IBERIAN DAILY 01 OCTOBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACCIONA, ACERINOX, BBVA, GRUPO CATALANA OCCIDENTE.MARKETS YESTERDAY AND TODAY
From green to red
The session worsened as it progressed in European stock markets after the mixed opening in the US with the S&P near a low since July and where growth beat value against a backdrop in which there is still uncertainty surrounding the debt ceiling. Thus, most of the sectors in the Euro STOXX closed in the red, led by Travel & Leisure and Utilities vs. the best relative performance from Basic Materials and Energy. On the macro side, in Germany September’s inflation rose less than expected to 4.1% YoY from the previous 3.9%, and September’s number of unemployed fell slightly less than expected. In Spain August’s retail sales fell unexpectedly. In the US, and especially in the UK, the final 2Q’21 GDP figure was raised. Separately, the Democrats have been unable to reach an agreement, stalling the infrastructure plan and also leaving the approval of the debt ceiling in the air. In Mexico, the Central Bank raised the reference rate by +25bps to 4.75%. In Japan, the 3Q’21 Tankan index and September’s manufacturing PMI index rose more than expected.
What we expect for today
European stock markets would open with losses of more than -1.0%, which would be reeled back in throughout the session. Currently, S&P futures are down -0.53% (the S&P 500 ended down -0.4% vs. its price at the closing bell in Europe). Volatility in the US increased (VIX 23.14). Asian markets are falling (China’s CSI closed and Japan’s Nikkei -2.4%).
Today we will learn in the Euro zone September’s inflation and final manufacturing PMI, and in the US September’s ISM manufacturing index.
COMPANY NEWS
ACERINOX. Nippon Steel sells its 7.9% stake in the company. BUY.
Nippon Steel has sold the 7.9% stake it held in ACX through an accelerated bookbuild at € 10.55/sh. (-4.9% vs. yesterday’s close) after the expiry of the 90-day lock-up period following its previous sale (at € 10.20/sh.). We welcome this sale, as it eliminates the overhang risk, which should fuel ACX share price, which yesterday closed -9% below 2021 highs.
Acciona is the parent company of a construction group. Co. is engaged in general construction activities in the areas of civil engineering and buildings, including railways, marine and hydraulic works, motorways and airports, town planning, conduits, pavements, parking lots, and industrial and urban buildings. In addition, Co. is engaged in the provision of real estate services, the operation of parking lots, telecommunications, services, ecology and alternative means of energy. Co.'s operations are organized in six business divisions: Infrastructures, Real Estate, Energy, Water, Environmental & Urban Services and Logistic & Transport Services.
Acerinox is the parent company of a group engaged in the manufacture and sale of flat and long stainless steel products, and stainless steel wires. Co.'s major products include slabs, billets, black coils, plates, hot-rolled coils, hot-rolled sheets, flat bars, hot-rolled re-bars, hot-rolled black bars, engraved sheets, cold-rolled coils, cold-rolled sheets and circles. Co. also provides long stainless steel products, such as wire rods, angles, hot rolled flat bars, hot rolled re-bars, reinforced bars in coils, cold rolled re-bars, hot rolled black bars, cold drawn bars, and smooth turned bars. In addition, Co. offers wires, welding wire bars, and bars for electrodes.
Banco Bilbao Vizcaya Argentaria is an international financial group, engaged primarily on providing banking services and consumer finance to private individuals and businesses in Spain and Portugal; providing real estate activity in Spain; providing services to international companies and investment banking, capital markets and treasury management services to clients; and providing the banking, insurance and pension businesses in Mexico and the U.S., as well as in South America.
Grupo Catalana Occidente is an insurance group based in Spain. Co. is engaged in insurance and reinsurance activities, including commercial, life, disability, and automobile insurance. Co. is also engaged in the sale of annuities and pension funds. Co.'s operations are organized along two businesses: Traditional business (insurance) and Credit Insurance business. Co.'s main markets are located in Spain, Germany, United Kingdom, France and the Netherlands. Co. maintains a presence in more than 40 countries.
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