IBERIAN DAILY 03 JANUARY (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACS, ELECTRICITY SECTOR, FCC.MARKETS YESTERDAY AND TODAY
The Ibex ends the year +8% higher
European markets closed mixed but ended the year with heavy gains, especially the S&P 500 (+27%) and France’s CAC (+29%). Thus, within the Euro STOXX, all sectors, with the exception of Travel&Leisure, showed a positive performance in 2021, particularly Technology and Banks. On the macro side, in Spain, December’s inflation sped up to 6.7%, above expectations and near highs from the past 30 years. In the US, weekly jobless claims improved more than expected. In China, December’s PMI improved slightly and unexpectedly whereas the Services PMI climbed to 52.7% unexpectedly thanks to the resistance of demand and some relief in bottlenecks in the supply chain. In Hong Kong Evergrande shares were suspended from trading.
What we expect for today
Without relevant macroeconomic references, we foresee a bullish session that will be marked by the performance of Omicron cases. S&P Currently, S&P futures are up +0.3% (the S&P 500 ended -0.2% lower vs. its level at the European closing bell). Volatility in the US dropped (VIX 17.20). Asian markets are climbing (China’s CSI 300 +0.4% and Japan’s Nikkei is closed for holiday).
Today in Europe and the US we will learn December’s final manufacturing PMI, and in Brail and Mexico December’s manufacturing PMI.
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.
Fomento de Construcciones y Contratas is the parent company of a group engaged in sanitation services, cleaning, maintaining, purification and distribution of water, construction of highways, hydraulic works, marine works, air and rail transport infrastructure, urban developments, housing, non-residential buildings, office buildings, toll highways, parking garages, marinas and water treatment plants. Co. is also engaged in the manufacture and sale of cement and cement infrastructures, such as precast concrete elements; and in the financial markets, and real estate development, leasing and tourism.
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