EUR 100.00 For Business Accounts Only

IBERIAN DAILY 09 SEPTEMBER (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: CHANGES IBEX, FERROVIAL, TELEFÓNICA.

Stock markets erase Friday’s losses
European stock markets rallied, offsetting the losses from Friday and driven by the expectations of rate cuts by the Fed. In the STOXX 600, the best-performing sectors were Retail and Construction, whereas defensive sectors like Pharma and Food fell the most. On the macro side, in Germany industrial output rose more than expected in July. However, the trade surplus in July was reduced unexpectedly in view of the falling exports. In the euro zone, September’s Sentix index once again deteriorated unexpectedly. In France, F. Bayrou will submit his resignation today after losing the confidence vote yesterday, as expected. E. Macron does not plan to call elections (demanded by both the far right and left parties) and expects to be able to appoint the 5th PM in this mandate over the coming days, with P. Moscovici (former Finance Minister with F. Hollande) and F. Villeroy (Governor of the Banque of France) among the main candidates although in any event E. Macron will have to make some concessions in his adjustment proposals.
What we expect for today
European stock markets would open with losses of around -0.3%, with bond proxies lagging somewhat due to the rising interest rates. Currently, S&P futures are up +0.1% (yesterday the S&P 500 ended -0.14% lower than the European closing bell). Asian markets are falling (China’s CSI 300 -0.74% and Japan’s Nikkei -0.31%).
Today in the US we will learn August’s SME confidence (NFIB) and in Mexico August’s inflation.


COMPANY NEWS

FERROVIAL. Shareholding changes. OVERWEIGHT-
According to the press, María del Pino (~7.8% FER) would have put up for sale 3.4 M FER shares through Casa Grande de Cartagena, the family office held by the Del Pino family. The estimated price would range between € 46.61-46.85/sh. (-2.2%/1-7% discount vs. yesterday’s close). Note that María del Pino already sold 0.8% of the capital last May at € 45.28/sh. News of limited impact bearing in mind the amount of shares to be sold (~0.5% FER) and the limited discount. In any event, the deal takes place after the good recent share price performance, which has climbed +28% from April’s lows.