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INFORME DIARIO 27 ENERO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: ACERINOX, TELEFÓNICA, UNICAJA. EUROPA: NOKIA

Europa en verde, Estados Unidos en rojo
Europa rebotó tras dos días de caídas, mientras que EE.UU corrigió ante el creciente temor al coronavirus. En el Euro STOXX las subidas estuvieron lideradas por Tecnología y Utilities, mientras que Autos y Bancos fueron los dos únicos sectores que cayeron. Por el lado macro, en la Eurozona comportamiento mixto en los PMI preliminares, el manufacturero sorprendió al alza mientras que el de servicios se contrajo más de lo esperado. Desde el BCE, C. Lagarde advirtió sobre modificaciones en la política económica mientras que K. Knot volvió a insistir en que los tipos de interés bajos se mantendrán por años y que los fundamentales han cambiado. En Italia, las elecciones regionales en Emilia Romagna confirmaron la derrota de la Liga Norte frente al bloque de centro izquierda liderado por el PD, lo que reduce sensiblemente el riesgo de elecciones anticipadas. En EE.UU. se han confirmado los primeros dos casos de personas infectadas por el coronavirus mientras que en China el impacto aumenta y podría afectar el crecimiento del PIB. En Rdos. empresariales en EE.UU American Express ligeramente por encima de las expectativas.
Qué esperamos para hoy
Se mantiene el riesgo de toma de beneficios, lastrados por la evolución de EE.UU. y la crisis sanitaria china y a la espera de la reunión de la Fed de este miércoles. En estos momentos, los futuros del S&P cotizan con caídas del -0,88% (el S&P 500 cerró con caídas del -0,47% respecto al precio al que cotizaba al cierre de los mercados en Europa). La volatilidad en EE.UU. subió (VIX 14,56%). Los mercados asiáticos que están abiertos cotizan con caídas (Japón -2,03%).
Hoy en Alemania la confianza empresarial IFO. En EE.UU. las ventas de viviendas nuevas. En Rdos. empresariales en EE.UU. Dr Horton y Whirlpool Corp entre otros.
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.

Bankia S.A.

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.

Koninklijke Philips N.V.

Koninklijke Philips Electronics is active in the markets of healthcare, consumer lifestyle and lighting. Co.'s activities can be divided into three segments: Healthcare (Co. provides Imaging Systems, Patient Care and Clinical Informatics, Home Healthcare Solutions and Customer Services), Consumer Lifestyle (Co.'s products are divided into the following: Health and Wellness; Domestic Appliances; and Lifestyle Entertainment), Lighting (Co. provides lighting solutions for homes, shops, offices, schools, hotels, factories and hospitals; Co. also offers solutions for roads (street lighting and car lights) and for public spaces, residential areas and sports arenas).

Nokia Oyj

Nokia is an Internet and communications technology company based in Finland. Co.'s operations are focused on three businesses: network infrastructure software, hardware and services, which Co. offers through Networks; location intelligence, which Co. provides through HERE; and advanced technology development and licensing, which Co. pursues through Technologies. Co. maintains a global presence with operations and Researh & Development facilities located in Europe, North America and Asia, and sales in approximately 130 countries. Co. has an installed base of around 600 customers worldwide and these operators serve over 4 billion subscribers.

SAP SE

SAP is engaged in selling licenses for software solutions and related support services. Co. derives its revenue from fees charged to its customers for the use of its cloud solutions and for licensing of on-premise software products and solutions. Additional sources of revenue are support, professional services, development, training, and other services. Co. has more than 300,000 customers in over 180 countries. Co.'s SAP HANA platform holds the ability to simplify both the user experience and the overall IT landscape, creating a smaller data footprint, increased system throughput, and easier data processing and operation.

Telefonica SA

Telefonica is engaged in the provision of public or private telecommunications services, including ancillary or complementary telecommunications services or related services. Co.'s fixed business includes: traditional fixed telecommunication services, Internet and broadband multimedia services, data and business-aplications services, and wholesale services for telecommunication operators. Co. also provides a range of mobile and related services and products to consumer and business customers, including mobile voice services, value added services, mobile data and Internet services, wholesale services, corporate services, roaming, fixed wireless, and, trunking and paging.

Unicaja Banco S.A.

Unicaja Banco SA is a Spain-based financial institution (the Bank) engaged in the banking sector. The Bank offers services to individual and business customers. Its products and services range includes current and savings accounts, debit and credit cards, consumer and commercial loans, real estate credit, securities brokerage, funds management, leasing, factoring, pension plans, life and non-life insurance, international trade financing, money transfer, as well as treasury, among others. The Bank operates a number of branches in Spain and Morocco. The Bank is controlled by Fundacion Bancaria Unicaja.

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Analysts
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