IBERIAN DAILY 21 SEPTEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACS, BANKIA, CAIXABANK, MAPFRE, MELIÁ HOTELS, NATURGY.MARKETS YESTERDAY AND TODAY
A session marked by new lockdown fears
In a session marked by quarterly expiries of futures and options, European indices suffered the fears of new lockdowns in view of the rise in Covid-19 cases in Europe. In the US, tech companies (especially FAANGs) and consumer discretionary dragged down the index, despite the fact that the U. of Michigan consumer confidence rose more than expected in September. Within the Euro STOXX, Basic Resources and Pharma were the best relative performers, vs. Banks and Travel & Leisure. In Spain, the Madrid Regional Govt. announced mobility restrictions in 37 areas, which will end up impacting on the region’s activity levels. In the US, there appears to be greater disagreement over a fiscal stimulus package, with Democrats now demanding US$ 2 Tn. In the Euro zone, according to the FT, the ECB will revise its Pandemic Emergency Purchase Programme (PEPP) to introduce changes if necessary in the rest of its programmes.
What we expect for today
European markets would open with slight losses due to the doubts surrounding the rise in Covid-19 cases in the US and euro zone and the fear of new lockdowns in the UK in a week in which we highlight Powell’s appearance before Congress. Currently, S&P futures are currently down -0.6% (the S&P 500 was down -0.45% vs. its price at the closing bell in Europe). Volatility in the US fell (VIX 25.83%). Asian markets are falling (Hong Kong -1.78%).
Today is a holiday in Japan. In the US we will learn the Chicago Fed national activity index (for August). In debt auctions: Netherlands (€ 5.26 Bn in 3M, 6M & 9M T-bills), Germany (€ 8 Bn in 6M & 12M T-bills), Belgium (€ 2.87 Bn in bonds due 5Y, 10Y and 15Y), and France (€ 5.9 Bn in 3M, 6M & 12M 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.
Bankia is a financial institution based in Spain. Co. is primarily engaged in operations in the banking sector. Co.'s business operations are structured into seven areas: Retail Banking, Business Banking, Private Banking, Asset Management and Bancassurance, Capital Markets and Holdings. Co. offers financial products and services to various customer segments, such as individuals, small and medium enterprises, large corporations, as well as public and private institutions. As of Dec 31 2014, Co. had total assets and total customer deposits of Euro233,648,603,000 and Euro106,806,698,000 respectively.
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.
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.
Melia Hotels International is the parent company of a group engaged in the acquisition, management and operation of hotels. Co. operates its hotel network in Germany, Argentina, Brazil, Bulgaria, Cabo Verde, Chile, China, Costa Rica, Croatia, Cuba, Egypt, Spain, United States, France, Greece, Netherlands, Indonesia, Italy, Luxembourg, Malaysia, Mexico, Panama, Peru, Portugal, Puerto Rico, United Kingdom, Dominican Republic, Singapore, Switzerland, Tunisia, Uruguay, Venezuela and Vietnam under the followings brandnames: Paradisus Resorts®, Melia Hotels & Resorts®, TRYP Hoteles® and Sol Hotels & Resorts®.
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