Report
Research Department
EUR 100.00 For Business Accounts Only

IBERIAN DAILY 10 SEPTEMBER (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: ACS, DIA, IBERDROLA, ELECTRICITY SECTOR, MASMOVIL, PROSEGUR CASH.

MARKETS YESTERDAY AND TODAY

Strong rally in the US
A highly positive session in both Europe and the US, with US tech companies recovering part of the losses from previous days. Thus, in the Euro STOXX all sectors closed in positive numbers, with Insurance and Technology leading the way, while Travel & Leisure and Autos were the worst relative performers. On the macro side, in Europe, the EU would be studying the possibility of suing the UK in response to B. Johnson’s plans to breach the Brexit agreement. In the US, the Govt. cancelled over 1,000 visas for Chinese nationals for national security reasons. In Brazil, inflation climbed slightly more than expected in August.
What we expect for today
The main European stock indices would rise slightly. Currently, S&P futures are up +0.1% (the S&P 500 are trading unchanged vs. its price at the closing bell in Europe). Volatility in the US dropped (VIX 28.81%). Asian markets are rising (Japan +0.4% and Hong Kong +0.2%).
Today in the euro zone the ECB will meet and C. Lagarde will hold a press conference, in France and Italy we will learn July’s industrial output, in the US August’s production prices, weekly jobless claims and July’s final wholesale inventories and in Brazil July’s retail sales
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.

Distribuidora Internacional de Alimentacion SA

Distribuidora Internacional De Alimentacion is a supermarket and convenience store group based in Spain. Co. is engaged in the retail trade of food through cut-price self-service supermarkets and franchise establishments. Co. is engaged in the operation of stores located in Spain, France, Portugal, Turkey, Argentina, Brazil and China.

Iberdrola SA

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.

Masmovil Ibercom SA

Masmovil Ibercom SA, formerly World Wide Web Ibercom SA, is a Spain-based company primarily engaged in the telecommunication sector. The Company focuses on the sale and distribution services for Internet, Data Center and Telecommunications. The Company's product and services portfolio comprises Internet access through Asymmetric Digital Subscriber Line (ADSL) and Symmetric Digital Subscriber Line (SDSL) technologies, Internet domains and Domains Management and Registration Service through IberDNS application, Web hosting, virtual servers, dedicated servers, telephony services and routers. The Company also offers collocation services through two Internet Data Centers located in Madrid and San Sebastian. It operates through subsidiaries, such as Embou Nuevas Tecnologias SL and Ebesis Sistemas SL, among others. The Company owns a number of brand names, such as Pepephone, Yoigo and Llamaya.

Prosegur Cash SA

Prosegur Cash SA, formerly Prosegur Cit Holding SA, is a Spain-based company engaged in the provision of security services. The Company's activities are divided into three business areas: Logistics, Cash management and Outsourcing. The Logistics division focuses on the provision of local and international transport services of cash and other valuable goods. The Cash management division offers counting, processing, custody, preparation and delivery of notes and coins, as well as replenishment of automatic teller machines (ATMs). The Outsourcing division includes a number of support financial services, such as automation of retail operations through self-service cash automatization machines (MAEs), ATMs management, as well as branch forecasting, reconciliation, settlement and credit card support services. The Company operates through own branches and joint ventures in Europe, Central and South America, Africa, Asia and Australia. It operates through Contesta Teleservicios SAU.

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Sabadell

Analysts
Research Department

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