IBERIAN DAILY 13 APRIL + 1Q’21 RESULTS. PREVIEWS (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACCIONA, AENA, NATURGY, NEINOR HOMES, ROVI, SIEMENS-GAMESA.At the end of today’s report, and during the entire results season, we will include a presentation with positive and negative results highlights and previews for the 1Q’21 results to be released over the coming days in Spain.
MARKETS YESTERDAY AND TODAY
Falling from highs
It was a session of slight drops in most European stock markets ahead of the results season (tomorrow US banks will kick off), with value outperforming growth on both sides of the Atlantic. Within the Euro STOXX, most sectors closed with losses, led by Travel & Leisure and Technology, with Autos and Utilities posting gains. On the macro side, in the euro zone February’s retail sales recovered more than expected. In Europe, the arrival of Jansen’s vaccine (single-shot) should speed up the pace of vaccination. In Spain, the Govt. will present the Experts Committee that will study (until Feb next year) the rise expected for 2022 in the corporate, wealth and inheritance taxes. In the US, following a 2-week break, the news hinted at Republican skepticism towards Biden’s infrastructure plan. Meanwhile, public deficit totalled US$ 660 Bn in March’21 vs. US$ 119 Bn in March’20. In China, exports moderated in March, while imports increased more than expected.
What we expect for today
The European stock markets would pause for another break before the beginning of the 1Q’21 results season, with a flat opening thanks to the good performance of banks and energy. Currently, S&P futures are down -0.1% (the S&P 500 ended up +0.1% vs. its price at the closing bell in Europe). Volatility in the US dropped (VIX 16.91). Asian markets are trading with mixed results (China’s CSI 300 -0.25% and Japan’s Nikkei +0.7%).
Today in Germany we will learn April’s ZEW index and in the US March’s inflation. In debt auctions: Spain (€ 7 Bn in 6M and 12M t-bills), Netherlands (€ 6 Bn in bonds due 2038), Italy (€ 7.75 Bn in bonds due 2024, 2026 and 2037) and Germany (€ 700 M in I/L bonds due 2033).
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.
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.
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.
Neinor Homes SA, formerly Neinor Homes SLU, is a Spain-based company engaged in the real estate sector. The Company focuses on the design, construction and promotion of residential properties. It develops housing projects in various Spanish cities, such as Malaga, Madrid, Barcelona, Cordoba, Vizcaya, Alicante, Almeria and Gerona.
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