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INFORME DIARIO 29 SEPTIEMBRE (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: ALMIRALL, ARCELOR MITTAL, COLONIAL, OHL, PROSEGUR CASH, SIEMENS GAMESA, TELEFÓNICA. EUROPA: ALLIANZ, SIEMENS.


Europa empieza la semana con fuertes subidas
Tras las caídas anteriores la semana comenzó en Europa en verde, con la mayoría de los índices subiendo por encima del 2%, impulsados por EE.UU, donde Pelosi dejó la puerta abierta a un acuerdo sobre el paquete fiscal y la suspensión por parte de la FDA del ensayo de la potencial vacuna contra el Covid-19 de Inovio no impidió que las financieras y los sectores cíclicos apuntalaran las subidas. Mientras, en Europa se escuchaban tonos más conciliadores respecto a llegar a un acuerdo comercial con R. Unido. Así en el Euro STOXX todos los sectores cerraron en positivo, con Recursos Básicos y Bancos liderando las subidas frente a las defensivas Utilities y Telecom, que fueron las que peor comportamiento relativo mostraron. En España, Gobierno y autónomos alcanzan un preacuerdo para prorrogar la ayuda por cese de actividad hasta el 31 de enero, aunque todavía hay dudas en el lado empresarial. Mientras tanto, el Tribunal Supremo inhabilitó a Quim Torra abriendo un periodo de incertidumbre con elecciones a la vista en Cataluña (probablemente febrero 2021). Desde el BCE, C. Lagarde reconoció que actuarán con nuevas medidas si la situación lo requiere y que la experiencia con tipos negativos es positiva. En Japón la inflación subió menos de lo esperado en agosto mientras que varios miembros del BoJ advirtieron sobre la frágil recuperación y la necesidad de mantener los estímulos monetarios.
Qué esperamos para hoy
Las bolsas europeas abrirían sin dirección a la espera del primero de los 3 debates televisivos entre Trump y Biden que podría generar algo más de volatilidad. En estos momentos, los futuros del S&P cotizan con subidas del +0,4% (el S&P 500 cerró con subidas del +0,12% respecto al precio al que cotizaba al cierre de los mercados en Europa). La volatilidad en EE.UU. bajo (VIX 26,19) Los mercados asiáticos cotizan mixtos (Japón +0,2%, Hong Kong -0,7%).
Hoy en la Eurozona el indicador de clima económico de septiembre. En España y Alemania la inflación de septiembre. En subastas: Italia (7.000 M euros en bonos 2026, 2031 y FRN 2024).
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.

Almirall SA

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.

ArcelorMittal

Inmobiliaria Colonial (COL SM)

Obrascon Huarte Lain SA

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

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.

Siemens AG

Siemens is a technology company. Co.'s Energy sector provides a range of products, solutions and services for generating and transmitting power. The Healthcare sector provides customers a range of medical solutions across the treatment chain. The Industry sector supplies products and solutions for industrial companies, primarily in the process and manufacturing industries. The Infrastructure & Cities sector provides a range of technologies that accelerates the capabilities of metropolitan centers and urban infrastructures. The Investments segment is comprised of Co.'s equity stakes in other companies. The Financial Services segment provides business-to-business financial solutions.

SIEMENS GAMESA (SGRE SM)

Telefonica SA

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.

Provider
Sabadell
Sabadell

Analysts
Research Department

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