IBERIAN DAILY 14 JUNE (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACS, NH HOTELES, SANTANDER.The IBEX, lagging in Europe
Another positive day for most European indices, which welcomed the rate cut announced in China and the solid US inflation data. Thus, in the Euro STOXX almost all the sectors closed with gains, led by Energy and Travel & Leisure, with Real Estate and Telecoms being the worst relative performers. On the macro side, in Spain May’s final inflation confirmed the preliminary figure of 3.2%. In Germany, June’s ZEW fell less than expected on the expectations side, although the current conditions component worsened more than expected. In the UK, April’s ILO unemployment rate fell unexpectedly, while salary gains rose more than expected. In the US, May’s general inflation fell more than expected to 4.0% YoY, whereas the core figure was in line with the consensus at 5.3% YoY.
What we expect for today
European stock markets would open with slight drops that would increase ahead of the Fed meeting, which is expected to keep rates unchanged, although it will be important if the new rate projections suggest new hikes before the end of the year. Currently, S&P futures are flat (the S&P 500 ended up +0.16% vs. the European closing bell). Volatility in the US fell (VIX 14.60). Asian stock markets are rising (China’s CSI 300 +0.45%, Japan’s Nikkei +1.63%).
Today in the US the Fed will meet and we will learn May’s production prices, in the euro zone and UK April’s industrial output and in Brazil April’s retail sales. The International Energy Agency will release a report. In debt auctions: Germany (€ 4 Bn in bonds due 2033).
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.
Banco Santander is a holding company, providing a range of financial products. Co.'s products and services include: retail banking business that covers all customer banking businesses; wholesale banking business; as well as asset management and insurance business. Co.'s principal operations are in Spain, the U.K., Portugal, Germany, Italy and Latin America. As of Dec 31 2014, Co.'s total assets amounted to Euro1,266,296,000,000 and total customer deposits amounted to Euro647,627,000,000.
NH Hotel is engaged in the operation and management of hotels throughout Spain, the Benelux countries, Germany, and South America.
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