IBERIAN DAILY 09 JANUARY (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACS, ELECTRICITY SECTOR, ENAGÁS, SACYR.Recovery mid-session
European stock markets ended with gains, despite the doubts on the upcoming US inflation data and on the verge of the start of the results season. In the STOXX 600 we highlight the gains in Technology and Retail, whereas cyclicals linked to raw materials, like Basic Materials and Energy, were the only sectors that closed in the red. On the macro side, in Germany, November’s industrial orders rallied less than expected. By contrast, November’s imports and exports recovered more than expected. In the euro zone, January’s SENTIX index recovered slightly less than expected, whereas November’s retail sales fell in line with expectations. In Italy, the Govt. plans to nationalise the largest steel company, Acciaierie d’Italia. In the US, the NY Fed survey showed inflation expectations from consumers for the next year (to a three-year low). In Japan, December’s Tokyo inflation fell in line with expectations on both the general (2.4% YoY) and core levels (2.1%), whereas real household spending for November fell unexpectedly. In China, Z. Lan of the PBoC suggested the Monetary Authority will increase its pro-cyclical policy to spur growth, suggesting rate cuts.
What we expect for today
European stock markets would open with gains of up to +0.5%. Currently, S&P futures are down -0.15% (the S&P 500 ended up +0.77% vs. the European closing bell). Volatility in the US fell (VIX 13.08). Asian stock markets are rising (China’s CSI 300 +0.10%, Japan’s Nikkei +1.16%).
Today in Germany we will learn November’s industrial output, in the US December’s NFIB SME confidence index and in Mexico December’s inflation.
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.
Enagas is a gas transportation company based in Spain. Co. is engaged in the technical distribution and storage of gas through pipelines as well as the provision of regasification services. Co. and subsidiaries are engaged in the ownership, administration, storage, pipeline transportation, distribution flow, and sale of natural gas. As a transport company, Co. also provides gas and manages the gas infrastructures.
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.
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