IBERIAN DAILY 14 APRIL (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACS, MEDIASET ESPAÑA, NEINOR HOMES.The Ibex, the best-performing index in Europe ahead of the ECB meeting
It was a transitional session without significant catalysts that ended with a mixed tone, with the Ibex standing out (posting gains of almost +0.5%) and value outperforming growth. Thus, within the Euro STOXX, Basic Resources and Telecoms led gains, vs. the bigger drops in Household Goods and Food. In Spain, March’s inflation, as expected, reached the 9.8% YoY level hit in February, whereas in the UK it climbed to 7% YoY, a 30-year high. In Germany, the German Economic Institute has cut its growth forecast for 2022 to 2.7% (vs. 4.8% previously) but improved that for 2023 to 3.1% from 1.9% due to the war in Ukraine. In US 1Q’22 business results, JP Morgan came in worse than expected, and BlackRock, Delta Airlines and First Republic Bank better.
What we expect for today
The European stock markets would open with slight gains after China announced that it will continue to ease its monetary policy. Also, we could see an impact on the oil sector after the IEA stated that it does not expect sharp oil shortages in 2022, as the reduced Russian production will be offset to some extent with lower economic activity levels in China. Currently, S&P futures are up +0.22% (yesterday the S&P 500 ended +0.5% higher vs. the European closing bell). Volatility in the US dropped (VIX 21.8). Asian markets are rising (China’s CSI 300 +1%, and Japan’s Nikkei +1.17%).
Today the ECB will hold its meeting. Also we will learn in the US March’s retail sales and weekly jobless claims. In US business results, Goldman Sachs, Morgan Stanley, Citigroup, Wells Fargo and Bank of America, among others, will release their earnings.
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.
Gestevision Telecinco is a television network company based in Spain. Co. heads a group of dependent companies, which form the Telecinco Group. Through its subsidiaries, Co. is engaged in the management and commercial exploitation of a television network. Co.'s television network acquires, produces, and distributes audiovisual content. Co. also sells the network advertising airtime, carried out by its subsidiary. In addition, Co. is involved in the sale of other advertising products; production of news programs; the production and sale of audiovisual property rights; and teleshopping.
Neinor Homes SA, formerly Neinor Homes SLU, is a Spain-based company engaged in the real estate sector. The Company focuses on the design, construction and promotion of residential properties. It develops housing projects in various Spanish cities, such as Malaga, Madrid, Barcelona, Cordoba, Vizcaya, Alicante, Almeria and Gerona.
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