IBERIAN DAILY 29 SEPTEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACCIONA, ARCELOR MITTAL, ALMIRALL, COLONIAL, OHL, PROSEGUR CASH, SIEMENS GAMESA, TELEFÓNICA.MARKETS YESTERDAY AND TODAY
Europe kicks off the week with strong gains
Following the drops from the past few weeks, the week got off to a good start in Europe with most indices rising more than +2%, boosted by the US, where Nancy Pelosi left the door open to an agreement on the fiscal stimulus package and the suspension by the FDA of the trial of Inovio’s potential Covid-19 vaccine did not prevent financial and cyclical sectors from rising. Meanwhile, Europe heard a more conciliatory tone regarding a trade agreement with the UK. Thus, in the Euro STOXX, all the sectors closed in positive numbers, with Basic Materials and Banks leading the way, compared to the defensive sectors like Utilities and Telecoms, which were the worst relative performers. In Spain, the Govt. reached a preliminary agreement with self-employed workers to extend aid for termination of activity until 31 January, although there are still doubts on the businesses side. Meanwhile, the Supreme Court removed Quim Torra from public office, opening a period of uncertainty with elections on the horizon in Catalonia (probably in February 2021). From the ECB, C. Lagarde admitted that the body will take more action if the situation requires, and that experience with negative rates is positive. In Japan, inflation rose less than expected in August while several members of the BoJ warned about the fragile recovery and the need of keeping the monetary stimulus.
What we expect for today
European stock markets would open without a clear direction, awaiting the first of the 3 TV debates between Trump and Biden that could generate more volatility. Currently, S&P futures are up +0.4% (the S&P 500 was +0.12% higher vs. its price at the closing bell in Europe). Volatility in the US fell (VIX 26.19). Asian markets are trading with mixed results (Japan +0.2% and Hong Kong -0.7%).
Today in the euro zone we will learn September’s economic climate indicator and in Spain and Germany September’s inflation. Debt auctions: Italy (€ 7 Bn in bonds due 2026, 2031 and FRN due 2024).
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.
Almirall is engaged in the acquisition, manufacture, storage, sale and mediation in the sale of pharmaceutical specialties and products and all manner of raw materials used to prepare pharmaceutical specialties and products. Also, Co. acquires, manufactures, storages, sales and mediates in the sale of cosmetics, chemical, biotechnological and diagnostic products for human, veterinary, agrochemical and food-industry use, as well as all manner of utensils, complements and accessories for the chemical, pharmaceutical and clinical industries. In addition, Co. is engaged in the acquisition, sale, lease, subdivision and development of land lots, land and properties of all kinds.
Obrascon Huarte Lain is an international concession and construction groups based in Spain. Co. maintains significant operations in 30 countries across all five continents. Co. is engaged in hospital and railway construction, transport infrastructure concessions, oil and gas, energy, solids handling and fire protection systems and international contracts. Co.'s operations are organized along four divisions: OHL Concesiones, OHL Construccion, OHL Industrial y OHL Desarrollos. Co. is also engaged in real state project developments of mixed use managed by the international hotel chains.
Prosegur Cash SA, formerly Prosegur Cit Holding SA, is a Spain-based company engaged in the provision of security services. The Company's activities are divided into three business areas: Logistics, Cash management and Outsourcing. The Logistics division focuses on the provision of local and international transport services of cash and other valuable goods. The Cash management division offers counting, processing, custody, preparation and delivery of notes and coins, as well as replenishment of automatic teller machines (ATMs). The Outsourcing division includes a number of support financial services, such as automation of retail operations through self-service cash automatization machines (MAEs), ATMs management, as well as branch forecasting, reconciliation, settlement and credit card support services. The Company operates through own branches and joint ventures in Europe, Central and South America, Africa, Asia and Australia. It operates through Contesta Teleservicios SAU.
Telefonica is engaged in the provision of public or private telecommunications services, including ancillary or complementary telecommunications services or related services. Co.'s fixed business includes: traditional fixed telecommunication services, Internet and broadband multimedia services, data and business-aplications services, and wholesale services for telecommunication operators. Co. also provides a range of mobile and related services and products to consumer and business customers, including mobile voice services, value added services, mobile data and Internet services, wholesale services, corporate services, roaming, fixed wireless, and, trunking and paging.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.