Renta 4 : Stock markets open lower again (Eurostoxx -0.3%, S&P flat), after negative closes in the US and Asia. As for central banks, Norway’s central bank unanimously raised rates by +25 bps, in line with expectations, to 4%, and anticipated more hikes in September, arguing that inflation is still not under control. A monetary policy direction that contrasts with that of other countries where they have already started to…
Renta 4| New day with European futures lower at the open (Eurostoxx 50 -0.6%, S&P flat) after a negative close in the US at the lows and with the US IRR 10 hitting the highest since October at 4.26%, and rising today +4 bps to 4.31%, which is an increase of c.+15 bps since Friday. Noteworthy is the publication of the minutes of the Fed’s July meeting where there is…
Morgan Stanley: Last week, analysts noted that the S&P 500 earnings revision breadth had fallen below 0% for the first time in several months. Now, this breadth has reversed back to positive again. What is interesting is that earnings revisions breadth follows a pattern very much in line with historical seasonality, which would point to further declines in October. This observation is repeated globally so earnings revisions for 2024 could…
Renta 4: European stock markets point to a bearish opening (Eurostoxx futures -0.50%, after a Thursday session in which a better-than-expected US CPI data rebounded from the previous month (3.2% against 3.3% estimated and 3.0% previously) encouraged the markets in the last part of the session in Europe, only to end up deflating at the close of the American session. Although the rise from the previous month is minimal, US…
Renta 4 : Stock markets point to a positive opening (Eurostoxx futures +0.67%), after a positive Wednesday session in Europe in which the markets welcomed the Italian government’s decision to limit the tax on banks announced last Monday. In this sense, the government has clarified that the tax cannot exceed 0.1% of the assets of the institutions and “will not have a significant impact” on those that are remunerating the…
Intermoney| Yesterday was a bad day for the Ibex (-0.6%) which saw the effect of the new tax on banks in Italy also felt in the Madrid selective, which, however, at least maintains an advance in 2023 of +13%, in line with the EuroStoxx. Among the stocks that suffered the most were Santander and BBVA, which dropped between 2 and 3 points. Unicaja and Sabadell also had a day to…
Renta 4: Stock markets point to a flat opening (Eurostoxx futures -0.07%), after a Monday session where there were no major corporate references after the conclusion of the 2Q23 results season (in the absence of Bayer today). In China, weak July trade balance figures were published, with exports falling at their fastest pace since February 2020 (-14.5% vs 12.5% estimated and 12.4% previously) and imports surprisingly down when an improvement…
Link Securities | Iberdrola (IBE) has reduced its debt maturities in 2023 to less than €2 billion, after obtaining €4.855 billion in new financing and extending the duration of €6.1 billion so far this year, as reported on Monday by Expansión newspaper based on Europa Press. Specifically, the electricity company has received the support of the market, having executed some 30 operations between loan extensions and new financing in the…
Morgan Stanley: 100% of the sector has beaten NII so far, still a clear buy. Álvaro Serrano (analyst) highlights another quarter of solid results from European banks with 100% beating NII (rising rates and lower deposit betas) and contained credit risk. That said, the good results and the lack of growth in RWAs allowed banks to boost shareholder distributions with several of them (CABK, DBK, HSBC, BARC…) announcing new buyback…
Renta 4: The price reacts from levels of $60, historical lows of the stock during 2019, before emerging on the upside with the lockdowns of the pandemic. Although the stock is at the same levels as then, the company’s figures have nothing to do with those of that time, for example it has more than $5 billion, 25% of its capitalisation, in cash, without debt. In the short term it…