IBERIAN DAILY 18 FEBRUARY + 4Q’21 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACCIONA/ACCIONA ENERGÍA, ACS, CELLNEX, ENAGÁS, FERROVIAL, UNICAJA.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 4Q’21 results to be released over the coming days in Spain.
Markets hit by geopolitical rumours
The European stock markets closed with losses after the news flow on Ukraine failed to dispel the doubts over Russia’s intentions. Meanwhile, Biden continues to insist that Russia will invade Ukraine over the coming days. Thus, within the Euro STOXX, it was a mixed bag, with Utilities and Household Goods being the best-performing sectors vs. the drops in Basic Resources and Travel&Leisure. On the macro side, in the Euro zone, P. Lane was quite cautious and advocated not to overreact to high inflation. In the US, from the Fed, Bullar (hawkish) stated that the institution should move towards the neutral rate (2.5%) to keep prices under control, and that the balance reduction should start in 2Q’22. In macro data, weekly jobless claims climbed unexpectedly, whereas February’s Philadelphia Fed index contracted more than expected, as did housing starts. In Japan, January’s inflation moderated more than expected whereas the core data fell to -1.1% YoY. In US business results, Walmart disappointed and Baxter in line.
What we expect for today
European stock markets would open with slight gains again that would ease throughout the session as doubts on Ukraine are not dispelled before the weekend. Currently, S&P futures are up + 0.6% (the S&P 500 was -0.94% lower vs. the European closing bell). Volatility in the US rose (VIX 28.11). Asian markets are sliding (China’s CSI 300 -0.26% and Japan’s Nikkei -0.41%).
Today we will learn in the Euro zone February’s consumer confidence, and in the US January’s second-hand home sales. In US business results, Deere&Co and PPL, among others, will release their earnings.
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.
Cellnex Telecom SA is a Spain-based company engaged in the wireless telecommunications (telecom) business. Its activities are divided into three segments: Broadcasting infrastructure, Telecom site rental, as well as Network services and other. The Broadcasting infrastructure division comprises distribution and transmission of television (TV) and frequency modulation (FM) radio signals, operation and maintenance (O&M) of radio broadcasting network, as well as over-the-top (OTT) radio services, among others. The Telecom site rental division provides access to wireless infrastructure, primarily through infrastructure hosting and telecom equipment co-location, mainly for mobile network operators and other wireless and broadband telecom network operators. The Network services and other division offers connectivity services for a variety of telecom operators and radio communication, among others. The Company also develops 5th generation mobile networks (5G) through Alticom BV.
Enagas is a gas transportation company based in Spain. Co. is engaged in the technical distribution and storage of gas through pipelines as well as the provision of regasification services. Co. and subsidiaries are engaged in the ownership, administration, storage, pipeline transportation, distribution flow, and sale of natural gas. As a transport company, Co. also provides gas and manages the gas infrastructures.
Ferrovial is a transportation company based in Spain. Co. is engaged in operations in the transportation sector. Co. specializes in the design, construction, management, administration and maintenance of transport infrastructures. Co.'s services range also includes the maintenance of parking lots, and land-, sea- and air-based transport networks. Co. is also engaged in the promotion and operation of short-stay parking lots, parking regulation and management services and promotion and sale of residents' parking.
Unicaja Banco SA is a Spain-based financial institution (the Bank) engaged in the banking sector. The Bank offers services to individual and business customers. Its products and services range includes current and savings accounts, debit and credit cards, consumer and commercial loans, real estate credit, securities brokerage, funds management, leasing, factoring, pension plans, life and non-life insurance, international trade financing, money transfer, as well as treasury, among others. The Bank operates a number of branches in Spain and Morocco. The Bank is controlled by Fundacion Bancaria Unicaja.
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