IBERIAN DAILY 02 AUGUST (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACS, IAG.IBEX on verge of losing 10,850 support level
Sharp drops on European stock markets, dragged down by the results calendar and a poor manufacturing ISM data. In the STOXX 600, most sectors ended in the red (15/20), with the best performers being Retail and Real Estate, whereas Banks and Industrials ended with the biggest losses. On the macro side, in the euro zone July’s final manufacturing PMI retained the preliminary data thanks to a smaller drop in Germany, whereas June’s unemployment rate rose one tenth of a percent to 6.5% unexpectedly. In the UK, the BoE meeting brought a surprise -25bps cut to 5% in a very tight vote (5 to 4) due to the doubts on inflation. In the US, July’s manufacturing ISM deteriorated unexpectedly, while the price component rose unexpectedly. Weekly jobless claims rose slightly more than expected and June’s construction spending once again contracted unexpectedly. In US business results, Apple and Biogen beat expectations, ConocoPhillips was in line and Amazon.com, Moderna and Intel released disappointing earnings.
What we expect for today
Stock markets would open with losses, awaiting US employment data. Currently, S&P futures are down -0.84% (the S&P 500 ended down -0.6% vs. the European closing bell). Asian stock markets are falling (China’s CSI 300 -0.5%, Japan’s Nikkei -4.5%).
Today in Brazil we will learn June’s industrial output, in the US non-farm job creation, the unemployment rate and salary gains (all for July) and June’s factory orders. In US business results, Linde, Exxon Mobil, Chevron and PPL, among others, will release their earnings.
COMPANY NEWS
IAG. Solid results, maintaining the outlook, resuming the dividend and renouncing AE. OVERWEIGHT
The 2Q’24 EBIT came in far above expectations (-0.8% vs. -11.5% BS(e) and -13.5% consensus), which would mainly be explained by the surprise in prices, which continue to rise (RASK +1.8% vs. 0% BS(e)), and by the solid cost performance (CASK flat vs. +1.2% BS(e) and +4.4% in 1Q’24). The 2024 outlook was maintained. IAG will resume shareholder remuneration with an interim dividend’24 of € 0.03/sh. (1.6% yield). Lastly, in view of the regulatory environment, the company has shelved the AE acquisition. It will pay a € 50 M break-up fee, having invested a total of € 225 M (
ACS Actividades de Construccion y Servicios is a holding company. Through its subsidiaries, Co.'s activities are divided into the following areas: Construction, engaged in the construction of civil works, and residential and non-residential building construction; industrial services, engaged in the development of applied engineering services, installations and the maintenance of industrial infrastructures in the energy, communications and control systems sectors; services, groups together environmental services, the outsourcing of building maintenance services, logistics and transport services; and concessions, mainly engaged in transport infrastructure concessions.
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.
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