IBERIAN DAILY 10 MARCH (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: SIEMENS GAMESA, UNICAJA.Hope for peace, bullish markets
Russia’s willingness to negotiate a potential end of the conflict with Ukraine’s surrender in some issues acted as a driver for stock markets to recover a significant percentage of the losses seen in the last few days against a backdrop of still high volatility. Thus, the Euro STOXX ended >+7% up, with all sectors closing in positive territory, led by Banks and Consumer Goods, whereas Energy and Basic Resources saw the worst relative performance. On the macro side, in the US the Govt. is planning to place a tax on fuel profits.
What we expect for today
The European stock markets would post losses on a key day of complicated negotiations between Russia and Ukraine, where the ECB should cool expectations of short-term rate hikes in view of the high downside risk on growth. Currently, S&P futures are down -0.2% (yesterday the S&P 500 ended flat vs. the European closing bell). Volatility in the US fell (VIX 32.45). Asian markets are rising (China’s CSI 300 +1.7%, and Japan’s Nikkei +3.94%).
Today in the euro zone the ECB will hold its meeting and the foreign Affairs ministers of Ukraine and Russia will meet. Also, in the US we will learn February’s inflation and weekly jobless claims. In debt auctions: Italy (€ 6.5 Bn in 6M t-bills) and Ireland (€ 1 Bn in bonds due 2032 and 2037).
COMPANY NEWS
The IBEX 35 Technical Advisory Committee will meet at today’s closing bell. We do not expect any changes.
At today’s closing bell, the IBEX Technical Advisory Committee will meet for its first annual meeting (a follow up one, the next follow up one will be held in September; the control meetings are in June and December, and that’s when changes are usually made). We do not expect any changes. In any case, the best-positioned companies to enter the Ibex would be Sacyr and Acciona Energía (listed since July’21 although with limited liquidity and its parent company is already on the index), whereas CIE or Almirall would be candidates to be removed.
Unicaja Banco SA is a Spain-based financial institution (the Bank) engaged in the banking sector. The Bank offers services to individual and business customers. Its products and services range includes current and savings accounts, debit and credit cards, consumer and commercial loans, real estate credit, securities brokerage, funds management, leasing, factoring, pension plans, life and non-life insurance, international trade financing, money transfer, as well as treasury, among others. The Bank operates a number of branches in Spain and Morocco. The Bank is controlled by Fundacion Bancaria Unicaja.
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