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INFORME DIARIO 15 ABRIL (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: ACERINOX, ALMIRALL, CELLNEX, FCC, IAG, INDITEX, OHL. EUROPA: ADIDAS, ASML, DAIMLER, TOTAL.


Consolidando niveles
Subidas en la mayoría de bolsas europeas a pesar de las dramáticas previsiones del FMI que apuntan a una caída del -8% de la economía española en 2020 y un -7,5% de la zona euro. Italia registraría la mayor contracción llegando al -9,1% con Francia y Alemania por encima del -7%. Por su parte, EE.UU. registraría un -5,9% y los emergentes un -1,0%, lastrados principalmente por LatAm y Europa del Este con un -5,2% ambas, mientras que Asia se quedaría en un 1,0%. En todo caso el FMI espera una recuperación notable de la economía global en 2021 de hasta el 5,8% frente al -3,0% esperado en 2020. En el Euro STOXX los mejores sectores fueron Retail y Bienes de Consumo frente a Inmobiliario y Viajes y Ocio que fueron los que más cayeron. Por el lado macro, en España, el Gobierno ha aprobado una moratoria tributaria de un mes para pymes y autónomos y el FMI estima que el paro puede llegar al 21%. En Francia, las ventas al por menor de marzo habrían caído un -24% en marzo según el Banco de Francia. Desde la Fed, J.Bullard estima que el confinamiento le está costando al país 25 bn de dólares diarios por ingresos perdidos. Por otro lado, Trump advirtió que suspenderá temporalmente las aportaciones a la OMS entre otras cosas por su mala gestión ante la pandemia (15% del presupuesto del organismo). Mientras, el Tesoro llegó a un acuerdo con las Aerolíneas del país para dar ayudas del orden de los 25.000 M de dólares. En China, el PBoC recortó el tipo de financiación a medio plazo (MLF) en –20 p.b. para dejarlo en mínimos históricos de 1,95% lo que señalaría una rebaja del tipo de referencia (LPR) en la próxima reunión del 20 de abril. El número de casos nuevos de Covid se volvió a reducir hasta 46 pero preocupa la frontera con Rusia ante el incremento de casos en el país vecino. En Rdos. Empresariales, ha comenzado la campaña en EE.UU. del 1T’20, JPMorgan y Wells Fargo peor de lo esperado, mientras que Johnson&Johnson y FRC mejor.
Qué esperamos para hoy
Las bolsas abrirían con cierto sesgo a la baja a la espera de conocerse las ventas al por menor de EE.UU. de marzo que podrían mostrar caídas del -8,0% mensual. En estos momentos, los futuros del S&P cotizan con caídas del -0,57% (el S&P 500 cerró con subidas del +0,96% respecto al precio al que cotizaba al cierre de los mercados en Europa). La volatilidad en EE.UU. bajó (VIX 37,76%). Los mercados asiáticos cotizan con caídas (Japón -0,17% y Hong Kong -0,28%).
Hoy en España la inflación final de marzo. En EE.UU las ventas al por menor y la producción industrial de marzo, el índice Empire manufacturero de abril, el índice del mercado inmobiliario NAHB y el libro beige. En Rdos empresariales, PNC, BAC, SCHW y GS entre otros. En subastas: Alemania (1.000 M euros en Bonos 2,5% vto. 2044).

EUROPA

Resultados EuroStoxx 50 destacados para la próxima semana.
De los valores que publican Rdos. 1T’20 la semana que viene destacamos Air Liquide, donde la atención recaerá en las perspectivas del 2T (impacto del Covid-19 en todos sus mercados) máxime tras su buen performance (+22% vs ES50 en 2020). Un mensaje tranquilizador (diversificación, contratos take-or-pay y crecimiento en Healthcare) harán que AI mantenga su atractivo como valor refugio. También esperamos una acogida positiva en Vinci por la divergencia entre las fuertes caídas del valor (-30% desde máximos 2020) y el impacto limitado que estimamos del Covid-19 (
Underlyings
Acerinox SA

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.

