IBERIAN DAILY 16 AUGUST (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACCIONA, ACS.US macro data spurs markets on both sides of the Atlantic
The session ended better than it began, with retail sales and weekly jobless claims in the US boosting gains on both sides of the Atlantic, with better performance from growth and cyclicals in Europe. In the STOXX 600, Technology and Banks led the gains, whereas Utilities was the only sector in the red, and Real Estate along with Telecoms rose the least. On the macro side, in the UK the 2Q’24 GDP data confirmed the 0.9% YoY growth. In the US, weekly jobless claims fell unexpectedly, whereas July’s retail sales rose more than expected, as did August’s Empire index. Separately, industrial output fell more than expected in July and the Philadelphia Fed index was once again in negative numbers unexpectedly in August, also joined by another drop in the construction sector confidence index. In US business results, Walmart and Deere beat expectations.
What we expect for today
Stock markets would open again with gains of up to +0.5%. Currently, S&P futures are up +0.2% (the S&P 500 ended up +0.2% vs. the European closing bell). Volatility on the S&P 500 (VIX) fell again to 15.2. Asian markets are rising (Japan’s Nikkei +3.0% and China’s CSI 300 +0.1%).
Today in the UK we will learn July’s retail sales and in the US building permits and housing starts for July, along with August’s U. Michigan consumer confidence.
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.
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