IBERIAN DAILY 09 NOVEMBER + 3Q'21 RESULTS. PREVIEWS (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACCIONA, ACS, CAF.MARKETS YESTERDAY AND TODAY
At the end of today’s report, and during the entire results season, we will include a presentation with previews for the 3Q’21 results to be released over the coming days in Spain.
Slight corrections from highs
It was a transitional session for the European stock markets, with hardly any relevant macro data and with all eyes on the US inflation data (to be released on Wednesday). Thus, within the Euro STOXX, the best-performing sectors were Basic Resources and Energy vs. the worse relative performance of Real Estate and Autos. On the macro side, in the Euro zone, November’s Sentix confidence index climbed unexpectedly. On another note, the UK would be closer to implement Art. 16 to eliminate controls in Northern Ireland in view of the lack of an agreement with the EU. In the US, Brainard will be a possible candidate to replace Powell in the Fed. In Asia, the Board of Advisors will meet the home development sector to tackle the problem of Evergrande whereas Hong Kong halts the reopening of the economy as a result of Covid-19 and Singapore implements tighter restrictions again. In US business results, Viatris came in better, Berkshire Hathaway disappointed, and PayPal in line.
What we expect for today
European stock markets would open with slight profit taking again and with financials hit by the decrease in the interest rate curve. Currently, S&P futures are seeing slight drops (the S&P 500 ended flat vs. its price at the closing bell in Europe). Volatility in the US rose (VIX 17.20). Asian markets are mixed (China’s CSI 300 +0.3% and Japan’s Nikkei -0.75%).
Today we will learn in Germany November’s Zew index, and in the US October’s production prices. In US business reuslts, Dr. Horton, Sysco and Westrock, among others, will release their earnings. In debt auctions: Netherlands (€ 2.5 Bn in bonds due 2038) and Germany (€ 6 Bn in bonds due 2023).
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.
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