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IBERIAN DAILY 18 NOVEMBER + 3Q’22 RESULTS. PREVIEWS (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: ELECTRICITY SECTOR, SIEMENS GAMESA, TELEFÓNICA, VISCOFAN.

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’22 results to be released over the coming days in Spain.

Second straight session of drops
Another session of losses after the rises from the past few days, dragged down by members of the Fed such as Bullard, who warned of additional rate hikes of at least 1pp after the solid macro data. Thus, in the Euro STOXX, Energy and Industrials were the best performers, with Retail and Chemicals posting the biggest losses. On the macro side, in the euro zone October’s final inflation was cut -0.1% to 10.6% YoY. In the UK, the finance minister, J. Hunt, presented the budget, which includes a tax hike and cuts of up to £ 55 Bn in spending. In Spain, the Govt. softened the tax on utilities by including several amendments that reduced the cut originally proposed. In the US, housing starts and building permits for October fell less than expected, while the Philadelphia Fed plunged unexpectedly to a low since May’20. In Japan, October’s inflation rose more than expected, both the general and core figures (hitting a high since 1982). In China, L. Shijin, member of the PBoC, suggested the economy could grow 5.0% in 2023 if stimulus packages are increased.
What we expect for today
The European stock markets would open with slight gains in a session without major macro references. Currently, S&P futures are down -0.15% (the S&P 500 ended +0.27% higher vs. the European closing bell). Volatility in the US fell (VIX 23.93). Asian markets are falling (China’s CSI 300 -0.2% and Japan’s Nikkei -0.1%).
Today in the US we will learn second-hand home sales.