Report
Research Department
EUR 100.00 For Business Accounts Only

IBERIAN DAILY 03 JUNE (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: ACS, BANKINTER.

Trade situation raising doubts
European stock markets ended with slight drops, except the IBEX 35, which once again saw gains. Meanwhile, the EC regretted the expected doubling on steel tariffs and would be readying countermeasures on € 95 Bn of imports in addition to the € 21 Bn already announced (but suspended awaiting trade negotiations). In the STOXX 600, the best-performing sectors were Energy (taking advantage of the oil rally) and Insurance, whereas Autos and Media fell the most. On the macro side, in the euro zone May’s final manufacturing PMI improved unexpectedly, despite the fact that Germany worsened to 48.3. In the US, May’s manufacturing ISM deteriorated unexpectedly (to a low since Nov’24), although the new orders and employment headings improved slightly. As for April’s construction spending, it contracted unexpectedly. From the Fed, Waller was concerned with the impact of tariffs on inflation, although he expects this to be temporary and that rates could be cut by the end of the year. On the commercial side, D. Trump would have requested countries to provide their best offer on trade negotiations by June 4. In China, May’s Caixin manufacturing PMI fell unexpectedly to Sept’22 lows.
What we expect for today
European stock markets would open flat, with a slightly bullish slant. Currently, S&P futures are down -0.37% (the S&P 500 ended +0.56% higher vs. the European closing bell). Asian markets are rising (China’s CSI 300 +0.33% and Japan’s Nikkei +0.10%).
Today in the euro zone we will learn May’s general and core inflation and April’s unemployment rate, in Brazil April’s industrial output and in the US April’s factory orders and JOLTS job openings.
Underlyings
Actividades de Construccion y Servicios SA

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.

Bankinter SA

Bankinter is the parent company of a group engaged in banking activities. Services provided include: investment banking; capital market services; financial services insurance; international services such as foreign exchange transactions and travelers' checks; wholesale corporate banking; and retail and private banking services. Co. offers its products and services through the following channels of distribution: branch network; telephone banking, interactive (software) banking; agents; and Internet banking. As of Dec 31 2014, Co. had assets totalling Euro57,332,974,000 and deposits totalling Euro29,966,129,000.

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Sabadell

Analysts
Research Department

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