IBERIAN DAILY 02 OCTOBER (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: BANKING SECTOR. Stock exchanges rise with poor data Despite the doubtful opening bell European stock markets ended with gains after the poor US data underpin rate cuts by the Fed. Little progress was made in the shutdown, the federal government would have frozen US$ 26 Bn for Democratic-leaning states (US$ 18 Bn in infrastructures for the city of New York). In the STOXX 600, Pharma and Energy (due to more stable crude oil prices) led gains whereas Household and Travel&Leisure were the only sectors ending in negative territory. On the macro side, in the euro zone, September’s fin...

IBERIAN DAILY 01 OCTOBER (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: AENA, REPSOL, ROVI, SANTANDER, TALGO. Shutdown in the US Govt. European stock markets saw gains despite the US newsflow suggesting a government shutdown. In this regard, the Senate rejected the Republican party’s resolution which would have maintained Govt. financing through 21/11 as it did not include an extension to healthcare subsidies (Affordable Care Act), which could affect around 750,000 public jobs. In the STOXX 600, the best-performing sector was Household, with the mixed performance of Retail, whereas cyclical industries such as Energy for the second consecutive sessio...

INFORME DIARIO 01 OCTUBRE (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: AENA, REPSOL, ROVI, SANTANDER, TALGO. Shutdown en la administración estadounidense Avances en las bolsas europeas, que presentaron subidas a pesar de que las noticias desde EE.UU. ya apuntaban a un cierre del gobierno. En este sentido, el Senado rechazó la resolución republicana que habría mantenido la financiación del gobierno hasta el 21/11 al no incluir la extensión de los subsidios sanitarios (Affordable Care Act), lo que podría afectar a unos 750.000 empleos públicos. En el STOXX 600 los mejores sectores fueron defensivos como Hogar y mixtos...

Belimo : Magnificent structural growth story – but temporary tariff headwinds ahead

We consider the HVAC automation specialist Belimo of Top Swiss Quality. Having presented impressive defensive characteristics in the commercial building market for decades, we expect sales and earnings momentum to accelerate further going forward due to the higher-margin data centres cooling business and the group’s own specific growth initiatives in the retrofit and sensors business. This should lead to a gradual upgrade of the company’s EBIT margin target (from 18-20% fixed a couple of years ago to 25% in the longer-term/2025e: 20.4%). However, delayed price increases could temporarily hit h...

Brunello Cucinelli : Robust Q3 growth as expected, company reiterates comments on recent controversy

Brunello Cucinelli : Croissance T3 robuste comme attendu, la société réitère ses commentaires au sujet de la controverse récente