IBERIAN DAILY 21 DECEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACCIONA, BANKINTER, EBRO FOODS, NH HOTELS, SANTANDER.Signs of exhaustion?
With the exception of the gains in the UK’s FTSE, benefited from November’s good inflation data, European markets saw slight corrections despite the positive macroeconomic data. In any case, in the STOXX 600, most sectors ended with gains, led by Real Estate and Telecoms vs. Technology, Automobiles and Basic Resources that were the only segments ending in negative territory. On the macro side, in the euro zone, December’s consumer confidence recovered more than expected to annual highs. On another note, the Finance Ministers agreed the return of the fiscal rules with the same targets (-3.0% deficit and 60% debt) although with greater flexibility and graduality to meet them. In the US, both December’s Conference Board consumer confidence and November’s existing home sales rose more than expected.
What we expect for today
European stock markets would see profit taking today, sliding >-0.5% and with the worse performance of growth. Currently, S&P futures are up +0.34% (the S&P 500 ended -1.29% lower vs. the European closing bell). Volatility in the US rose (VIX 13.67). Asian stock markets are mixed (China’s CSI 300 +0.89%, Japan’s Nikkei -1.60%).
Today in the US we will learn December’s Philadelphia Fed index.
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.
Banco Santander is a holding company, providing a range of financial products. Co.'s products and services include: retail banking business that covers all customer banking businesses; wholesale banking business; as well as asset management and insurance business. Co.'s principal operations are in Spain, the U.K., Portugal, Germany, Italy and Latin America. As of Dec 31 2014, Co.'s total assets amounted to Euro1,266,296,000,000 and total customer deposits amounted to Euro647,627,000,000.
Bankinter is the parent company of a group engaged in banking activities. Services provided include: investment banking; capital market services; financial services insurance; international services such as foreign exchange transactions and travelers' checks; wholesale corporate banking; and retail and private banking services. Co. offers its products and services through the following channels of distribution: branch network; telephone banking, interactive (software) banking; agents; and Internet banking. As of Dec 31 2014, Co. had assets totalling Euro57,332,974,000 and deposits totalling Euro29,966,129,000.
Ebro Puleva is a food manufacturing group based in Spain. Co. is engaged in the manufacture and marketing, export and import of sugar, rice, dairy products, and products destined for agriculture development and human and animal consumption. Co.'s brand names include: Panzani®, Ronzoni®, American Beauty®, Skinner®, Lancia®, Catelli®, Healthy Harvest®, etc. in pastas and sauces, Mahatma®, Sucess®, Carolina®, Lustucru®, Taureau Aile®, Oryza®, Bosto®, Reis-Fit®, Riceland®, Danrice®, Risella®, Brillante®, Nomen®, La Cigala® and La Fallera® in the rice sector, Puleva®, Ram® and El Castillo® in the dairy sector, and Azucarera® and Sucran® in the sugar sector.
NH Hotel is engaged in the operation and management of hotels throughout Spain, the Benelux countries, Germany, and South America.
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