IBERIAN DAILY 21 APRIL + 1Q’21 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACS, AEDAS, IBERDROLA.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
Profit taking on stock markets
European stock markets slid around -2.0%, dragged down by cyclical stocks and sectors, mainly the hardest hit by the pandemic, such as Tourism, Energy and Banks, which penalised the Ibex and Mib to a greater extent. In the Euro STOXX Real Estate was the only sector not seeing drops while Media saw the lowest corrections. However, Banks and Travel&Leisure (hit by the results of US airlines and the risks of not opening external tourism in the US and European countries) were the worst performers. On the macro side, in Europe, F. de Cos from the ECB outlined the risks the banking sector is faced with as a result of the pandemic. The European Medicines Agency (EMA) gave the go-ahead to the use of the J&J vaccine, stating that the benefits widely exceed risks. In the US, the Govt. has called the shortage of semiconductors a question of national security (totally dependent on China and Taiwan) and will put US$ 50 Bn towards their production, which could strain relationships with Asia even further. In US business results, Travelers, Johnson&Johnson and Phillip Morris beat expectations, Procter&Gamble in line, and Netflix posted disappointing subscriber numbers.
What we expect for today
European stock markets would open with slight rallies, aided by the EMA’s verdict on J&J’s vaccine, although the wave of cases in India is concerning, while Tokyo and Osaka are again in a state of emergency. Currently, S&P futures are down -0.2% (the S&P 500 ended up +0.2% vs. its price at the closing bell in Europe). Volatility in the US rose (VIX 18.68). Asian markets are trading with mixed results (China’s CSI 300 +0.3% and Japan’s Nikkei -2%).
Today in the UK we will learn March’s inflation. In US business results, Baker Hughes, Halliburton, Verizon and Whirlpool, among others, will release their earnings. Debt auctions: Portugal (€ 1.25 Bn in 3M and 9M t-bills).
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.
Aedas Homes is engaged in the housing development business in Spain. The company has a portfolio of approximately 1.5 million square meters of land that it develops for residential purpose. Co. develops multifamily homes for the housing market in Madrid, Catalonia, Levante and Majorca, Costa del Sol and Seville.
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.
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