Report
Research Department
EUR 100.00 For Business Accounts Only

IBERIAN DAILY 19 SEPTEMBER (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: AENA, CAF, FCC, TELEFÓNICA, VISCOFAN.

The Fed spurs the markets
Following the expected rate cut by the Fed, European stock markets reacted with sharp rises of more than +1.5%. The IBEX lagged behind and closed with slight losses due to the lack of technology stocks. In the STOXX 600, Technology was once again the big winner, with Utilities and Basic Materials falling the most. On the macro side, in the US the Philadelphia Fed manufacturing index rose sharply in August. Weekly jobless claims fell more than expected after reaching its highest level since 2021 last week. In the UK, the BoE kept the reference interest rate unchanged at 4.0% in a decision that was not unanimous (two members voted in favour of rate cuts). The monetary body expects inflation to reach its peak at 4.0% in September but admitted that the risks continue to trend upwards. In Japan, August’s general and core inflation fell in line with expectations to 2.7% YoY. Meanwhile, the BoJ maintained the interest rate unchanged at 0.5% as expected (although two members voted in favour of raising rates by +25bps), but it announced a very gradual start (0.05% of trading volume) of equity ETF sales (330 Bn yen annually at book value) and REITS (5 Bn yen annually) in the portfolio.
What we expect for today
European stock markets would open flat, with mixed signs but a slightly bearish slant. Currently, S&P futures are flat (yesterday the S&P 500 ended up +0.32% vs. the European closing bell). Asian markets are mixed (China’s CSI 300 +0.53% and Japan’s Nikkei -0.39%).
Today in the UK we will learn August’s retail sales. Trump and Xinping will speak by telephone.
Underlyings
Aena SME SA

Aena SME SA, formerly Aena SA, is a Spain-based company primarily engaged in the airports operation. Its activities are divided into four segments: Airports, which comprises Aeronautical subdivision, responsible for the management of airports, jetways, security, handling, cargo and fuel services, among others, as well as Commercial subdivision, including duty-free and specialty stores, restaurant services, car rental, as well as banking services and advertising; Services outside the terminal, which manages real estate assets, such as parking lots, warehouses and lands; International, which comprises operations of Company's subsidiary, Aena Desarrollo Internacional SA, that invests in other airport owners principally in Mexico, Colombia and the United Kingdom; and Others, encompassing corporate activities. It manages tourism, hub and regional airports, as well as heliports and general aviation areas. Furthermore, its destination range comprises Europe, the Americas, Asia and Africa.

Construcciones Y Auxiliar De Ferrocarriles, S.A.

Fomento de Construcciones y Contratas S.A.

Fomento de Construcciones y Contratas is the parent company of a group engaged in sanitation services, cleaning, maintaining, purification and distribution of water, construction of highways, hydraulic works, marine works, air and rail transport infrastructure, urban developments, housing, non-residential buildings, office buildings, toll highways, parking garages, marinas and water treatment plants. Co. is also engaged in the manufacture and sale of cement and cement infrastructures, such as precast concrete elements; and in the financial markets, and real estate development, leasing and tourism.

Telefonica SA

Telefonica is engaged in the provision of public or private telecommunications services, including ancillary or complementary telecommunications services or related services. Co.'s fixed business includes: traditional fixed telecommunication services, Internet and broadband multimedia services, data and business-aplications services, and wholesale services for telecommunication operators. Co. also provides a range of mobile and related services and products to consumer and business customers, including mobile voice services, value added services, mobile data and Internet services, wholesale services, corporate services, roaming, fixed wireless, and, trunking and paging.

Viscofan S.A.

Viscofan is the parent company of the Viscofan Group. Co. is divided into two major operational subgroups. The companies comprising the Naturin GmbH subgroup are engaged in the manufacture and distribution of artificial casings (small and big diameter collagen and plastics) for the meat industry. Through its wholly-owned subsidiary IAN, S.A., Co. also manufactures and distributes canned vegetables (asparagus, olives and tomato).

Provider
Sabadell
Sabadell

Analysts
Research Department

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