IBERIAN DAILY 02 JANUARY (ANÃLISIS BANCO SABADELL)
NEWS SUMMARY: ACCIONA.MARKETS YESTERDAY AND TODAY
Without surprises
The short last session of the year saw new drops in the Ibex and the FTS100 vs. the practically flat performance of the US market. In the Euro STOXX, most sectors fell, led by Utilities and Food while Travel&Leisure and Construction were the best performers. On the macroeconomic level, in the US, the Conference Board consumer confidence was disappointing, remaining in December at November’s levels. On another note, D. Trump announced he will sign the Phase I of the agreement with China on the 15th of December, planning to visit China going forward to initiate the Phase II. In China, Caixin’s manufacturing PMI for December fell slightly more than expected to 51.5. On another note, the PBoC announced it will cut the banking reserve ratio (effective on the 6th of January) by 50bps for small and large banks, freeing up to US$ 115 Bn
What we expect for today
Stock markets would open with gains >+0.5%. Currently, S&P futures are up +0.25% (the S&P 500 closed +0.29% higher vs. its price at the closing bell in Europe). Volatility in the US dropped (VIX 13.8%). Asian markets are climbing (Japan is closed and Hong Kong +1.1%).
Today in the euro zone we will learn December’s final manufacturing PMI and consumer confidence and in Brazil December’s trade balance.
COMPANY NEWS
ACCIONA, SELL
According to the press, ANA (in consortium with the local group Aecon; although the stake of each group has not been disclosed) will build the Patullo bridge (British Columbia – Canada) for around € 950 M. The project is expected to be completed in 2023. Positive news of limited impact, as the size of the contract is not relevant (~3.3% of the infrastructures backlog as of 9M’19, assuming a 50% stake for ANA) and the Infrastructures division has a ~25% weight in ANA’s EV.
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.
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