IBERIAN DAILY 22 DECEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACS, CELLNEX, ELECTRICITY SECTOR, PROSEGUR CASH.MARKETS YESTERDAY AND TODAY
Stock markets remain confident
The risk appetite recovered, with significant gains in stock markets and tightening in debt curves after South Africa announced that infections have fallen to their lowest level in the past 2 weeks. Within the Euro STOXX almost all sectors recovered, led by Travel&Leisure and Energy (thanks to the recovery of crude oil), whereas Consumer Goods and Household were the worst relative performers. On the macro side, in the euro zone, November’s consumer confidence slowed down in line with expectations. From the ECB, M. Muller outlined that long-drawn-out supply problems due to the Omicron variant could aggravate inflation. In Germany, the public health institute, RKI, would be adding pressure to impose a strict quarantine while the measures approved by O. Scholz are focused on limiting meetings to 10 people and would be delayed until 28/12. In the UK, November’s consumer confidence was in line with expectations, while in politics B. Johnson ruled out imposing more restrictions before Christmas. In the US, J. Biden was optimistic about reaching an agreement with the Democrat Senator J. Manchin and that the “Build Back Better” stimulus programme worth US$ 2 Tn will be approved. Separately, Merck’s and Pfizer’s anti-Covid pills would be on the verge of being approved.
What we expect for today
European stock markets would continue to recover at a slower pace in a session with little volume ahead of the holidays. Currently, S&P futures are up +0.05% (the S&P 500 ended +0.69% higher yesterday vs. its level at the European closing bell). Volatility in the US dropped (VIX 21.01). Asian markets are rising (China’s CSI 300 +0.1% and Japan’s Nikkei +0.16%).
Today in the UK we will learn the final 3Q’21 GDP, in the US also the final 3Q’21 GDP, November’s Chicago Fed activity index and November’s existing home sales.
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.
Cellnex Telecom SA is a Spain-based company engaged in the wireless telecommunications (telecom) business. Its activities are divided into three segments: Broadcasting infrastructure, Telecom site rental, as well as Network services and other. The Broadcasting infrastructure division comprises distribution and transmission of television (TV) and frequency modulation (FM) radio signals, operation and maintenance (O&M) of radio broadcasting network, as well as over-the-top (OTT) radio services, among others. The Telecom site rental division provides access to wireless infrastructure, primarily through infrastructure hosting and telecom equipment co-location, mainly for mobile network operators and other wireless and broadband telecom network operators. The Network services and other division offers connectivity services for a variety of telecom operators and radio communication, among others. The Company also develops 5th generation mobile networks (5G) through Alticom BV.
Prosegur Cash SA, formerly Prosegur Cit Holding SA, is a Spain-based company engaged in the provision of security services. The Company's activities are divided into three business areas: Logistics, Cash management and Outsourcing. The Logistics division focuses on the provision of local and international transport services of cash and other valuable goods. The Cash management division offers counting, processing, custody, preparation and delivery of notes and coins, as well as replenishment of automatic teller machines (ATMs). The Outsourcing division includes a number of support financial services, such as automation of retail operations through self-service cash automatization machines (MAEs), ATMs management, as well as branch forecasting, reconciliation, settlement and credit card support services. The Company operates through own branches and joint ventures in Europe, Central and South America, Africa, Asia and Australia. It operates through Contesta Teleservicios SAU.
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