IBERIAN DAILY 11 OCTOBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACERINOX, ELECTRICITY SECTOR, IBERDROLA, NATURGY, SACYR.The IBEX ends its streak
Stock markets in Europe fell, especially the IBEX, which had seen gains in five straight sessions and closed yesterday as the worst performer in Europe. In the STOXX 600, most sectors (15/20) closed with losses, led by Industrials and Technology, with Energy and Insurance posting the biggest gains. In the euro zone, the ECB’s last meeting minutes warned that despite the fact that inflation has fallen below the 2% target, the core figure could slow convergence towards the target, with the organisation also insisting that productivity is stagnant. In the US, September’s general inflation fell less than expected, with the core figure rising unexpectedly. Weekly jobless claims rose more than expected. From the Fed, R. Bostic (Atlanta; no vote) left the door open to not cutting rates in November, while M. Daly (San Francisco; with vote) expects one or two cuts by the end of the year. In Brazil, August’s retail sales rose unexpectedly. In US business results, Domino’s Pizza beat expectations and Delta Airlines came in below.
What we expect for today
Stock markets would open with slight gains in a session in which US banks will begin to release their earnings. Currently, S&P futures are down -0.13% (the S&P 500 ended down -0.15% vs. the European closing bell). Asian markets are mixed (China’s CSI 300 -2.26%, Japan’s Nikkei +0.64%).
Today in Germany we will learn September’s final inflation, in the UK August’s industrial output and monthly GDP and in the US September’s production prices and U. Michigan consumer confidence. In US business results, today Bank of NY, JP Morgan and BlackRock will release their earnings.
Acerinox is the parent company of a group engaged in the manufacture and sale of flat and long stainless steel products, and stainless steel wires. Co.'s major products include slabs, billets, black coils, plates, hot-rolled coils, hot-rolled sheets, flat bars, hot-rolled re-bars, hot-rolled black bars, engraved sheets, cold-rolled coils, cold-rolled sheets and circles. Co. also provides long stainless steel products, such as wire rods, angles, hot rolled flat bars, hot rolled re-bars, reinforced bars in coils, cold rolled re-bars, hot rolled black bars, cold drawn bars, and smooth turned bars. In addition, Co. offers wires, welding wire bars, and bars for electrodes.
Iberdrola is a holding company. Through its subsidiaries, Co. operates in four segments: network business, which includes all the energy transmission and distribution activities, and other regulated activity originated in Spain, the U.K., the U.S. and Brazil; deregulated business, which includes electricity generation and sales businesses as well as gas trading and storage businesses carried on by Co. in Spain, Portugal, the U.K. and North America; renewable business, with activities related to renewable energies in Spain, the U.K., the U.S. and the rest of the world; and other businesses, including the engineering and construction businesses and the non-power businesses.
Sacyr is the parent company of a group engaged in the acquisition, development and construction of urban properties for their subsequent rental or resale. Co. primarily leases and sells office buildings and complexes, housing units, and shopping centers. Co. is also engaged in the operation of urban car parking facilities. Co. offers services related to the real estate industry such as technical assistance in energy savings, inventory management, architectural design, telecommunications management, property maintenance, as well as gardening and landscaping. Co. also provides consulting services in the real estate fund management sector.
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