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INFORME DIARIO 14 ENERO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: ACS, LIBERBANK, MEDIASET, SACYR, TECNICAS REUNIDAS. EUROPA: VIVENDI

El mercado continúa sin titulares
A pesar de un nuevo ataque contra una base militar estadounidense en Irak, las bolsas cerraron la sesión con subidas. En el Euro STOXX Inmobiliario y Recursos Básicos dirigieron las ganancias mientras que Viajes y Ocio y Autos presentaron las mayores caídas. Por el lado macro, en España el gobierno subirá las pensiones un 0,9% en el Consejo de Ministros aunque con el objetivo a más largo plazo de vincularlas a la inflación, lo que según el BdE tendría un coste de 2 puntos del PIB en 2030 y más de 3 puntos en 2050. En la Eurozona, C.Lagarde emplazó al próximo 23 de enero el anuncio de la nueva estrategia del BCE. En R. Unido la producción industrial de noviembre cayó más de lo esperado mientras que el PIB mensual en noviembre se contrajo un -0,3% frente al estancamiento anterior y esperado. En EE.UU desde la política monetaria E. Rosengren puso en duda que la inflación repunte a pesar de los aranceles y dejó la puerta abierta a nuevos estímulos en caso necesario. Por otro lado, el Tesoro quitó a Cina de la lista de manipulación de divisa de cara a la firma del acuerdo comercial mañana miércoles. En México la inversión fija de octubre se contrajo ligeramente más de lo previsto. En China el superávit comercial de diciembre resultó superior a lo esperado con un avance tanto de las exportaciones como de las importaciones por encima de lo previsto.
Qué esperamos para hoy
Las bolsas abrirían con ligeras ganancias del +0,25%. En estos momentos, los futuros del S&P cotizan sin cambios (el S&P 500 cerró con subidas del +0,20% respecto al precio al que cotizaba al cierre de los mercados en Europa). La volatilidad en EE.UU. bajó (VIX 12,32%). Los mercados asiáticos cotizan mixtos (Japón +0,73% y Hong Kong -0,36%).
Hoy en EE.UU. la inflación general y subyacente de diciembre. En Rdos empresariales en EE.UU. publican Citi, JPMorgan y W. Fargo, entre otros. Hoy, el Tesoro español emitirá letras a 6 y 12 meses (4.500 M euros) y sindicado a 10 años; Holanda, bonos a 20 años (1.250 M euros) e Italia bonos a 3,7 y 20 años (c. 6.800 M euros).
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.

Mediaset Espana Comunicacion SA

Gestevision Telecinco is a television network company based in Spain. Co. heads a group of dependent companies, which form the Telecinco Group. Through its subsidiaries, Co. is engaged in the management and commercial exploitation of a television network. Co.'s television network acquires, produces, and distributes audiovisual content. Co. also sells the network advertising airtime, carried out by its subsidiary. In addition, Co. is involved in the sale of other advertising products; production of news programs; the production and sale of audiovisual property rights; and teleshopping.

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.

Tecnicas Reunidas SA

Tecnicas Reunidas is a general contractor company based in Spain. Co. engages in the engineering, design, and construction of industrial facilities for refining and petrochemical, oil and gas, power, and infrastructure and industries sectors worldwide. Co. constructs nuclear plants, conventional thermal plants, and renewable energy and cogeneration facilities for power sector; refineries and facilities for petrochemicals; water treatment, desalination, waste management, air, land, and marine transport facilities; and liquefaction, and storage facilities, as well as oil and gas fields and pipelines. Co. also provides engineering, management and operating services for industrial plants.

Vivendi SE

Vivendi is an audiovisual group active in the entertainment industry with activities in music, TV, cinema, mobile, fixed and internet, and games. Co.'s operations are divided into five businesses: Canal+ Group which produces and distributes pay-TV in France, analog or digital, and is involved in film making; Universal Music Group which sells recorded music (physical and digital media); GVT which serves as a telecommunication operator for fixed ultra high-speed broadband, fixed-line telecommunications and Pay-TV in Brazil; SFR which is engaged in mobile phone services in France, as well as fixed and ADSL services; and Other Activities which involves ticketing, Wengo and Watchever.

Provider
Sabadell
Sabadell

Analysts
Research Department

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