IBERIAN DAILY 13 JANUARY (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACCIONA, ENCE, GREENING.Rising debt yields weigh on markets
European stock markets ended the week with gains, with all eyes on rising long-term sovereign debt yields. In the STOXX 600 sectors, Luxury, Technology and Autos were the best performers, with Utilities, Real Estate and Retail (affected by rising debt yields) posting the biggest losses. On the macro side, in the US December’s non-farm employment data beat expectations, with the unemployment rate falling unexpectedly and YoY salary gains falling slightly more than expected (in line MoM). In Spain, November’s industrial output fell unexpectedly. In France, E. Macron’s popularity has fallen to lows from the past 6 years. In Brazil, December’s inflation fell slightly more than expected. In China, December’s exports and imports rose more than expected.
What we expect for today
Stock markets would open with losses of less than -0.5%, with the Energy sector once again spurred by Brent crude prices. Currently, S&P futures are down -0.32% (the S&P 500 ended up +0.24% vs. the European closing bell). Asian markets are falling (China’s CSI 300 -0.53% and Japan’s Nikkei closed).
Today in the UK we will learn November’s industrial output.
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.
Ence Energia Y Celulosa is engaged in the manufacture and commercialization of wood pulp and derivatives. Co. divides its activities into the following two business lines: Forest Division: Co. manages timberlands in South America and the Iberian Peninsula. Co. is involved in trading of wood, and supplies solid wood products including: plywood, sawn timber, parquet flooring and glued-edge paneling. Co. is involved in forest and environmental consulting. Pulp Division and Energy Production: Co. is engaged in the production of Eucalyptus globulus-based TCF and ECF paper pulp. Co. is also involved in the generation of electricity through biomass power producing plants.
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