IBERIAN DAILY 03 JANUARY (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ELECTRICITY SECTOR EUROPE, UNICAJA.Green numbers to kick off 2023
European stock markets started off the year with gains, underpinned by the falling natural gas prices (ICE Gas -7.9% on the day), which fell below the level from the start of the war (21 Feb). Thus, in the Euro STOXX, almost all the sectors posted gains, with Retail and Autos being the best performers, whereas Consumer Goods and Chemicals ended with the worst relative performance. On the macro side, in Spain 2022 vehicle registrations ended at 813,396, the worst figure from the past 9 years (-5.4% YoY and -35.3% vs. 2019). In the euro zone, December’s final manufacturing PMI confirmed the preliminary figure of 47.8, with noteworthy improvements in Spain and France. From the ECB, J. Nagel backed additional measures to slow rising inflation expectations, with an optimistic tone regarding risks of a downturn. In this regard, it also shows the strength of the German labour market. The UK is facing the biggest recession among G7 economies against a backdrop of social tension due to the rail workers strike. In China, December’s Caixin manufacturing PMI fell more than expected. This would be in line with the Beige Book analysis of the Chinese economy, which suggests activity contracted in 4Q’22 due to disruptions brought about by Covid-19.
What we expect for today
European stock markets would open with drops of -0.5% awaiting Germany’s inflation data for December. Currently, S&P futures are up +0.18% (the S&P 500 was closed for the holiday). Volatility in the US was unchanged (VIX 21.67). Asian markets are rising (China’s CSI 300 +0.6% and Japan’s Nikkei closed).
Today in Spain and Germany we will learn December’s unemployment, in the UK December’s final manufacturing PMI, in Germany December’s preliminary inflation and in the US November’s construction spending.
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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