IBERIAN DAILY 28 DECEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACERINOX, SACYR, SIEMENS GAMESA.MARKETS YESTERDAY AND TODAY
Seasonality and Omicron mark the last Monday of 2021
It was a session of lower trading volumes, with no significant macro references or news other than the new fiscal and monetary stimuli in China and doubts about the Omicron variant. As regards the virus, yesterday marked a new record in global daily cases, with 1.44 M infections, and in the US, the Center for Disease Control and Prevention reduced from 10 to 5 the recommended days of isolation for new Covid infections. Still, the strength of the US stock markets, which hit new highs thanks to the momentum of Technology stocks, ended up boosting the European stock markets. Thus, within the Euro STOXX, the best-performing sectors were Technology and Construction, whereas Utilities and Consumer Goods were the worst relative performers. On the macro side, we highlight in the US the worse Dallas Fed data, which fell unexpectedly. In Spain, the EU transferred the first € 10 Bn of the recovery fund (subject to conditions and requirements being met), as reported by U. Von der Leyen, which come after the € 9 Bn down payment made in August.
What we expect for today
The stock markets would see a slightly bearish opening, with all eyes on new Omicron variant infections, and still with difficult weeks ahead in this regard.
Currently, S&P futures are down -0.03% (the S&P 500 ended +0.44% higher yesterday vs. its level at the European closing bell). Volatility in the US dropped slightly (VIX 15.6). Asian markets are rising (China’s CSI 300 +0.34% and Japan’s Nikkei +1.30%).
Today we will learn in the US the Richmond manufacturing index for December and in Spain November’s retail sales.
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.
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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