IBERIAN DAILY 09 DECEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACS, CHANGES IBEX, IBERDROLA.MARKETS YESTERDAY AND TODAY
Stock markets take a breather after the rally from the last few days
Following the strong rally on Monday and Tuesday, yesterday there was some consolidation with the lack of macro references and news on possible stricter anti-Covid measures in the UK. Thus, in the Euro STOXX Leisure was the only sector closing in positive numbers, with Household Goods and Retail posting the biggest losses. On the macro side, in Brazil October’s retail sales fell more than expected and the BoB raised the Selic rate to 9.25%, as expected. This morning in China November’s inflation rose to 2.3%, but less than expected. In Japan, money supply fell more than expected.
What we expect for today
European stock markets would open with slight gains, with all eyes on rising tensions between Russia and Ukraine. Currently, S&P futures are down -0.14% (the S&P 500 ended +0.31% higher vs. its level at the European closing bell). Volatility in the US continued to drop (VIX 19.9). Asian markets are mixed (China’s CSI 300 +2% and Japan’s Nikkei -0.47%).
Today in the US we will learn weekly jobless claims and October’s retail wholesale inventories and in Mexico November’s inflation.
COMPANY NEWS
IBEX 35 Expert Committee meeting today. Possible changes.
At today’s closing bell, the IBEX Expert Committee will hold its second annual ordinary meeting. As possible exclusions we stress Viscofan, CIE or Almirall (in that order), and as possible inclusions the best candidates would be Sacyr, Rovi and Logista (also in that order), with higher average traded volume although with a tighter position in terms of minimum market cap. Acciona Energía would be a candidate to be added to the index in terms of size, although as it has been trading for a very short time and with liquidity still being low, we believe that the Committee will wait at least until the meeting to be held in March’22.
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.
Iberdrola is a holding company. Through its subsidiaries, Co. operates in four segments: network business, which includes all the energy transmission and distribution activities, and other regulated activity originated in Spain, the U.K., the U.S. and Brazil; deregulated business, which includes electricity generation and sales businesses as well as gas trading and storage businesses carried on by Co. in Spain, Portugal, the U.K. and North America; renewable business, with activities related to renewable energies in Spain, the U.K., the U.S. and the rest of the world; and other businesses, including the engineering and construction businesses and the non-power businesses.
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