IBERIAN DAILY 13 SEPTEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACS, CHANGES IBEX, IBERDROLA, OHLA.ECB follows the script
Another session of gains in Europe that was largely unaffected by the ECB, which lowered rates as expected. The IBEX again led the advance, closing above 11,400 points. Thus, in the STOXX 600 almost all sectors closed with gains, led by Basic Materials and Technology, with Utilities and Pharma being the worst performers with slight drops. On the macro side, the ECB lowered the deposit facility rate by -25bps and the marginal lending facility by -60bps, leaving the door open to continued cuts as inflation continues to fall. In Spain, August’s inflation rose +0.1% vs. the preliminary reading to 2.3% YoY, with the core figure at 2.7% (2.8% previously). In the US, August’s production prices rose more than expected and weekly jobless claims remained in line with forecasts. In Brazil, July’s retail sales rose more than expected. In business news, OpenAI launched a new version of AI capable of reasoning.
What we expect for today
Stock markets would open with gains of more than +0.5%, with cyclical stocks and small caps performing well. Currently, S&P futures are up +0.16% (the S&P 500 ended up +0.81% vs. the European closing bell). Asian markets are mixed (China’s CSI +0.06% and Japan’s Nikkei -0.28%).
Today in the euro zone we will learn July’s industrial output and in the US August’s import prices and September’s University of Michigan consumer confidence.
COMPANY NEWS
CHANGES IBEX 35. As expected, no changes were made.
At yesterday’s closing bell the Technical Advisory Committee of the Ibex 35 decided not to make any changes to the Ibex35 components in follow-up meeting (the other being on 12/12). In line with expectations. There were no changes in weightings either.
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.
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.
Obrascon Huarte Lain is an international concession and construction groups based in Spain. Co. maintains significant operations in 30 countries across all five continents. Co. is engaged in hospital and railway construction, transport infrastructure concessions, oil and gas, energy, solids handling and fire protection systems and international contracts. Co.'s operations are organized along four divisions: OHL Concesiones, OHL Construccion, OHL Industrial y OHL Desarrollos. Co. is also engaged in real state project developments of mixed use managed by the international hotel chains.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.