IBERIAN DAILY 04 SEPTEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACCIONA, ACCIONA ENERGÍA, ACS, BANKING SECTOR, GRUPO CATALANA OCCIDENTE.September starts with all eyes on macro data and Central Banks
European stock markets ended last week with gains, although marked by the macroeconomic performance where tightening in interest rates in both the US and the euro zone continue to dispel after macroeconomic data underscored slowdown in the euro zone and lower job pressure in the US. Thus, the Euro STOXX ended last week up +1.5%, in line with the Ibex and the DAX. Real Estate and Basic Resources were the best-performing sectors, whereas Food and Automobiles ended with the worst relative performance. On the macro side, in the euro zone August’s manufacturing PMI was cut, whereas in Spain it came in below expectations. In the US, non-farm employment beat expectations, although with the unemployment rate rising to 3.8% and the rise in wage gains moderating more than expected. Meanwhile, August’s manufacturing ISM rose unexpectedly, adding pressure on the 10Y yield in the last session of the week. In Brazil, the 2Q’23 GDP slowed its growth much less than expected.
What we expect for today
European stock markets would open with gains of around +0.3%. Currently, S&P futures are up +0.06% (the S&P 500 ended +0.26% higher vs. the European closing bell). Volatility in the US dropped (VIX 13.09). Asian stock markets are climbing (China’s CSI 300 +1.26%, Japan’s Nikkei +0.46%).
Today in Spain we will learn August’s unemployment change and today is a holiday in the US. In debt auctions, Germany and France will place 3M, 9M and 12M t-bills.
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.
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.
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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