IBERIAN DAILY 19 DECEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACCIONA/ACCIONA ENEGÍA, CIE, IAG, NH HOTELES, REPSOL.The Ibex manages to end above 10,000 points
After the rally seen last week in equity markets, fuelled by the Fed’s dovish message, this week kicked off with profit taking in most European markets, as opposed to the US. In the STOXX 600 most sectors ended with drops, led by Technology and Construction (around -2.0%) vs. Energy and Basic Resources that saw the biggest gains (around +1.0%). On the macro side, in Germany, the IFO index dropped unexpectedly (first fall since August) due to both the current conditions and expectations indices. In the US, December’s NAHB housing market index climbed more than expected, mainly driven by the expectations component after the 50bps cut in mortgage rates in the past month. In Japan, the BoJ kept the monetary policy unchanged, awaiting to see whether the inflationary pressure persists due to wages. On the corporate front, Nippon Steel closed an agreement to acquire US Stell for US$ 14.9 Bn in cash. On the geopolitical front, the US, along with other allies, will lead a security group in the Red Sea and Aden Gulf in view of the Houthis’ unending attacks.
What we expect for today
European stock markets would open flat with some bullish bias. Currently, S&P futures are up +0.03% (the S&P 500 ended unchanged vs. the European closing bell). Volatility in the US rose (VIX 12.56). Asian stock markets are mixed (China’s CSI 300 -0.14%, Japan’s Nikkei +1.34%).
Today in the euro zone we will learn November’s general and core inflation, and in the US November’s construction licences and housing starts.
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.
CIE Automotive is the parent company of an industrial group formed by several companies that are engaged in the design, manufacture and sale of automobile component and sub-units on the world market. In addition, Co. is also engaged in the bio-fuels business which is in the initial stages of development and is made up of various companies devoted to the production and distribution of bio-fuels.
International Airlines Group is an international scheduled airline and global premium airlines. Co.'s principal place of business is London with significant presence at Heathrow, Gatwick and London City airports.
NH Hotel is engaged in the operation and management of hotels throughout Spain, the Benelux countries, Germany, and South America.
Repsol is an oil and gas company. Co. is engaged in all the activities relating to the oil and gas industry, including exploration, development and production of crude oil and natural gas, transportation of oil products, liquefied petroleum gas (LPG) and natural gas, refining, the production of a wide range of oil products and the retailing of oil products, oil derivatives, petrochemicals, LPG and natural gas, as well as the generation, transportation, distribution and supply of electricity. Co. operates in more than 40 countries. Co.'s operations are divided into four segments: Upstream, Downstream, LNG and Gas Natural Fenosa.
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