IBERIAN DAILY 11 APRIL (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACCIONA, CELLNEX, IBERDROLA, MERLIN, NATURGY, REPSOL, ROVI, SECTOR ELÉCTRICO.Central Bank meeting minutes set the pace for the week
Stock markets fell last week (except the IBEX 35) on the Fed’s hawkish messages, where its meeting minutes announced a plan to reduce the balance sheet (to begin in May) and also left the door open to a +50bps rate hike in the next meeting. In the euro zone, the ECB’s meeting minutes hinted at the end of debt purchases in June, as well as rate hikes in 4Q’22. Thus, the IBEX 35 rallied +1.21% (rising above 8,600 points), while the DAX fell almost -1.3% and the Euro STOXX 50 slightly more than -1.7%. The best-performing sectors in the Euro STOXX were Pharma and Utilities, whereas Industrials and Technology ended with the worst performance on the week. On the macro side, on Friday we learned only Spain’s industrial output, which rose more than expected in February. From the Fed, Mester was optimistic regarding the possibility of the US entering a recession despite tightening financial conditions despite inflation standing above 2% next year. Lastly, in France, the presidential election resulted in a narrow victory for Macron (27% of the vote) over Le Pen (24%), and the two will contest the presidency in a run-off election on the 24 of April. In China, March’s production prices climbed above expectations.
What we expect for today
The European stock markets would open with slight drops following the poor session in Asia due to new Covid-19 lockdowns amid falling oil prices. Currently, S&P futures are flat (yesterday the S&P 500 ended -0.67% lower vs. the European closing bell). Volatility in the US increased (VIX 21.1). Asian markets are falling sharply (China’s CSI 300 -2.7%, and Japan’s Nikkei -0.7%).
Today there are no macro references. Debt auctions: Germany (€ 6 Bn in 6M 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.
Cellnex Telecom SA is a Spain-based company engaged in the wireless telecommunications (telecom) business. Its activities are divided into three segments: Broadcasting infrastructure, Telecom site rental, as well as Network services and other. The Broadcasting infrastructure division comprises distribution and transmission of television (TV) and frequency modulation (FM) radio signals, operation and maintenance (O&M) of radio broadcasting network, as well as over-the-top (OTT) radio services, among others. The Telecom site rental division provides access to wireless infrastructure, primarily through infrastructure hosting and telecom equipment co-location, mainly for mobile network operators and other wireless and broadband telecom network operators. The Network services and other division offers connectivity services for a variety of telecom operators and radio communication, among others. The Company also develops 5th generation mobile networks (5G) through Alticom BV.
Laboratorios Farmaceuticos Rovi is engaged in the sale of its own pharmaceutical products and the distribution of other products for which it holds licenses granted by other laboratories for specific periods, in accordance with the terms and conditions contained in the agreements entered into with said laboratories.
Merlin Properties SOCIMI SA is a Spain-based company engaged in the operation of a real estate investment trust (REIT). The Company focuses on the acquisition, management and rental of commercial properties located in the Iberian Peninsula, primarily in Spain. The Company's activities are divided into the following segments: Office buildings, operating a portfolio of office space; High-street retail, engaged in leasing retail stores; Shopping centers, engaged in managing department stores; Logistics, operating logistics warehouses and distribution centers, and Others. The Company's other activities include property management services rendered to third parties.
Repsol is an oil and gas company. Co. is engaged in all the activities relating to the oil and gas industry, including exploration, development and production of crude oil and natural gas, transportation of oil products, liquefied petroleum gas (LPG) and natural gas, refining, the production of a wide range of oil products and the retailing of oil products, oil derivatives, petrochemicals, LPG and natural gas, as well as the generation, transportation, distribution and supply of electricity. Co. operates in more than 40 countries. Co.'s operations are divided into four segments: Upstream, Downstream, LNG and Gas Natural Fenosa.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.