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INFORME DIARIO 12 FEBRERO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: ACS, ENAGÁS, IAG, NATURGY, SACYR, SECTOR ELÉCTRICO ESPAÑA, SECTOR PAPEL ESPAÑA. EUROPA: DEUTSCHE TELEKOM, KERING, NOKIA.

Ganancias generalizadas en EE.UU y Europa
Jornada de números verdes a ambos lados del Atlántico, con ganancias en todas las principales bolsas de Europa y EE.UU. En el Euro STOXX las subidas estuvieron lideradas por Viajes y Ocio y Tecnología, mientras que Media y Alimentación fueron los dos únicos sectores que cayeron. Por el lado macro, en España el Gobierno rebajó su estimación de crecimiento 2 décimas para este año hasta el 1,6% y 1,5% en 2021 y perfila más gasto, más impuestos y dilatar los objetivos fiscales (-1,8% para 2020). En R. Unido el PIB preliminar del 4T’19 creció más de lo esperado al retener el 1,1% a/a gracias al gasto público y las exportaciones. Desde el BCE, C. Lagarde instó a los países a usar su política fiscal para impulsar el crecimiento. En EE.UU, J. Powell, Presidente de la Fed, advirtió del riesgo para la economía global que puede tener el coronavirus pero se mostró conforme con la situación de política monetaria. Por otro lado, Kashkari opinó que la política monetaria no es tan acomodaticia mientras que Bullard reconoció que serían buenas noticias ver una inflación por encima del 2,0%. En México, la producción industrial de diciembre se contrajo más de lo esperado. En Rdos. empresariales en EE.UU. Hilton Worldwide, Haasbro y Exelon por encima de lo esperado, mientras que Under Armour decepcionó.
Qué esperamos para hoy
Las bolsas abrirían con ligeras ganancias con el Brent retornando a los 55 dólares el barril. En estos momentos, los futuros del S&P cotizan con subidas del +0,06% (el S&P 500 cerró con caídas del -0,18% respecto al precio al que cotizaba al cierre de los mercados en Europa). La volatilidad en EE.UU. subió (VIX 15,18%). Los mercados asiáticos que están abiertos cotizan con subidas (Japón +0,74% y Hong Kong +1,00%).
Hoy en la Eurozona, la producción industrial. En Brasil las ventas al por menor. En Rdos. empresariales en EE.UU. Moody’s, Global Payments y CVS Health entre otros. En subastas, Italia (6.000 M euros en letras a 12 meses), Alemania (4.000 M euros en bonos a 10 años) y Portugal (1.138 M euros en bonos a 7 y 15 años).


EUROPA

KERING. Rdos. 2019 ligeramente mejores pero importante aceleración de LfLs en 4T’19. COMPRAR
Rdos. ligeramente mejores en EBIT (4.778 M euros (+21,2% vs +17,7% BS(e) y +20,1% consenso). El crecimiento en ventas LfL también se sitúa por encima de lo esperado en 4T’19 (+11,4% LfL vs +9,7 previsto) gracias a la muy positiva evolución de Gucci (~60% ventas; +10,5% en 4T v s +8,6% consenso). Aquí destaca que las ventas en EE.UU. (~18%) continúan la tendencia de mejora prevista y se sitúan ya en positivo en 4T (vs +0% LfL esperado vs -2% en 2T y 3T). Comentan que el impacto del coronavirus no pone en duda el modelo de negocio de Kering (aunque a corto plazo impactará en el consumo y turismo, aún sin cuantificar). Creemos que la positiva evolución mostrada por Gucci debería más que compensar la incertidumbre sobre el negocio en China.
Underlyings
Accesso Technology Group

Accesso Technology Group is engaged in the development and application of ticketing, mobile and eCommerce technologies, and virtual queuing solutions for the attractions and leisure industry. Co.'s solutions include accesso LoQueue, accesso Passport, accesso Siriusware and accesso ShoWare. Co. primarily has operations or customers in the U.K., the U.S., Canada, Italy, Germany, Australia, Brazil, and Mexico.

Actividades de Construccion y Servicios SA

ACS Actividades de Construccion y Servicios is a holding company. Through its subsidiaries, Co.'s activities are divided into the following areas: Construction, engaged in the construction of civil works, and residential and non-residential building construction; industrial services, engaged in the development of applied engineering services, installations and the maintenance of industrial infrastructures in the energy, communications and control systems sectors; services, groups together environmental services, the outsourcing of building maintenance services, logistics and transport services; and concessions, mainly engaged in transport infrastructure concessions.

Deutsche Telekom AG

Deutsche Telekom is engaged in the telecommunications services and information technology sectors. Co. operates as an integrated telecommunications provider. It is organized into four operating segments: Germany, Europe, and the United States; and Systems Solutions, as well as Group Headquarters and Shared Services. Co. provides fixed-network lines, broadband lines and mobile communications. Co. also provides customized Information and Communication Technology (ICT) solutions for corporate customers under the T-Systems brand. The Group Headquarters and Shared Services segment comprises cross-segment management functions, real estate services, and mobility solutions, among others.

International Consolidated Airlines Group SA

International Airlines Group is an international scheduled airline and global premium airlines. Co.'s principal place of business is London with significant presence at Heathrow, Gatwick and London City airports.

Mapfre SA

Mapfre is an insurance company based in Spain. Co. is the parent company of a group engaged in the underwriting and provision of insurance in Spain and abroad. Insurance policies provided include: life, non-life, accident, home-owner, general and health. Through its subsidiaries, Co. is also engaged in the provision of reinsurance, the management of investment funds, pension funds and pension plans, real estate and related services. On the domestic market, Co.'s activities include managing investment funds, pension funds and pension plans, real estate and other service businesses.

Nokia Oyj

Nokia is an Internet and communications technology company based in Finland. Co.'s operations are focused on three businesses: network infrastructure software, hardware and services, which Co. offers through Networks; location intelligence, which Co. provides through HERE; and advanced technology development and licensing, which Co. pursues through Technologies. Co. maintains a global presence with operations and Researh & Development facilities located in Europe, North America and Asia, and sales in approximately 130 countries. Co. has an installed base of around 600 customers worldwide and these operators serve over 4 billion subscribers.

Orange SA

Orange provides consumers, businesses and other telecommunications operators with a wide range of services including fixed telephony and mobile telecommunications, data transmission, Internet and multimedia, and other services. Co.'s portfolio comprises business lines (fixed-line, mobile, Internet), focusing on all customer segments (small and medium-sized businesses, multinationals), and personal and professional services for home, office, travel, and mobile. Co. manages eight operating segments: France, Poland, Spain, Rest of the Europe, Africa and Middle East, Other non-controlling equity interests, Enterprise Communication Services, and International Carriers and Shared Services.

Sacyr S.A.

Sacyr is the parent company of a group engaged in the acquisition, development and construction of urban properties for their subsequent rental or resale. Co. primarily leases and sells office buildings and complexes, housing units, and shopping centers. Co. is also engaged in the operation of urban car parking facilities. Co. offers services related to the real estate industry such as technical assistance in energy savings, inventory management, architectural design, telecommunications management, property maintenance, as well as gardening and landscaping. Co. also provides consulting services in the real estate fund management sector.

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Research Department

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