IBERIAN DAILY 07 NOVEMBER + 3Q’23 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACS, AMADEUS, SACYR, UNICAJA.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 3Q’23 results to be released over the coming days in Spain.
Stock market stability
Yesterday’s session was stable despite the tightening in debt markets and the services PMI data that continues to suggest slowdown in the euro zone in the 4Q’23. In the STOXX 600, cyclical sectors linked to raw materials, such as Energy and Basic Resources, were the best performers whereas Retail and Construction ended with corrections of around -1%. On the macro side, in Spain, October’s services PMI recovered unexpectedly above 51.1 vs. 50.5 previously. On the aggregated level in the euro zone the data confirmed the preliminary result of 47.8. In the US, L. Cook from the Fed considers that the widening in debt yields has not been linked to monetary policy expectations. In China, October’s exports fell more sharply unexpectedly, while imports recovered significantly more than expected. In Japan, real salaries fell in September for the 18th straight month, whereas household spending fell more (YoY) in September, in line with expectations. In US 3Q’23 Results, Constellation beat expectations, Vertex and NXP Semiconductors were in line.
What we expect for today
European stock markets would open with drops
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.
Amadeus is a transaction processor for the global travel and tourism industry. Co. provides transaction processing power and technology solutions to both travel providers (including full service carriers and low-cost airlines, hotels, rail operators, cruise and ferry operators, car rental companies and tour operators) and travel agencies (both online and offline). Co. acts both as a worldwide network connecting travel providers and travel agencies through a processing platform for the distribution of travel products and services (through the Distribution business), and as a provider of a portfolio of IT solutions which automate certain business processes (through the IT solutions business).
Sacyr is the parent company of a group engaged in the acquisition, development and construction of urban properties for their subsequent rental or resale. Co. primarily leases and sells office buildings and complexes, housing units, and shopping centers. Co. is also engaged in the operation of urban car parking facilities. Co. offers services related to the real estate industry such as technical assistance in energy savings, inventory management, architectural design, telecommunications management, property maintenance, as well as gardening and landscaping. Co. also provides consulting services in the real estate fund management sector.
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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