IBERIAN DAILY 11 NOVEMBER + 3Q’20 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACS, EUSKALTEL, TÉCNICAS REUNIDAS.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’20 results to be released over the coming days in Spain.
MARKETS YESTERDAY AND TODAY
Europe and the Ibex continue to celebrate
It was yet another very positive session for the European stock markets after Pfizer’s announcement regarding its Covid-19 vaccine. Standing out was the Ibex, with a +3.5% rise, whereas the German Dax index increased by +1%. On both sides of the Atlantic, value stocks beat again growth stocks, and within the Euro STOXX, the sectors that rose the most were once again Banks and Energy (by almost 6% and 4%, respectively), whereas Technology and Financial Services posted the biggest drops. On the macro side, the market ignored November’s disappointing ZEW index in Germany. From the Fed, R. Kaplan claimed that the economy still has a very complicated 2H’20 ahead. In the Euro zone, member states approved the EU long-term budget through 2027, including the use of the Recovery Fund, which will now have to be approved by the European Parliament. In US business results, Dr. Horton, Advance Auto Parts and Rockwell came in better than expected.
What we expect for today
Stock markets would see a slightly bullish opening after hitting resistance levels, hindered by the logistics problems involved in the distribution of Pfizer’s vaccine. Currently, S&P futures are up +0.2% (the S&P 500 closed unchanged vs. its price at the closing bell in Europe). Volatility in the US decreased (VIX 24.8%). Asian markets are rising (Hong Kong +0.3%, Japan +1.8%), where the greater regulatory risk is dragging down Chinese technological companies..
Today, no relevant macro data will be released. In US business results, Hewlett Packard, Walt Disney and Cisco, among others, will release their earnings. In debt auctions: Italy (€ 6.5 Bn in 12M T-bills) and Germany (€ 1 Bn in bonds due 2050).
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.
Euskaltel SA is a Spain-based company engaged in the provision of integrated telecommunication services. The Company's activities are divided into three segments: Residential, Business, as well as Wholesale and Other. The Residential segment provides fixed and mobile telecommunication services, broadband and wireless Internet, as well as digital television (TV) as a single service and in packages. The Business division primarily offers fixed and mobile telephony, as well as Internet access for enterprises. The Wholesale and Other area serves wholesale customers and is responsible for the delivery of communication services, such as infrastructure leasing, information technology (IT) outsourcing, as well as sell of installation material and electronics. The Company operates in the Basque Country, Spain.
Tecnicas Reunidas is a general contractor company based in Spain. Co. engages in the engineering, design, and construction of industrial facilities for refining and petrochemical, oil and gas, power, and infrastructure and industries sectors worldwide. Co. constructs nuclear plants, conventional thermal plants, and renewable energy and cogeneration facilities for power sector; refineries and facilities for petrochemicals; water treatment, desalination, waste management, air, land, and marine transport facilities; and liquefaction, and storage facilities, as well as oil and gas fields and pipelines. Co. also provides engineering, management and operating services for industrial plants.
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