IBERIAN DAILY 21 MARCH (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACS, ATRESMEDIA, IBERDROLA.Rally after a rough start
European stock markets opened with losses of more than -1% following UBS’s acquisition of Credit Suisse, but little by little they recovered, closing the session with gains of around +1.5% and with the IBEX leading the rallies. In the Euro STOXX, Banks and Insurance led the gains vs. Pharma and Retail, which were the only two sectors to close in the red. On the macro side, in Germany, production prices rose more than expected. In France, E. Macron saved by the slightest margin the motion of censure for the pension reform but is now facing a weaker and fragmented government. In the Euro zone, the regulators and C. Lagarde reiterated that the AT1 of the banking sector will absorb the necessary losses but after the total absorption of capital. In the US, regulators are considering the possibility of guaranteeing at least temporarily all deposits whereas JP Morgan would be analysing a joint bailout to First Republic Bank, even considering the equity conversion of the US$ 30 Bn injection in deposits conducted last week.
What we expect for today
European stock markets would open with gains of +0.5%, with banks continuing to recover. Currently, S&P futures are up +0.05% (the S&P 500 ended unchanged vs. the European closing bell). Volatility in the US fell (VIX 24.15). Asian markets are rising (China’s CSI 300 +0.92% and Japan’s Nikkei closed).
Today we will learn in Germany and the Euro zone March’s ZEW economic sentiment, and in the US February’s existing home sales. As for auctions, Germany will issue € 1.5 Bn in bonds due 2027.
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.
Atresmedia Corporacion De Medios De Comunicacion is a television and radio broadcasting company based in Spain. Co. is engaged in the indirect management of television and radio services, which include the broadcasting, creation, production and distribution of television and radio programming, and the sale of advertising time. Group companies mainly carry on business activities relating to the production, copying and broadcasting of sounds and images, and TV and Internet home shopping. Co. provides National and World Digital Television Services. Co. is the parent company of Grupo Antena 3.
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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