Report
Research Department
EUR 100.00 For Business Accounts Only

IBERIAN DAILY 09 JULY (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: ACS, BANKINTER, COLONIAL, REPSOL.

MARKETS YESTERDAY AND TODAY

Profit taking continues
The main European stock markets posted losses of around -1% in view of the rising number of global coronavirus cases. Asia, led by China, continues the rally from the past few days, spurred by the macro recovery and the lack of significant consequences from the national security law being applied in Hong Kong. In the Euro STOXX, all the sectors except Utilities closed in the red, with Banks and Construction showing the worst relative performance. On the macro side, the President of the World Bank, D. Malpass, urged the larger economies to extend the freezing of official bilateral debt payments for poorer countries until 2021. From the ECB, C. Lagarde stated that the Bank will keep its policy unchanged in its upcoming meeting after the emergency stimulus calmed the markets, saying that there will be plenty of time to assess it. L. De Guindos recommended specific plans be put in place for the tourism sector. In Brazil, May’s retail sales rose more than expected. In China, June’s inflation rose +0.1%, in line with expectations.
What we expect for today
The stock markets would open with gains awaiting US employment data. Currently, S&P futures are flat (the S&P 500 was up +0.38% vs. its price at the closing bell in Europe). Volatility in the US fell (VIX 28.08%). Asian markets are rising (Japan +0.90% and Hong Kong +0.47%).
Today in the Euro zone, the Eurogroup will meet. Also in the US we will learn weekly jobless claims and May’s final wholesale inventories and in Mexico June’s inflation. Debt auctions: Ireland (€ 1.5 Bn in 7Y, 10Y and 30Y bonds).
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.

Inmobiliaria Colonial (COL SM)

Repsol SA

Repsol is an oil and gas company. Co. is engaged in all the activities relating to the oil and gas industry, including exploration, development and production of crude oil and natural gas, transportation of oil products, liquefied petroleum gas (LPG) and natural gas, refining, the production of a wide range of oil products and the retailing of oil products, oil derivatives, petrochemicals, LPG and natural gas, as well as the generation, transportation, distribution and supply of electricity. Co. operates in more than 40 countries. Co.'s operations are divided into four segments: Upstream, Downstream, LNG and Gas Natural Fenosa.

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Sabadell

Analysts
Research Department

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