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INFORME DIARIO 16 SEPTIEMBRE (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: ACCIONA, ACCIONA ENERGÍA, ACS, AENA, ARCELORMITTAL, CAF, FCC, ROVI. EUROPA: DEUTSCHE POST.


El mercado sigue penalizado por la alta inflación
Caídas generalizadas en las bolsas europeas cercanas al -1% en una jornada que transcurrió de más a menos y donde el mercado sigue digiriendo la sorpresa en los datos de inflación estadounidenses. En el Euro STOXX destacaron las subidas de Bancos y Seguros mientras que Energía (por el retroceso del petróleo) y Hogar registraron las mayores correcciones. Por el lado macro, en la Eurozona los salarios crecieron un 4,1% anual en el 2T’22 vs 3,7% anterior. Mientras, el Gobernador del Banco de Francia baraja un tipo neutral en la Eurozona del 2,0% que se alcanzaría este año. En EE.UU. el paro semanal bajó de forma inesperada. Mientras, el índice Empire Manufacturero se recuperó más de lo esperado vs el de la Fed de Filadelfia que retrocedió más de lo previsto hasta terreno negativo nuevamente. Ambos perfilan peores perspectivas de crecimiento e inversión pero también presiones inflacionistas moderándose. Por último, las ventas al por menor core de agosto avanzaron menos de lo esperado y ponen en riesgo el crecimiento del 1,5% t/ta esperado por el consenso para el consumo privado en el 3T’22 y la producción industrial de agosto se contrajo de forma inesperada. En China tanto la producción industrial como las ventas al por menor de agosto avanzaron más de lo esperado mientras que los precios de la vivienda acentuaron si ritmo de contracción hasta el -1,3% anual. Finalmente, el Banco Mundial pidió a los bancos centrales que no sean demasiado agresivos con el tensionamiento monetario para evitar una recesión mundial.
Qué esperamos para hoy
Las bolsas europeas abrirían nuevamente con caídas cercanas al -1,0% con los cíclicos más penalizados donde los buenos datos macro en china no contrarrestan los miedos de recesión ante las expectativas de agresivas subidas de tipos. En estos momentos, los futuros del S&P cotizan con caídas del -0,66% (el S&P 500 terminó ayer con caídas del -0,2% con respecto al nivel al que estaba al cierre de las bolsas europeas). La volatilidad en EE.UU. subió (VIX 26,27). Los mercados asiáticos cotizan con caídas (CSI 300 chino -1,37%, Nikkei de Japón -0,98%).
Hoy en la Eurozona la inflación final de agosto. En EE.UU. la confianza del consumidor de la Universidad de Michigan y el índice NAHB de confianza del mercado inmobiliario de septiembre.
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.

Actividades de Construccion y Servicios SA

ACS Actividades de Construccion y Servicios is a holding company. Through its subsidiaries, Co.'s activities are divided into the following areas: Construction, engaged in the construction of civil works, and residential and non-residential building construction; industrial services, engaged in the development of applied engineering services, installations and the maintenance of industrial infrastructures in the energy, communications and control systems sectors; services, groups together environmental services, the outsourcing of building maintenance services, logistics and transport services; and concessions, mainly engaged in transport infrastructure concessions.

Aena SME SA

Aena SME SA, formerly Aena SA, is a Spain-based company primarily engaged in the airports operation. Its activities are divided into four segments: Airports, which comprises Aeronautical subdivision, responsible for the management of airports, jetways, security, handling, cargo and fuel services, among others, as well as Commercial subdivision, including duty-free and specialty stores, restaurant services, car rental, as well as banking services and advertising; Services outside the terminal, which manages real estate assets, such as parking lots, warehouses and lands; International, which comprises operations of Company's subsidiary, Aena Desarrollo Internacional SA, that invests in other airport owners principally in Mexico, Colombia and the United Kingdom; and Others, encompassing corporate activities. It manages tourism, hub and regional airports, as well as heliports and general aviation areas. Furthermore, its destination range comprises Europe, the Americas, Asia and Africa.

ArcelorMittal

Construcciones Y Auxiliar De Ferrocarriles, S.A.

CORPORACION ACCIONA ENERGIAS RENOVABLES SA

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.

Fomento de Construcciones y Contratas S.A.

Fomento de Construcciones y Contratas is the parent company of a group engaged in sanitation services, cleaning, maintaining, purification and distribution of water, construction of highways, hydraulic works, marine works, air and rail transport infrastructure, urban developments, housing, non-residential buildings, office buildings, toll highways, parking garages, marinas and water treatment plants. Co. is also engaged in the manufacture and sale of cement and cement infrastructures, such as precast concrete elements; and in the financial markets, and real estate development, leasing and tourism.

Laboratorios Farmaceuticos Rovi S.A.

Laboratorios Farmaceuticos Rovi is engaged in the sale of its own pharmaceutical products and the distribution of other products for which it holds licenses granted by other laboratories for specific periods, in accordance with the terms and conditions contained in the agreements entered into with said laboratories.

Provider
Sabadell
Sabadell

Analysts
Research Department

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