IBERIAN DAILY 02 APRIL (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: REPSOL, ROVI, TALGO.New highs in Europe
With the markets closed on Friday for the Easter holiday, stock markets ended with gains aided by the ECB’s statements on rate cuts. During the week, the STOXX 600 saw widespread gains, led by Retail and Telecoms, whereas Technology and Travel & Leisure ended with the biggest drops. On the macro side, in Germany February’s retail sales fell much more than expected. In the euro zone, February’s M3 rose more than expected. In the US, the final 4Q’23 GDP reading improved unexpectedly to 3.4% QoQ thanks to the contribution from private consumption. The U. of Michigan consumer confidence index for March improved more than expected, with inflation expectations falling more than expected to 2.9% and 2.8% (1Y and 5Y) and the manufacturing ISM rose more than expected, with the price index rising. Lastly, February’s real personal outlays rose more than expected, although the core consumption deflator for February fell in line with expectations. In China, the official manufacturing and services PMI for March rose more than expected.
What we expect for today
European stock markets would open flat with a slight bearish slant, with growth penalised by the rising interest rates. Currently, S&P futures are down -0.18% (the S&P 500 ended down -0.17% vs. the European closing bell). Asian stock markets are mixed (China’s CSI 300 -0.50%, Japan’s Nikkei +0.04%).
Today in the euro zone we will learn March’s final manufacturing PMI, in Spain March’s unemployment, in Germany March’s inflation and in the US February’s factory orders and JOLTS job openings.
Laboratorios Farmaceuticos Rovi is engaged in the sale of its own pharmaceutical products and the distribution of other products for which it holds licenses granted by other laboratories for specific periods, in accordance with the terms and conditions contained in the agreements entered into with said laboratories.
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.
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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