IBERIAN DAILY 02 MAY + 1Q'22 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACS, MEDIASET ESPAÑA, TALGO.At the end of today’s report, and during the entire results season, we will include a presentation with positive and negative results highlights and previews for the 1Q’22 results to be released over the coming days in Spain.
Business results were unable to save the week
European stock markets ended the week with losses, dragged down by the poor macro data, the high inflation, geopolitical uncertainty and the hawkish messages from the Fed and ECB. In the Euro STOXX, the best-performing sectors over the course of the week were Energy and Food, with Banks and Retail the worst performers. As for macro data, in Spain the preliminary 1Q’22 GDP rose only 6.4% YoY, whereas March’s retail sales fell unexpectedly. The government cut the GDP forecasts for 2022 to 4.3% (-2.7pp), foreseeing a 6% inflation level. By contrast, in Germany the preliminary 1Q’22 GDP figure beat expectations, coming in at 3.7% YoY. The Foreign Affair Minister opened the door to end sanctions when Russian forces abandon Ukraine. In Europe, April’s preliminary inflation remained in line with expectations, despite the calm in energy prices, whereas the preliminary 1Q’22 GDP rose 5.0% (in line). In the US, March’s personal income and outlays rose more than expected. Mixed data in China, April’s manufacturing PMI slowed down slightly less than expected whereas the services PMI fell more than expected, hit by restrictions. In US business results, Phillips 66 beat expectations, whereas Exxon Mobile, Colgate-Palmolive and Chevron released disappointing earnings.
What we expect for today
European stock markets would open with a slight rally although with limited volume. Currently, S&P futures are up slightly (yesterday the S&P 500 ended unchanged vs. the European closing bell). Volatility in the US rose (VIX 33.49). Asian markets are flat (China’s CSI 300 closed for holiday and Japan’s Nikkei +0.23%).
Today in the euro zone we will learn April’s manufacturing PMIs, in the US March’s construction spending and April’s manufacturing ISM. In US business results, Loews, Moody’s, MGM Resorts, Williams and Fevon Energy, among others, will release their earnings. In debt auctions: Germany and France (6M and 12M t-bills).
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.
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.
Talgo is engaged in designing, manufacturing, repairing and maintaining the railway rolling stock, as well as the manufacturing, assembling, repairing and maintaining the engines, machinery and parts of the railway systems. Co. has an industrial presence in seven countries: Spain, Germany, Kazakhstan, Uzbekistan, Russia, Saudi Arabia and U.S.A. Co. has an active fleet in Europe, Asia and North America that comprises of 94 high-speed trains and more than 1,400 Talgo tilting passenger cars. Also, Co. purchases, redesigns, constructs, leases and sells all types of real estate.
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