IBERIAN DAILY 05 SEPTEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACCIONA, FCC, GRIFOLS, INDRA, SACYR.The correction continues in Europe
European stock markets saw new corrections, given the contagion effect from the US market and doubts about growth Thus, in the STOXX 600, Real Estate and Telecoms led the gains vs. Technology (hit by NVIDIA’s correction) and Consumer Goods (following the weak Chinese manufacturing data) posted the biggest drops. On the macro side, in the euro zone, August’s final services PMI was cut by Germany. In Spain, even though it climbed slightly less than expected, it remains at very high levels. From the ECB, J. Nagel sees that inflation is on good track although he continues to be cautious. In the US (JOLTS) job vacancies fell to lows from Jan’21 in July, whereas the previous data was cut slightly, suggesting that the job market is almost totally normalised. Lastly, July’s trade deficit rose to highs from the past two years, as companies brought forward their imports, anticipating higher tariffs. From the Fed, September’s Beige Book depicted very lacklustre growth in employment and price economy, mainly stressing the good performance of tourism. In Canada, the BoC cut rates by -25bps, as expected, to 4.25%. In Brazil, July’s industrial output slowed down more than expected. In Japan, wages grew more than expected in July in both nominal and real terms.
What we expect for today
Stock markets would open with slight corrections that would turn to positive levels throughout the session. Currently, S&P futures are down -0.12% (the S&P 500 ended -0.16% lower vs. the European closing bell). Asian markets are sliding (China’s CSI -0.02% and Japan’s Nikkei -1.36%).
Today in the euro zone we will learn July’s retail sales and in the US weekly jobless claims, August’s ADP private employment survey and non-manufacturing ISM.
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.
Fomento de Construcciones y Contratas is the parent company of a group engaged in sanitation services, cleaning, maintaining, purification and distribution of water, construction of highways, hydraulic works, marine works, air and rail transport infrastructure, urban developments, housing, non-residential buildings, office buildings, toll highways, parking garages, marinas and water treatment plants. Co. is also engaged in the manufacture and sale of cement and cement infrastructures, such as precast concrete elements; and in the financial markets, and real estate development, leasing and tourism.
Indra Sistemas is engaged in the design, development, manufacture, assembly, repair, and installation of computer software and applications. Through its subsidiaries, Co. is engaged in consulting, graphic design and multimedia, web design and marketing, internet development and electronic trade, systems integration and hosting geared business to business and business to consumer, as well as in internet financing and electronic marketing. Co. serves defense and security, transport and traffic, energy and industry, telecom and media, finance and insurance, and public administration and healthcare markets. Co. operates primarily in Europe, the United States, Canada, and Latin America.
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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