IBERIAN DAILY 05 OCTOBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACS, ALMIRALL, FERROVIAL, GREENING, IAG, LOGISTA, UNICAJA.The Ibex hovers the 9.100-point level
Stock markets saw a mixed performance, trying to rally after Tuesday’s sell-off where the Ibex, being the worst performer in Europe, ended above the 9,100-point level in a session where sovereign yields stabilised. Thus, in the STOXX Media and Technology led gains vs. Retail and Energy that saw the biggest drops. On the macro side, in the euro zone, August’s retail sales dropped more than expected due mainly to lower Internet purchases. September’s final services PMI was raised up to 48.7 thanks to the upward revisions in Germany and France and to Spain’s recovery where it climbed more than expected to 50.5. In the US, September’s non-manufacturing ISM dropped in line with expectations, remaining in expansion zone for 9 consecutive months although with mixed readings (with orders dropping sharply to 51.8 whereas activity and prices are near 59). On another note, the services PMI fell more than expected to 48.6. ADP private employment payrolls moderated more than expected to the lowest level since January’21.
What we expect for today
European stock markets would open with gains of around +0.5%, benefiting from the stabilisation of interest rates. Currently, S&P futures are down -0.10% (the S&P 500 ended +0.23% higher vs. the European closing bell). Volatility in the US dropped (VIX 18.58). Asian stock markets are climbing (China’s CSI 300 closed, Japan’s Nikkei +1.5%).
Today in Spain we will learn September’s industrial production and in the US weekly jobless claims. In debt auctions: Spain (€ 6.5 Bn in bonds due 2029, 2033 and 2042).
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.
Almirall is engaged in the acquisition, manufacture, storage, sale and mediation in the sale of pharmaceutical specialties and products and all manner of raw materials used to prepare pharmaceutical specialties and products. Also, Co. acquires, manufactures, storages, sales and mediates in the sale of cosmetics, chemical, biotechnological and diagnostic products for human, veterinary, agrochemical and food-industry use, as well as all manner of utensils, complements and accessories for the chemical, pharmaceutical and clinical industries. In addition, Co. is engaged in the acquisition, sale, lease, subdivision and development of land lots, land and properties of all kinds.
Ferrovial is a transportation company based in Spain. Co. is engaged in operations in the transportation sector. Co. specializes in the design, construction, management, administration and maintenance of transport infrastructures. Co.'s services range also includes the maintenance of parking lots, and land-, sea- and air-based transport networks. Co. is also engaged in the promotion and operation of short-stay parking lots, parking regulation and management services and promotion and sale of residents' parking.
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.
Unicaja Banco SA is a Spain-based financial institution (the Bank) engaged in the banking sector. The Bank offers services to individual and business customers. Its products and services range includes current and savings accounts, debit and credit cards, consumer and commercial loans, real estate credit, securities brokerage, funds management, leasing, factoring, pension plans, life and non-life insurance, international trade financing, money transfer, as well as treasury, among others. The Bank operates a number of branches in Spain and Morocco. The Bank is controlled by Fundacion Bancaria Unicaja.
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