IBERIAN DAILY 17 AUGUST (ANÃLISIS BANCO SABADELL)
NEWS SUMMARY: ACS, AIRLINE SECTOR, DIA.MARKETS YESTERDAY AND TODAY
Restrictions from Covid-19 once again take their toll on European markets
Sharp drops from the opening bell on Friday after the release of poor Chinese macro data (retail sales) and the new restrictions placed on movement in the UK. In the Euro STOXX, Travel & Leisure led the drops (due to the Airlines), whereas Telecoms and Autos fell less. On the macro side, in the euro zone the second reading of the 2Q’20 GDP confirmed the preliminary figure of -15%. In the US, July’s retail sales and non-farm productivity rose slightly more than expected, July’s industrial output saw its growth slow in line with expectations and July’s utilisation capacity came in slightly above expectations, June’s business inventories also saw their contraction slow (as expected), and lastly the University of Michigan consumer confidence index for August improved very slightly vs. the small drop expected by the consensus. In Japan, this morning the 2Q’20 GDP saw its contraction increase slightly more than expected to -27.8 QoQ, whereas industrial output for June slowed.
What we expect for today
European markets would open with slight gains, spurred by the session in Asia. Currently, S&P futures are rising slightly (the S&P 500 ended down -0.24% vs. its price at the closing bell in Europe). Volatility in the US remained stable (VIX 22.13%). Asian markets are trading with mixed results (Hong Kong +1.7%, Japan -0.7%).
Today in the US we will learn the Empire manufacturing index and the NAHB real estate sentiment index, both for August.
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.
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