Report
Research Department
EUR 100.00 For Business Accounts Only

IBERIAN DAILY 11 JANUARY (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: ACCIONA, AEDAS HOMES, AENA, IBERDROLA.


MARKETS YESTERDAY AND TODAY

Disappointing employment data in the US
The pace of gains in the European stock markets slowed following December’s poor employment data in the US. Despite this, core sectors managed to keep their early-morning gains, with Technology and Utilities leading. Value stocks, however, led losses, with Banks and Telecoms being the worst-performing sectors. On the macro side, in the US December’s employment data was poor. First, job creation fell by 140,000 persons vs. 50,000 expected, although the previous figure was also raised. Secondly, the unemployment rate remained flat at 6.7%, with wage returns increasing above expectations. Separately, Nancy Pelosi warend that in 24 hours the process to impeach Trump will begin if Vice-President Mike Pence does not use the 25th Amendment to replace the President.
What we expect for today
European stock markets would open with losses of more than -0.5%, affected by the new Covid-19 cases in China and in view of the opposition Biden could face within his own party against pushing an ambitious stimulus plan. Currently, S&P futures are falling by -0.6% (the S&P 500 closed up +0.24% vs. its price at the closing bell in Europe). Volatility in the US dropped (VIX 21.56%). Asian markets are falling (CSI 300 -0.2%, Japan closed).
Today in Spain we will learn November’s industrial output data, in Europe January’s SENTIX index, and in Mexico November’s industrial output data.
Underlyings
Acciona SA

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.

AEDAS Homes SA

Aedas Homes is engaged in the housing development business in Spain. The company has a portfolio of approximately 1.5 million square meters of land that it develops for residential purpose. Co. develops multifamily homes for the housing market in Madrid, Catalonia, Levante and Majorca, Costa del Sol and Seville.

Aena SME SA

Aena SME SA, formerly Aena SA, is a Spain-based company primarily engaged in the airports operation. Its activities are divided into four segments: Airports, which comprises Aeronautical subdivision, responsible for the management of airports, jetways, security, handling, cargo and fuel services, among others, as well as Commercial subdivision, including duty-free and specialty stores, restaurant services, car rental, as well as banking services and advertising; Services outside the terminal, which manages real estate assets, such as parking lots, warehouses and lands; International, which comprises operations of Company's subsidiary, Aena Desarrollo Internacional SA, that invests in other airport owners principally in Mexico, Colombia and the United Kingdom; and Others, encompassing corporate activities. It manages tourism, hub and regional airports, as well as heliports and general aviation areas. Furthermore, its destination range comprises Europe, the Americas, Asia and Africa.

Iberdrola SA

Iberdrola is a holding company. Through its subsidiaries, Co. operates in four segments: network business, which includes all the energy transmission and distribution activities, and other regulated activity originated in Spain, the U.K., the U.S. and Brazil; deregulated business, which includes electricity generation and sales businesses as well as gas trading and storage businesses carried on by Co. in Spain, Portugal, the U.K. and North America; renewable business, with activities related to renewable energies in Spain, the U.K., the U.S. and the rest of the world; and other businesses, including the engineering and construction businesses and the non-power businesses.

Provider
Sabadell
Sabadell

Analysts
Research Department

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