Quiet week for Spain’s markets

The week starts with hardly any notable references in Spain, attention in the eurozone shifts to Germany, where the October Production Price Index is published and the Bundesbank’s monthly report comes to light. Also, in the euro bloc the production of the construction sector for September will be known. Investors will also be watching the People’s Bank of China’s prime lending rate on Monday. On a more informative level, the Annual Financial Convention of the Financial Markets Association is held in Spain.

In Spain, the Institute of National Statistics (INE) publishes the competitiveness guarantee index for September, XTB presents the report ‘Savings and investment habits in Spain’, and the governor of the Bank of Spain, Pablo Hernández de Cos, will speak at the Annual Financial Convention of the Financial Markets Association.

In the European Union, the day starts with a preview of the ECB Financial Stability Report: Eurozone banking fundamentals, valuations and cost of capital. Eurostat publishes construction sector production for September. There will also be meetings on Monday of the Agriculture and Fisheries Council, and the Council of the European Economic Area.

The week will begin with the publication of Germany’s producer price index (PPI) for October, which is expected to show a moderation trend, in line with the evolution of the interannual variation of the general CPI, which stood 8% compared to 4.5% in September.

Subsequently, investors’ attention will focus on the Eurozone consumer confidence index, which remains at historically low levels.

Next, we will know the advance PMIs of the Eurozone for November. In a context marked by the volatile evolution of prices, the deterioration of economic activity, geopolitical uncertainty or the imminent end of the current cycle of tightening of the ECB’s monetary policy, PMIs are expected to remain generally in contraction territory.

The week will end with the publication of the Ifo survey of sentiment and business situation in Germany. In line with the PMIs, the general indicator is expected to maintain the restricted levels of recent months.

On a business level, the publication of Q3 results from the German company Tyssenkrup AG and Lar España Real Estate Socimi in Spain will stand out. In addition, the General Meeting of Shareholders of Berkeley Energía Limited and the payment of dividends from Cellnex Telecom will take place.

As in Europe, the main macroeconomic reference in the US will be the PMIs, which we will know on Friday. Although in the US the leading indicator avoided entering contraction territory in October in both the manufacturing and services sectors, the deterioration of economic sentiment, the cooling of the labour market and the lower dynamism of private consumption could push the indicator below of the contraction level (<50 points).

On the business front, technology giants Nvidia, HP and Autodesk will publish their Q3 2023 results.

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