IBERIAN DAILY 18 OCTOBER + 3Q’22 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACS, FLUIDRA, IBERDROLA, MAPFRE, MEDIASET ESPAÑA, REPSOL.Fixed income spurs the rally
UK debt, the main source of instability over the past few sessions, eased tension after the new finance minister, Jeremy Hunt, confirmed his predecessor’s tax cut plan was scrapped. Thus, the bullish opening in the US spurred European stock markets, which rallied more than +2%, with the IBEX the best relative performer. In the Euro STOXX, all the sectors closed with gains, led by Real Estate and Autos vs. Household Goods and Chemicals, which rose the least. On the macro side, in the US October’s Empire manufacturing index fell more than expected, with inventories and employment rising. In the UK, Hunt reversed most of Truss’s tax measures that compromised the fiscal roadmap and announced measures that will raise up to £ 32 Bn, whereas the BoE could once again delay QT until debt markets calm down. In Europe, in its draft of proposals the EU is betting on purchases and joint gas reserves, considering a possible dynamic price cap for gas as a last resort mechanism, as long as it does not incentivise consumption. In France the refinery strikes will spread today to the transport, education and healthcare sectors, among others. In China, the release of the 3Q’22 GDP, industrial output and retail sales for September will be delayed until further notice. In US business results, Bank of America, Bank of NY and Charles Schwab beat expectations.
What we expect for today
The European stock markets would open with gains of more than +1.0%, continuing the rally from annual lows and amid a positive results season in the US. Currently, S&P futures are up +1.7% (the S&P 500 ended -0.04% lower vs. the European closing bell). Volatility in the US fell (VIX 31.37). Asian markets are rising (China’s CSI 300 +0.1% and Japan’s Nikkei +1.5%).
Today in Germany we will learn October’s ZEW index and in the US September’s industrial output and October’s NAHB index. In US business results, State Street, Goldman Sachs, Netflix and United Airlines, among others, will release their earnings. Debt auctions: Germany (€ 4 Bn in bonds due 2029).
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.
Fluidra is engaged in the manufacture and commercialization of accessories and specific products for swimming pools, irrigation, and water treatment and purification systems.
Iberdrola is a holding company. Through its subsidiaries, Co. operates in four segments: network business, which includes all the energy transmission and distribution activities, and other regulated activity originated in Spain, the U.K., the U.S. and Brazil; deregulated business, which includes electricity generation and sales businesses as well as gas trading and storage businesses carried on by Co. in Spain, Portugal, the U.K. and North America; renewable business, with activities related to renewable energies in Spain, the U.K., the U.S. and the rest of the world; and other businesses, including the engineering and construction businesses and the non-power businesses.
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.
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.
Repsol is an oil and gas company. Co. is engaged in all the activities relating to the oil and gas industry, including exploration, development and production of crude oil and natural gas, transportation of oil products, liquefied petroleum gas (LPG) and natural gas, refining, the production of a wide range of oil products and the retailing of oil products, oil derivatives, petrochemicals, LPG and natural gas, as well as the generation, transportation, distribution and supply of electricity. Co. operates in more than 40 countries. Co.'s operations are divided into four segments: Upstream, Downstream, LNG and Gas Natural Fenosa.
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