IBERIAN DAILY 12 FEBRUARY (ANÃLISIS BANCO SABADELL)
NEWS SUMMARY: ACS, ELECTRICITY SECTOR, GAS/PAPER SECTOR, IAG, SACYR.MARKETS YESTERDAY AND TODAY
Widespread gains in the US and Europe
Stock markets posted numbers in the green on both sides of the Atlantic, with gains coming in all the main European and US markets. In the Euro Stoxx, the increases were led by Travel & Leisure and Technology, whereas Media and Food were the only sectors with losses. On the macro side, in Spain the Govt. lowered its growth estimate for this year by -0.2% to 1.6% and 1.5% in 2021, hinting at increased spending, higher taxes and a delay in meeting the fiscal targets (-1.8% for 2020). In the UK, the preliminary 4Q’19 GDP grew more than expected, repeating the 1.1% YoY figure thanks to public spending and exports. From the ECB, C. Lagarde urged countries to use their fiscal policies to drive growth. In the US, J. Powell warned of the coronavirus’ risk for the global economy but agreed with the current situation of the monetary policy. Separately, Hashkari stated that the monetary policy is not highly accommodative, whereas Bullard admitted that seeing inflation above levels of 2.0% would be good news. In Mexico, December’s industrial output contracted more than expected. In US business results, Hilton Worldwide, Hasbro and Exelon beat expectations, whereas Under Armour came in below expectations.
What we expect for today
Stock markets would open with slight gains. Currently, S&P futures are up +0.30% (the S&P 500 closed +0.48% higher vs. its price at the closing bell in Europe). Volatility in the US fell (VIX 15.04%). The Asian markets that are open are rising (Hong Kong +1.37%).
Today in the euro zone we will learn industrial output and in Brazil retail sales. In US business results, Moody’s, Global Payments and CVS Health, among others, will release their earnings. Debt auctions: Italy (€ 6 Bn in 12M t-bills), Germany (€ 4 Bn in 10Y bonds) and Portugal (€ 1.14 Bn in 7Y and 15Y bonds).
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.
International Airlines Group is an international scheduled airline and global premium airlines. Co.'s principal place of business is London with significant presence at Heathrow, Gatwick and London City airports.
Mapfre is an insurance company based in Spain. Co. is the parent company of a group engaged in the underwriting and provision of insurance in Spain and abroad. Insurance policies provided include: life, non-life, accident, home-owner, general and health. Through its subsidiaries, Co. is also engaged in the provision of reinsurance, the management of investment funds, pension funds and pension plans, real estate and related services. On the domestic market, Co.'s activities include managing investment funds, pension funds and pension plans, real estate and other service businesses.
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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