IBERIAN DAILY 18 JULY + 2Q’22 RESULTS. PREVIEWS (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACS, BANKING SECTOR, BBVA, MAPFRE, REDEIA, TELEFÓNICA.Another week of routs
European stock markets fell another week in view of the political turmoil in Italy and the poor start to the 2Q’22 results campaign. In the Euro STOXX the best-performing sectors were Retail and Media, while the biggest drops came in Banks and Insurance. In Italy, M. Draghi maintained his position of leaving the Govt. on Wednesday, while Conte (Socialists) reiterated his conditional support for him. On the macro side, in the US July’s Empire manufacturing index unexpectedly rose sharply, returning to positive numbers. June’s retail sales easily beat expectations, suggesting growth in private consumption of more than the 1.5% QoQ expected by the consensus. June’s industrial output fell (worse than expected). Lastly, import prices fell more than expected in June, but the price subindex for the University of Michigan consumer confidence rose in July. Thus, moderation in all prices led to lower long-term inflation expectations. From the Fed, R. Bostic backed an orderly monetary policy, suggesting that he is not in favour of a 100bps rate hike. In China, the PBoC gave indications for banks to finance creditworthy developers so that they can complete ongoing projects. In US business results, BlackRock, US Bancorp and Wells Fargo released worse earnings than expected.
What we expect for today
We expect a bullish opening backed by the rally of Asian markets and, especially, the Technology sector. Currently, S&P futures are up +0.4% (the S&P 500 ended +0.25% higher vs. the European closing bell). Volatility in the US dropped (VIX 24.21). Asian markets are rising (China’s CSI 300 +0.96% and Japan’s Nikkei closed).
Today in the US we will learn July’s NAHB index. In US business results, Bank of America and Goldman Sachs, among others, will release their earnings. In debt auctions: Germany (€ 3 Bn in 12M t-bills) and France (€ 5.4 Bn in 3M, 6M and 12M t-bills).
COMPANY NEWS
2Q’22 Results previews
Along with our daily report we include 2Q’22 results forecasts with all the previews for next week in Spain with our qualitative opinion and the expected impact on the market.
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 Bilbao Vizcaya Argentaria is an international financial group, engaged primarily on providing banking services and consumer finance to private individuals and businesses in Spain and Portugal; providing real estate activity in Spain; providing services to international companies and investment banking, capital markets and treasury management services to clients; and providing the banking, insurance and pension businesses in Mexico and the U.S., as well as in South America.
Mapfre is an insurance company based in Spain. Co. is the parent company of a group engaged in the underwriting and provision of insurance in Spain and abroad. Insurance policies provided include: life, non-life, accident, home-owner, general and health. Through its subsidiaries, Co. is also engaged in the provision of reinsurance, the management of investment funds, pension funds and pension plans, real estate and related services. On the domestic market, Co.'s activities include managing investment funds, pension funds and pension plans, real estate and other service businesses.
Telefonica is engaged in the provision of public or private telecommunications services, including ancillary or complementary telecommunications services or related services. Co.'s fixed business includes: traditional fixed telecommunication services, Internet and broadband multimedia services, data and business-aplications services, and wholesale services for telecommunication operators. Co. also provides a range of mobile and related services and products to consumer and business customers, including mobile voice services, value added services, mobile data and Internet services, wholesale services, corporate services, roaming, fixed wireless, and, trunking and paging.
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