Report
Research Department
EUR 100.00 For Business Accounts Only

INFORME DIARIO 01 FEBRERO + RDOS. ESPAÑA Y EUROPA 4T’20. IDEAS DESTACADAS Y RESTO DE PREVIEWS (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: ACCIONA, CELLNEX, MELIÁ, SECTOR ELÉCTRICO. EUROPA: DEUTSCHE POST, DEUTSCHE TELEKOM, VIVENDI.

Incluido en el informe diario de hoy, y durante toda la campaña de resultados, incorporamos al final una presentación con los resultados destacados en positivo y negativo y previews de Rdos. 4T’20 que se publicarán en España y Europa en los próximos días.

Se acelera la toma de beneficios
Ventas generalizadas en las bolsas mundiales en una jornada de mucha volatilidad provocada por las tensiones de liquidez del mercado monetario de China a pesar de la batería de estímulos del BPoC. En el Euro STOXX entre los mejores sectores estuvieron sorprendentemente cíclicos como Autos, seguido por Inmobiliario mientras que Seguros y B. Consumo presentaron las mayores caídas. Por el lado macro, en Europa la lectura de los PIB 4T’20 sorprendió positivamente y España (-9,1% a/a), Francia (-1,3%) y Alemania (-2,9%) mostraron mayor resistencia. En Alemania además se publicó el desempleo de diciembre que se redujo de forma inesperada, mientras que en España la inflación de enero se recuperó y las ventas al por menor de diciembre redujeron la contracción interanual. Por otra parte, la Agencia Europea del Medicamento aprobó el uso de la vacuna de AstraZeneca a pesar de que la UE sigue en negociaciones con la compañía, que habría ofrecido 9M de dosis adicionales hasta marzo (en total unos 40M de vacunas, el 50% de lo acordado inicialmente) y tiene un plan para controlar sus exportaciones. En EE.UU. en la esfera política, 10 senadores republicanos han propuesto un plan más moderado de estímulo de 600.000 M dólares y se sigue negociando. En China el PBoC inyectó unos 98.000 M yuanes en operaciones de repo inversas para mitigar el tensionamiento de los mercados monetarios, lo que estrechó el tipo overnight hasta 2,55%. En datos, el PMI de manufacturas de enero descendió algo más de lo previsto. En Rdos. Empresariales de EE.UU. Colgate y Caterpillar salieron mejor mientras que Chevron decepcionó.
Qué esperamos para hoy
Esperamos un movimiento de reversión de las pérdidas del viernes ayudado en la estabilización de Asia y en las subidas de las materias primas. Las bolsas europeas abrirían con ganancias del +1%. En estos momentos, los futuros del S&P cotizan con subidas del +0,6% (el S&P 500 cerró el viernes sin cambios respecto al precio al que cotizaba al cierre de las bolsas en Europa). La volatilidad en EE.UU. subió (VIX 33,09). Los mercados asiáticos cotizan con subidas (CSI 300 +1,2%, Japón +1,5%).
Hoy en Europa los PMI de manufacturas finales de enero. En EE.UU. el ISM manufacturero de enero. En Rdos Empresariales en EE.UU. Alexandria y Vertex entre otros. En subastas, Alemania (6.000 M euros en letras a 3 y 9 meses), Holanda (3.000 M euros en letras a 3 y 6 meses) y Francia (5.400 M euros en letras a 3, 6 y 12 meses).
Underlyings
Acciona SA

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.

Cellnex Telecom S.A.

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.

Deutsche Telekom AG

Deutsche Telekom is engaged in the telecommunications services and information technology sectors. Co. operates as an integrated telecommunications provider. It is organized into four operating segments: Germany, Europe, and the United States; and Systems Solutions, as well as Group Headquarters and Shared Services. Co. provides fixed-network lines, broadband lines and mobile communications. Co. also provides customized Information and Communication Technology (ICT) solutions for corporate customers under the T-Systems brand. The Group Headquarters and Shared Services segment comprises cross-segment management functions, real estate services, and mobility solutions, among others.

DHL GROUP

Deutsche Post is a mail and logistics services group. In its Mail division, Co. provides domestic and international mail and parcels and is engaged in dialogue marketing, nationwide press distribution services and the electronic services related to mail delivery. Co.'s Express division provides courier and express services to business and private customers globally. Co.'s Global Forwarding, Freight division manages the carriage of goods by rail, road, air and sea, ranging from container transport to solutions for industrial projects. Co.'s Supply Chain division provides warehousing, managed transport and services at every link in the supply chain for customers in a variety of industries.

Melia Hotels International S.A.

Melia Hotels International is the parent company of a group engaged in the acquisition, management and operation of hotels. Co. operates its hotel network in Germany, Argentina, Brazil, Bulgaria, Cabo Verde, Chile, China, Costa Rica, Croatia, Cuba, Egypt, Spain, United States, France, Greece, Netherlands, Indonesia, Italy, Luxembourg, Malaysia, Mexico, Panama, Peru, Portugal, Puerto Rico, United Kingdom, Dominican Republic, Singapore, Switzerland, Tunisia, Uruguay, Venezuela and Vietnam under the followings brandnames: Paradisus Resorts®, Melia Hotels & Resorts®, TRYP Hoteles® and Sol Hotels & Resorts®.

Vivendi SE

Vivendi is an audiovisual group active in the entertainment industry with activities in music, TV, cinema, mobile, fixed and internet, and games. Co.'s operations are divided into five businesses: Canal+ Group which produces and distributes pay-TV in France, analog or digital, and is involved in film making; Universal Music Group which sells recorded music (physical and digital media); GVT which serves as a telecommunication operator for fixed ultra high-speed broadband, fixed-line telecommunications and Pay-TV in Brazil; SFR which is engaged in mobile phone services in France, as well as fixed and ADSL services; and Other Activities which involves ticketing, Wengo and Watchever.

Provider
Sabadell
Sabadell

Analysts
Research Department

Other Reports on these Companies
Other Reports from Sabadell

ResearchPool Subscriptions

Get the most out of your insights

Get in touch