IBERIAN DAILY 08 DECEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ELECTRICITY SECTOR, MERLIN, TALGO.The Ibex underperforms other indices
Following the data released yesterday, the weakness started to weigh on European stock markets. Thus, the STOXX index ended with corrections due to the drops of Pharma and Banks, whereas Basic Resources and Chemicals saw the biggest gains. On the macro side, in Germany, October’s industrial output slowed down unexpectedly (for the fifth consecutive month), suggesting activity slowdown in the 4Q’23. In the euro zone, the final 3Q’23 GDP data slowed down by -0.1% q/q although employment climbed slightly. In the US, weekly jobless claims rose moderately although the past 4-week average suggests strong job creation data today. On the geopolitical front, at the EU-China summit, Xi Jinping warned Europe not to initiate a commercial confrontation with the country. On another note, the members of the European Parliament would be discussing the regulation of artificial intelligence. In Japan, the second reading of the 3Q’23 GDP deteriorated more than expected (-2.9% q/qa vs. -2.1 prev.) due to the lower spending of consumer and companies.
What we expect for today
European stock markets would open with slight gains, awaiting the release of the US job data. Currently, S&P futures are down -0.5% (the S&P 500 ended practically unchanged vs. the European closing bell). Volatility in the US rose (VIX 12.07). Asian stock markets are mixed (China’s CSI 300 +0.4%, Japan’s Nikkei -1.6%).
Today in the US we will learn November’s job creation, November’s unemployment rate and December’s University of Michigan confidence index.
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.
Talgo is engaged in designing, manufacturing, repairing and maintaining the railway rolling stock, as well as the manufacturing, assembling, repairing and maintaining the engines, machinery and parts of the railway systems. Co. has an industrial presence in seven countries: Spain, Germany, Kazakhstan, Uzbekistan, Russia, Saudi Arabia and U.S.A. Co. has an active fleet in Europe, Asia and North America that comprises of 94 high-speed trains and more than 1,400 Talgo tilting passenger cars. Also, Co. purchases, redesigns, constructs, leases and sells all types of real estate.
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