IBERIAN DAILY 02 JULY (ANÃLISIS BANCO SABADELL)
NEWS SUMMARY: ACS, BANKING SECTOR, FLUIDRA, OHL, TELEFÓNICA.MARKETS YESTERDAY AND TODAY
Markets trade smoothly
The main European indices remained within a sideways range at yesterday’s session and ended with slight drops. In the Euro STOXX, Pharma and Energy were the best-performing sectors while Automobiles and Banks saw the biggest drops. On the macroeconomic level, in the euro zone, June’s final manufacturing PMI was raised to 47.4 from 46.9 previously. In Germany, June’s unemployment climbed much less than expected and, in Spain, June’s manufacturing PMI rose more than expected. From the ECB, C. Lagarde outlined that the worst is already over but the most complicated situation is yet to come, arguing that the recovery will be uncertain and uneven. In the US, June’s manufacturing ISM recovered to growth levels (52.6 from 43.1 previously, June’s ADP job creation grew less than expected and May’s construction expenses slowed down more than expected. The Fed minutes from the meeting held on the 10th of June evidenced the need of a more explicit forward guidance. On another note, the Fed members continue to see a slow recovery of consumption and the need of keeping the monetary and fiscal stimuli. The health situation aggravates in Texas where hospitals would be about to collapse and the daily cases in the US already exceed 50,000 in the country for the first time. On another note, the Congress approved sanctions against some Chinese leaders due to the new domestic security law that will apply to Hong Kong.
What we expect for today
European stock markets would open with gains
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.
Fluidra is engaged in the manufacture and commercialization of accessories and specific products for swimming pools, irrigation, and water treatment and purification systems.
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.
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.
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