IBERIAN DAILY 27 MAY (ANÃLISIS BANCO SABADELL)
NEWS SUMMARY: ACCIONA, NATURGY.MARKETS YESTERDAY AND TODAY
IBEX back above 7,000
It was a session of gains on European markets, with the US joining in. The IBEX led Europe with a +2.2% increase, underpinned by the banking sector. In the Euro STOXX, Banks and Travel & Leisure led the gains, with Financial Services and Telecoms the worst relative performers. On the macro side, from the ECB, Luis de Guindos was confident that the Bundesbank will continue to implement the Central Bank’s monetary policy. In France, consumer confidence fell less than expected in May, whereas business confidence fell unexpectedly. In the US, May’s consumer confidence rose less than expected, whereas new home sales (April) grew more than expected and housing prices hardly slowed, closing at 5.9% YoY. On another note, the biotech company Novavax skyrocketed on the stock market after announcing a clinical trial on humans of its vaccine. Japan lifted its state of emergency after the sharp drop in new Covid-19 cases and announced a second US$ 1.1 Tn fiscal package. South Korea recorded its largest increase of Covid-19 cases in 49 days. In China, business profits fell less sharply in April, closing at -4.3% YoY vs. the previous -34.9%.
What we expect for today
European indices would open with gains
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.
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