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INFORME DIARIO 18 NOVIEMBRE (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA. ACERINOX, BBVA, GRIFOLS, MEDIASET y MERLIN. EUROPA: VIVENDI


A vueltas con la guerra comercial
Las palabras de L. Kudlow sobre los avances en las negociaciones y la proximidad del acuerdo comercial entre China y EE.UU. facilitó el rebote en las bolsas mundiales. Así, en un Euro STOXX que subió en bloque, protagonizaron las mayores ganancias los cíclicos más vinculados con el sector exterior como R. Básicos seguido por Tecnología mientras que Utilities fue el único sector que terminó con pérdidas. Por el lado macro, en España la deuda conjunta de las AA.PP. se situó en el 97,9% del PIB hasta sep’19 vs 95,9% presupuestado. El incremento de la deuda del Estado y la Seguridad Social está compensando el mayor control de las CC.AA. En la Eurozona la inflación final de octubre confirmó el 0,7% en la general y el 1,1% de la subyacente. En EE.UU. las ventas al por menor de octubre sin los componentes más volátiles avanzaron menos de lo esperado aunque perfilarían un consumo privado en el 4T’19 por encima del 2,2% t/ta esperado. En cuanto a producción industrial de octubre agudizó su contracción más de lo previsto en línea con lo que señala el ratio de inventarios sobre pedidos del ISM manufacturero. Por otro lado, el índice Empire manufacturero retrocedió más de lo previsto en noviembre. Finalmente, los precios de producción se contrajeron más de lo esperado en octubre. En Rdos. empresariales en EE.UU. sin compañías destacadas.
Qué esperamos para hoy
Las bolsas europeas abrirían sin dirección pero con cierto sesgo a la baja. Los futuros del S&P cotizan sin cambios (el S&P 500 cerró con subidas del +0,18% respecto al cierre de los mercados en Europa). La volatilidad en EE.UU. bajó (VIX 12,05%). Los mercados asiáticos que están abiertos cotizan con subidas (Hong Kong +1,10% Japón +0,49%).
Hoy en EE.UU. el índice NAHB de noviembre. En Rdos. empresariales en EE.UU. sin compañías destacadas.
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.

Banco Bilbao Vizcaya Argentaria S.A.

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.

Banco Bilbao Vizcaya Argentaria S.A. Sponsored ADR

Mediaset Espana Comunicacion SA

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 S.A.

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.

Vivendi SE

Vivendi is an audiovisual group active in the entertainment industry with activities in music, TV, cinema, mobile, fixed and internet, and games. Co.'s operations are divided into five businesses: Canal+ Group which produces and distributes pay-TV in France, analog or digital, and is involved in film making; Universal Music Group which sells recorded music (physical and digital media); GVT which serves as a telecommunication operator for fixed ultra high-speed broadband, fixed-line telecommunications and Pay-TV in Brazil; SFR which is engaged in mobile phone services in France, as well as fixed and ADSL services; and Other Activities which involves ticketing, Wengo and Watchever.

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