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Research Department
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IBERIAN DAILY 19 APRIL + 1Q’21 RESULTS. PREVIEWS (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: ACS, CAF, NATURGY, REPSOL.

At the end of today’s report, and during the entire results season, we will include a presentation with positive and negative results highlights and previews for the 1Q’21 results to be released over the coming days in Spain.

MARKETS YESTERDAY AND TODAY

New 2021 high in mid-April
The kick-off to the 1Q’21 results season in the US has led to weekly gains of ~1% on global stock markets, which have ignored the rise in global coronavirus cases and the growing geopolitical risk (Russia-Taiwan-China-US, etc.). Thus, the best-performing sectors this past week in the Euro STOXX were Retail and Consumer Goods, whereas Household Goods and Telecoms ended with the worst relative performance. On the macro side, in the euro zone, Poland would once again delay the recovery fund (NGEU) due to internal disagreements. In the US, building permits and housing starts (15-year high) for March rose much more than expected. In Japan, February’s industrial output once again contracted, whereas both exports and imports grew more than expected in March. In US business results, Bank of NY and Morgan Stanley beat expectations.
What we expect for today
The European stock markets would open with a slightly bullish slant led by growth against a backdrop of stable debt. Currently, S&P futures are down -0.15% (the S&P 500 ended up +0.2% vs. its price at the closing bell in Europe). Volatility in the US dropped (VIX 16.25). Asian markets are rising (China’s CSI 300 +1.85% and Japan’s Nikkei +0.1%).
Today in Brazil we will learn February’s economic activity index. In US business results, CocaCola, M&T Bank and United Airlines, among others, will release their earnings. Debt auctions: Germany (€ 6 Bn in 6M and 12M t-bills), France (€ 5.4 Bn in 3M, 6M and 12M t-bills) and Netherlands (€ 2 Bn in 3M and 9M t-bills).
Underlyings
Actividades de Construccion y Servicios SA

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.

Construcciones Y Auxiliar De Ferrocarriles, S.A.

Repsol SA

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.

Provider
Sabadell
Sabadell

Analysts
Research Department

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