IBERIAN DAILY 15 SEPTEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACS, FERROVIAL, OHL.MARKETS YESTERDAY AND TODAY
Europe, dragging behind
It was a flat session in Europe, while most US indices opened with gains of more than +1.5%. In the Euro STOXX, the best-performing sectors were Travel & Leisure and Banks, with Energy and Financial Services bringing up the rear. On the macro side, in the euro zone July’s industrial output recovered more than expected. From the ECB, P. Lane stated he sees no signs that the current low-rate monetary policy has hit a floor, also showing his agreement with the current forward guidance. In the US, the latest NY Fed survey suggested a rise in inflation expectations for the next 3 years to 3% from the previous 2.7%. In Brazil, July’s economic activity index recovered more than expected. In China, industrial output and August’s retail sales rose more than expected.
What we expect for today
Stock markets would open with a slightly bearish slant and high sector dispersion, with the Energy sector dragged down by crude oil and the sectors/stocks sensitive to the euro hit by its appreciation. Currently, S&P futures are currently up +0.3% (the S&P 500 was down -0.4% vs. its price at the closing bell in Europe). Volatility in the US dropped (VIX 25.85%). Asian markets are trading with mixed results (Japan -0.5% and Hong Kong +0.4%).
Today in Germany we will learn the ZEW economic sentiment index, in the UK July’s ILO unemployment rate and in the US September’s Empire manufacturing index and August’s industrial output. In debt auctions: Spain (€ 7 Bn in 3M and 9M T-bills) and Germany (€ 4 Bn in bonds due 2027).
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.
Ferrovial is a transportation company based in Spain. Co. is engaged in operations in the transportation sector. Co. specializes in the design, construction, management, administration and maintenance of transport infrastructures. Co.'s services range also includes the maintenance of parking lots, and land-, sea- and air-based transport networks. Co. is also engaged in the promotion and operation of short-stay parking lots, parking regulation and management services and promotion and sale of residents' parking.
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.
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