IBERIAN DAILY 17 SEPTEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACERINOX, BANKIA, FERROVIAL, NATURGY, REPSOL, TALGO.MARKETS YESTERDAY AND TODAY
The IBEX continues its good performance before the Fed’s meeting, which brought losses in the US
The IBEX was the only European index that ended in positive territory before the Fed’s meeting, whereas US indices ended up falling after Powell’s appearance, with little news, but suggesting that zero interest rates will be maintained until 2023. Within the Euro STOXX, Basic Resources and Retail led gains, with Financial Services and Insurance being the worst relative performers. On the macro side, in the UK August’s inflation fell less than expected to 0.2% YoY vs. 1.0% previously. In Spain, the Governor of the BoS, H. de Cos, admitted that the country needs a plan for fiscal consolidation in the medium-term, but he pushed for the extension of furlough plans. At the same time, the BoS cut 2020-21 growth forecasts to -12.6% and 4.1% in the worst scenario (-10.5% and 7.3% in the best one) vs. -11.6% and 9.1% previously. In Germany and France, vehicle registrations fell less, but -20% and -45% MoM, respectively. In the US, August’s retail sales disappointed, recovering less than expected, while September’s NAHB index increased above expectations. In Brazil, the BoB kept the Selic rate at 2.0% and suggested that it will maintain this policy throughout 2021. In Japan, the BoJ meeting kept the monetary policy unchanged.
What we expect for today
With no new measures announced by the Fed, European markets would open with losses of -1.0%. Currently, S&P futures are currently down -1% (the S&P 500 was down -0.9% vs. its price at the closing bell in Europe). Volatility in the US rose (VIX 26.04%). Asian markets are falling (Japan -0.7% and Hong Kong -1.6%).
Today we will learn in the Euro zone, August’s final inflation data. In the UK, the BoE will hold its meeting. Also we will learn in the US, August’s building permits and housing starts, September’s Philadelphia Fed index and the weekly jobless claims figure. In debt auctions: Spain (€ 5 Bn of bonds due 2023, 2027, 2041 and 2050) and France (€ 9.75 Bn of bonds due 2023, 2026, 2028 and I/L bonds due 2026, 2030 and 2047).
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.
Bankia is a financial institution based in Spain. Co. is primarily engaged in operations in the banking sector. Co.'s business operations are structured into seven areas: Retail Banking, Business Banking, Private Banking, Asset Management and Bancassurance, Capital Markets and Holdings. Co. offers financial products and services to various customer segments, such as individuals, small and medium enterprises, large corporations, as well as public and private institutions. As of Dec 31 2014, Co. had total assets and total customer deposits of Euro233,648,603,000 and Euro106,806,698,000 respectively.
Ferrovial is a transportation company based in Spain. Co. is engaged in operations in the transportation sector. Co. specializes in the design, construction, management, administration and maintenance of transport infrastructures. Co.'s services range also includes the maintenance of parking lots, and land-, sea- and air-based transport networks. Co. is also engaged in the promotion and operation of short-stay parking lots, parking regulation and management services and promotion and sale of residents' parking.
Repsol is an oil and gas company. Co. is engaged in all the activities relating to the oil and gas industry, including exploration, development and production of crude oil and natural gas, transportation of oil products, liquefied petroleum gas (LPG) and natural gas, refining, the production of a wide range of oil products and the retailing of oil products, oil derivatives, petrochemicals, LPG and natural gas, as well as the generation, transportation, distribution and supply of electricity. Co. operates in more than 40 countries. Co.'s operations are divided into four segments: Upstream, Downstream, LNG and Gas Natural Fenosa.
Talgo is engaged in designing, manufacturing, repairing and maintaining the railway rolling stock, as well as the manufacturing, assembling, repairing and maintaining the engines, machinery and parts of the railway systems. Co. has an industrial presence in seven countries: Spain, Germany, Kazakhstan, Uzbekistan, Russia, Saudi Arabia and U.S.A. Co. has an active fleet in Europe, Asia and North America that comprises of 94 high-speed trains and more than 1,400 Talgo tilting passenger cars. Also, Co. purchases, redesigns, constructs, leases and sells all types of real estate.
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