IBERIAN DAILY 12 JANUARY (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACCIONA, ACCIONA ENERGÍA, ACS, AENA, TELEFÓNICA.MARKETS YESTERDAY AND TODAY
Stock markets rally on both sides of the Atlantic
After Monday’s drops, the European stock markets closed with gains of around +1%, driven by the good performance of the US indices, with growth leading gains. Thus, within the Euro STOXX, all sectors except for Food (it was the only sector, along with insurance, that rose on Monday) closed with gains, led by Technology and Household Goods, vs. the smaller gains posted by Banks and Insurance. On the macro side, in Spain, November’s industrial output climbed above expectations. In the US, the NFIB small businesses confidence index increased more than expected. Separately, J. Powell insisted at his hearing that the Fed will do whatever is necessary to contain inflation and prevent it from becoming entrenched but without harming the economy. He also claimed that the Omicron variant may continue to be a source of disruption, yet to a lesser extent, in the supply chain and warned about the unsustainable pattern of public spending. Separately, the World Bank cut its global growth forecast for 2022 by -0.2pp to 4.1%, due especially to the developed economies, but warned that rising inequality and Covid are a threat to recovery in emerging nations. In China, inflation moderated more than expected in December, as well as the rise in production prices.
What we expect for today
European stock markets would open with gains of +0.5%, with growth stocks recovering once more the ground lost since the beginning of the year. Currently, S&P futures are up +0.2% (the S&P 500 ended +0.44% higher vs. its level at the European closing bell). Volatility in the US dropped (VIX 18.41). Asian markets are climbing (China’s CSI 300 +1% and Japan’s Nikkei +1.9%).
Today we will learn in the euro zone November’s industrial output and in the US December’s inflation and the Fed Beige book. In debt auctions: Italy (€ 6.5 Bn in 12M T-bills) and Germany (€ 1.5 Bn in bonds due 2052).
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.
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.
Telefonica is engaged in the provision of public or private telecommunications services, including ancillary or complementary telecommunications services or related services. Co.'s fixed business includes: traditional fixed telecommunication services, Internet and broadband multimedia services, data and business-aplications services, and wholesale services for telecommunication operators. Co. also provides a range of mobile and related services and products to consumer and business customers, including mobile voice services, value added services, mobile data and Internet services, wholesale services, corporate services, roaming, fixed wireless, and, trunking and paging.
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