Report
Research Department
EUR 100.00 For Business Accounts Only

IBERIAN DAILY 19 SEPTEMBER (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: ACS, CAIXABANK, IBERDROLA, MAPFRE, SACYR.

All eyes on the Fed
After the ECB meeting last week, stock markets now await the Fed meeting (Wednesday). Thus, the main global stock markets started this week with losses after several ECB members (Kazaks, Holzmann and Muller) ruled out rate cuts before the 1H’24. In the Euro STOXX, all sectors ended with drops, led by Real Estate and Banks vs. the defensive sectors of Telecommunications and Food that saw the relative performance. On the macro side, in the US, September’s NAHB residential construction index dropped more than expected to March’s levels. Separately, the automobile workers union UAW has threatened to extend the strike to other factories if no progress is made by Friday. In the euro zone, from the ECB rumours suggest the organisation would be considering the possibility of raising minimum required reserves for banks to the range of 2.0%-3.0%.
What we expect for today
European stock markets would open with a slightly bearish slant, but with positive performance in the oil sector, backed by the rising Brent prices. Currently, S&P futures are down -0.05% (the S&P 500 ended down -0.22% vs. the European closing bell). Volatility in the US rose (VIX 14.00). Asian stock markets are siding (China’s CSI 300 -0.36%, Japan’s Nikkei -1.05%).
Today in the euro zone we will learn August’s final inflation and in the US August’s housing starts and construction licences.
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.

CaixaBank SA

Caixabank is an investment company based in Spain. Co. is involved in investment portfolio management activities across two areas: Services and Financial Business and Insurance. In the services area, Co. provides investment solutions for companies involved in the infrastructure, energy, services and entertainment sectors. In the financial business and insurance area, Co. is engaged in the investments for international banks, insurance and specialist financial services. Co. focuses most of its banking investments in India, China, the U.S., and Central and Eastern Europe with a particular interest in retail banking. Co. is also involved in the disinvestments activities.

Iberdrola SA

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 SA

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.

Sacyr S.A.

Sacyr is the parent company of a group engaged in the acquisition, development and construction of urban properties for their subsequent rental or resale. Co. primarily leases and sells office buildings and complexes, housing units, and shopping centers. Co. is also engaged in the operation of urban car parking facilities. Co. offers services related to the real estate industry such as technical assistance in energy savings, inventory management, architectural design, telecommunications management, property maintenance, as well as gardening and landscaping. Co. also provides consulting services in the real estate fund management sector.

Provider
Sabadell
Sabadell

Analysts
Research Department

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