance from being negative on the whole on both sides of the Atlantic, except the IBEX and MiB, which ended with gains of +0.5%. Within the STOXX 600 sectors, Household Goods and Food led the weekly gains, with Technology (affected by the results releases) and Energy (dragged down by the falling crude oil prices) ending with the biggest drops. On the macro side, in Germany production prices rose more than expected in March. From the Fed, A. Goolsbee (Chicago Fed) joined the chorus of voices signalling a delay to rate cuts. By contrast, in the euro zone Lagarde continued to defend the first rate cut in June, but she was more cautious regarding subsequent cuts. In Mexico, retail sales grew twice what was expected in February. In China, the PBoC kept the 1 & 5Y benchmark loan rates unchanged, as expected. In US business results, Schlumberger was in line, while Procter & Gamble and American Express beat expectations. Tesla announced new price cuts in China.
What we expect for today
Stock markets would open with a slight bullish slant in a week in which the US inflation data will be key and where the US Treasury will auction up to US$ 183 Bn in 2Y, 5Y and 7Y bonds. Currently, S&P futures are up +0.30% (the S&P 500 ended down -0.38% vs. the European closing bell). Asian stock markets are mixed (China’s CSI 300 -0.13%, Japan’s Nikkei +0.55%).
Today in the euro zone we will learn April’s preliminary consumer confidence, in the US March’s national activity index and in Mexico March’s IGAE activity index. In US business results, Verizon, among others, will release its earnings.
Melia Hotels International is the parent company of a group engaged in the acquisition, management and operation of hotels. Co. operates its hotel network in Germany, Argentina, Brazil, Bulgaria, Cabo Verde, Chile, China, Costa Rica, Croatia, Cuba, Egypt, Spain, United States, France, Greece, Netherlands, Indonesia, Italy, Luxembourg, Malaysia, Mexico, Panama, Peru, Portugal, Puerto Rico, United Kingdom, Dominican Republic, Singapore, Switzerland, Tunisia, Uruguay, Venezuela and Vietnam under the followings brandnames: Paradisus Resorts®, Melia Hotels & Resorts®, TRYP Hoteles® and Sol Hotels & Resorts®.
Merlin Properties SOCIMI SA is a Spain-based company engaged in the operation of a real estate investment trust (REIT). The Company focuses on the acquisition, management and rental of commercial properties located in the Iberian Peninsula, primarily in Spain. The Company's activities are divided into the following segments: Office buildings, operating a portfolio of office space; High-street retail, engaged in leasing retail stores; Shopping centers, engaged in managing department stores; Logistics, operating logistics warehouses and distribution centers, and Others. The Company's other activities include property management services rendered to third parties.
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