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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 3Q’23 results to be released over the coming days in Spain.
Debt yields continue to set the pace
The drop in sovereign debt yields initially spurred equity markets, which were confident inflation will reach the central banks’ targets (also underpinned by the falling oil prices). However, the messages from J. Powell and C. Lagarde reiterating high interest rates during a longer period of time and leaving the door open to new rate hikes ended up pushing debt curves upward. With this in mind, although growth clearly outperformed value, the Euro STOXX 50 ended the week with a slight +0.3% rise, a bit less than the IBEX 35, which rose back above the 9,200 point reference, although on Friday it was unable to remain above 9,400. The best-performing sectors in the Euro STOXX were Technology and Industrials, whereas Real Estate and Basic Materials ended with the biggest losses. On the macro side, in the UK (mixed data), the 3Q’23 GDP stagnated, avoiding the expected contraction, whereas September’s manufacturing output grew less than expected. In the US, the U. of Michigan consumer confidence index for November fell more than expected. Separately, Moody’s downgraded the country’s sovereign debt outlook to negative from stable (Aaa rating). In Brazil, October’s inflation fell more than expected. In Mexico, September’s industrial output rose more than expected in MoM terms.
What we expect for today
European stock markets would open with slight gains of as much as +0.3%. Currently, S&P futures are down -0.43% (the S&P 500 ended +0.90% higher vs. the European closing bell). Volatility in the US fell (VIX 14.17). Asian stock markets are sliding (China’s CSI 300 -0.39%, Japan’s Nikkei -0.10%).
Today there are no relevant macro data releases. In US business results, Tyson Foods, among others, will release its earnings.
IBERIAN DAILY 13 NOVEMBER + 3Q’23 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: 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 3Q’23 results to be released over the coming days in Spain.
Debt yields continue to set the pace
The drop in sovereign debt yields initially spurred equity markets, which were confident inflation will reach the central banks’ targets (also underpinned by the falling oil prices). However, the messages from J. Powell and C. Lagarde reiterating high interest rates during a longer period of time and leaving the door open to new rate hikes ended up pushing debt curves upward. With this in mind, although growth clearly outperformed value, the Euro STOXX 50 ended the week with a slight +0.3% rise, a bit less than the IBEX 35, which rose back above the 9,200 point reference, although on Friday it was unable to remain above 9,400. The best-performing sectors in the Euro STOXX were Technology and Industrials, whereas Real Estate and Basic Materials ended with the biggest losses. On the macro side, in the UK (mixed data), the 3Q’23 GDP stagnated, avoiding the expected contraction, whereas September’s manufacturing output grew less than expected. In the US, the U. of Michigan consumer confidence index for November fell more than expected. Separately, Moody’s downgraded the country’s sovereign debt outlook to negative from stable (Aaa rating). In Brazil, October’s inflation fell more than expected. In Mexico, September’s industrial output rose more than expected in MoM terms.
What we expect for today
European stock markets would open with slight gains of as much as +0.3%. Currently, S&P futures are down -0.43% (the S&P 500 ended +0.90% higher vs. the European closing bell). Volatility in the US fell (VIX 14.17). Asian stock markets are sliding (China’s CSI 300 -0.39%, Japan’s Nikkei -0.10%).
Today there are no relevant macro data releases. In US business results, Tyson Foods, among others, will release its earnings.
Underlying
Naturgy (NTGY SM)
Provider
Sabadell
Research Department
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