IBERIAN DAILY 18 NOVEMBER (ANÃLISIS BANCO SABADELL)
NEWS SUMMARY: ACERINOX, BBVA, GRIFOLS, MEDIASET and MERLIN.MARKETS YESTERDAY AND TODAY
Faced with the trade war
L. Kudlow’s comments on the progress of talks and the imminence of the trade agreement between china and the US made easier the rally in stock markets worldwide. Thus, Euro STOXX saw generalised gains, led by cyclical sectors with higher correlation with the external sector such as Basic Resources, followed by Technology while Utilities was the only industry ending with losses. On the macroeconomic level, in Spain, the debt of the public administrations through Sept’19 ended at 97.9% of GDP vs. 95.9% budgeted. The increase in the social security and public debt is offset by higher control of the autonomous regions. In the euro zone, October’s final inflation confirmed 0.7% for the general data and 1.1% for the core data. In the US, October’s retail sales excluding the most volatile components rose less than expected although suggesting a private consumption level in the 4Q’19 above 2.2% q/qa expected. The slowdown of October’s industrial production aggravated more than expected, in line with the signs of the ratio of inventories vs. orders of the manufacturing ISM. On another note, the manufacturing Empire index dropped more than expected in November. Lastly, production prices slowed down more than expected in October. In US results no relevant companies released earnings.
What we expect for today
The European stock markets would see a slightly bearish opening, lacking a clear direction.
Currently, S&P futures are unchanged (the S&P 500 was 0.18% higher vs. its price at the closing bell in Europe). Volatility in the US dropped (VIX 12.05%). The Asian markets that are open are climbing (Hong Kong +1.10% and Japan +0.49%).
Today in the US we will learn the NAHB index for November. In US business results, there will be no relevant earnings releases.
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.
Banco Bilbao Vizcaya Argentaria is an international financial group, engaged primarily on providing banking services and consumer finance to private individuals and businesses in Spain and Portugal; providing real estate activity in Spain; providing services to international companies and investment banking, capital markets and treasury management services to clients; and providing the banking, insurance and pension businesses in Mexico and the U.S., as well as in South America.
Gestevision Telecinco is a television network company based in Spain. Co. heads a group of dependent companies, which form the Telecinco Group. Through its subsidiaries, Co. is engaged in the management and commercial exploitation of a television network. Co.'s television network acquires, produces, and distributes audiovisual content. Co. also sells the network advertising airtime, carried out by its subsidiary. In addition, Co. is involved in the sale of other advertising products; production of news programs; the production and sale of audiovisual property rights; and teleshopping.
Merlin Properties SOCIMI SA is a Spain-based company engaged in the operation of a real estate investment trust (REIT). The Company focuses on the acquisition, management and rental of commercial properties located in the Iberian Peninsula, primarily in Spain. The Company's activities are divided into the following segments: Office buildings, operating a portfolio of office space; High-street retail, engaged in leasing retail stores; Shopping centers, engaged in managing department stores; Logistics, operating logistics warehouses and distribution centers, and Others. The Company's other activities include property management services rendered to third parties.
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