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INFORME DIARIO 19 SEPTIEMBRE (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: AENA, CAF, FCC, TELEFÓNICA, VISCOFAN. EUROPA: ESSILORLUXOTTICA.


La Fed anima las bolsas
Tras la esperada bajada de tipos por parte de la Fed, las bolsas europeas reaccionaron con fuertes avances por encima del +1,5%. El Ibex se quedó rezagado y cerró con tímidas pérdidas por la ausencia de representación tecnológica. Así, en el STOXX 600 Tecnología volvió a liderar con fuerza los avances frente a Utilities y R. Básicos que fueron los que más cayeron. Por el lado macro, en EE.UU. el índice manufacturero de la Fed de Filadelfia repuntó con fuerza en agosto. El desempleo semanal cayó más de lo esperado tras alcanzar la semana pasada su nivel más alto desde 2021. En R. Unido el BoE mantuvo sin cambios el tipo de interés de referencia en el 4,0% en una decisión que no fue unánime (2 votaron a favor de recortes). La Autoridad Monetaria espera que inflación alcance su pico del 4,0% en septiembre, pero reconoce que los riesgos siguen sesgados al alza. En Japón, la inflación general y subyacente de agosto se moderó en línea con lo previsto hasta el 2,7% interanual. Mientras, el BoJ mantuvo como se preveía el tipo de interés inalterado en el 0,5% (aunque 2 miembros votaron a favor de subir 25 p.b) pero anunció el inicio muy gradual (0,05% del volumen negociado) de venta de ETF de renta variable (330.000 M de yenes anuales a valor contable) y REITS (5.000 M de yenes anuales) en cartera.
Qué esperamos para hoy
Las bolsas europeas abrirían planas, con signo mixto pero cierto sesgo a la baja. En estos momentos, los futuros del S&P 500 cotizan sin cambios (el S&P 500 terminó ayer con avances del +0,3% con respecto al nivel al que estaba al cierre de las bolsas europeas). Los mercados asiáticos cotizan mixtos (CSI 300 chino +0,5%, Nikkei de Japón -0,4%).
Hoy en R.Unido las ventas al por menor de agosto. D. Trump y Xi Xinping hablarán telefónicamente.
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.

EssilorLuxottica SA

Essilor International (Compagnie Generale d'Optique) designs, manufactures and sells ophthalmic lenses, ophthalmic optical instruments and equipment. Co.'s activities are divided into three segments: Lenses and Optical Instruments (Co. designs, manufactures and customizes corrective lenses such as: Varilux (progressive lenses); anti-reflective, smudge-proof and anti-static lenses (Crizal); Nikon lenses, Transitions variable-tint lenses and Kodak lenses under agreements; polarized lenses (Xperio) and fog-proof lenses (Optifog)), Equipment (Co. produces, distributes and sells equipment and consumables used by prescription laboratories) and Readers (Co. designs and sells reading glasses).

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).

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