Adidas AG

ACM Managed Dollar Income Fund is a non-diversified, closed-end management investment company. This closed-end investment fund is designed for investors who seek high current income and capital appreciation. In order to achieve this objective, Co. invests primarily in high-yielding, U.S. and non-U.S. fixed income securities, denominated in U.S. dollars, that it expects to benefit from improving economic and credit fundamentals. Co. may utilize leverage through the investment techniques of reverse repurchase agreements and dollar rolls. As of Sept 30 2007, Co. had total assets of $192,614,325 and investment portfolio totalled $178,906,534.

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.

ASML Holding NV

ASML Holding provides lithography systems for the semiconductor industry, manufacturing machines that are used in the production of integrated circuits or chips. Co. develops, produces, markets, sells and services advanced semiconductor equipment systems exclusively consisting of lithography systems. Co. sells its products to micro-processor manufacturers and Foundries, NAND-Flash memory and DRAM memory chipmakers. Co.'s products line includes the following: PAS 5000 lithography systems, which Co. no longer manufactures but continues to refurbish; PAS 5500 products; TWINSCAN DUV systems and TWINSCAN EUV systems based on a new platform utilizing the concepts of the TWINSCAN platform.

Cellnex Telecom S.A.

Cellnex Telecom SA is a Spain-based company engaged in the wireless telecommunications (telecom) business. Its activities are divided into three segments: Broadcasting infrastructure, Telecom site rental, as well as Network services and other. The Broadcasting infrastructure division comprises distribution and transmission of television (TV) and frequency modulation (FM) radio signals, operation and maintenance (O&M) of radio broadcasting network, as well as over-the-top (OTT) radio services, among others. The Telecom site rental division provides access to wireless infrastructure, primarily through infrastructure hosting and telecom equipment co-location, mainly for mobile network operators and other wireless and broadband telecom network operators. The Network services and other division offers connectivity services for a variety of telecom operators and radio communication, among others. The Company also develops 5th generation mobile networks (5G) through Alticom BV.

Daimler AG

Daimler provides a range of transportation products, including passenger cars and commercial vehicles, and also financial services. Co. operates in five segments. Mercedes-Benz Cars sells passenger cars and off-road vehicles under the Mercedes-Benz brand and small cars under the smart brand. The Daimler Trucks distributes its trucks (Mercedes-Benz, Freightliner, FUSO, Western Star, Thomas Built Buses and BharatBenz). The vans of the Mercedes-Benz Vans segment are sold under the brand name Mercedes-Benz and Freightliner. Daimler Buses sells completely built-up buses (Mercedes-Benz and Setra). The Daimler Financial Services division supports sales of Co.'s automotive brands.

Fomento de Construcciones y Contratas S.A.

Fomento de Construcciones y Contratas is the parent company of a group engaged in sanitation services, cleaning, maintaining, purification and distribution of water, construction of highways, hydraulic works, marine works, air and rail transport infrastructure, urban developments, housing, non-residential buildings, office buildings, toll highways, parking garages, marinas and water treatment plants. Co. is also engaged in the manufacture and sale of cement and cement infrastructures, such as precast concrete elements; and in the financial markets, and real estate development, leasing and tourism.

International Consolidated Airlines Group SA

International Airlines Group is an international scheduled airline and global premium airlines. Co.'s principal place of business is London with significant presence at Heathrow, Gatwick and London City airports.

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.

Total SE

Total is an international integrated oil and gas company also active in solar and biomass energy sources. Co. engages all aspects of the petroleum industry, including Upstream operations (oil and gas exploration, development and production, and LNG (Liquefied Natural Gas)) and Downstream operations (refining, petrochemicals, specialty chemicals, marketing and marketing and trading and shipping of crude oil and petroleum products). In addition, Co. is engaged in the coal mining and power generation sectors. Co.'s worldwide operations are conducted through three business segments: Upstream, Refining & Chemicals, and Marketing & Services.

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