IBERIAN DAILY 31 MARCH (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: IAG, INSURANCE SECTOR, RENEWABLE SECTOR, TALGO.Some market disappointment
European stock markets saw profit taking after expectations on an agreement between Russia and Ukraine cooled off. In this regard, Kremlin spokesman, D. Peskov, outlined significant differences for a cease-fire. On the positive side, Russia would have apparently backed up in its demand to pay gas in roubles and the US would plan to free crude oil reserves again, which contributed to an ease in energy prices. Germany is taking the first steps to rationalise gas by activating the emergency law. In the Euro STOXX, Energy (following the rally of crude oil yesterday after two days of drops) and Consumer Goods were the best-performing sectors whereas Travel&Leisure and Construction ended with the biggest drops. As for macroeconomic data, March’s inflation speeded up much more than expected again, climbing to 9.8% in Spain and to 7.3% in Germany. In the euro zone, March’s economic climate index fell more than expected, underscoring significant deterioration of consumer expectations. In the US, the final reading of the 4Q’21 GDP moderated to 6.8% whereas March’s ADP private employment survey was quite in line with expectations, suggesting high job creation for the data to be released next Friday. In China, the services PMI dropped more than expected below 50.
What we expect for today
European stock markets would open with slight gains with some relief for cyclical consumer companies and the energy sector hit by the drop in crude oil prices. Currently, S&P futures are up +0.13% (yesterday the S&P 500 ended -0.2% lower vs. the European closing bell). Volatility in the US rose (VIX 19.33). Asian markets are sliding (China’s CSI 300 -0.8%, and Japan’s Nikkei -0.4%).
Today in the euro zone we will learn February’s unemployment rate and in the US February’s personal income and outlays.
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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