IBERIAN DAILY 22 JUNE (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACS, CELLNEX, ELECTRICITY SECTOR, LIBERBANK, TÉCNICAS REUNIDAS.MARKETS YESTERDAY AND TODAY
Stock markets recover
Following a bearish opening, around mid-morning European stock markets turned it around and confirmed the gains after the US opened with gains and the US debt curve recovered from the flattening over the past few days. The IBEX managed to break a streak of four straight sessions in the red and closed above 9,000 points, which at yesterday’s opening bell it had fallen below. Thus, in the Euro STOXX almost all sectors closed in positive numbers, with Autos and Chemicals showing the best relative performance vs. Pharma and Travel & Leisure, which posted the biggest losses. In the US, the Chicago Fed activity index for May rose less than expected. As for central banks, from the Fed, in his speech before Congress, J. Powell reiterated that he expects inflation to return to levels close to the Fed’s target (2.0%). Meanwhile, C. Lagarde, from the ECB, in her speech before the European Parliament, warned that withdrawing stimulus too soon might jeopardise the recovery.
What we expect for today
The stock markets would open with gains of less than +0.5%, with a better performance of value stocks and with the Brent price at its 2-year highs. Currently, S&P futures are up +0.2% (the S&P 500 ended +0.16% higher vs. its price at the closing bell in Europe). Volatility in the US decreased (VIX 17.89). Asian markets are rising (China’s CSI +0.6% and Japan’s Nikkei +3%).
Today in the euro zone we will learn June’s consumer confidence and in the US May’s second-hand home sales and the Richmond manufacturing index. In debt auctions: Netherlands (€ 1.8 Bn in bonds due 2037) and Spain (new syndicated bond due 2031).
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.
Tecnicas Reunidas is a general contractor company based in Spain. Co. engages in the engineering, design, and construction of industrial facilities for refining and petrochemical, oil and gas, power, and infrastructure and industries sectors worldwide. Co. constructs nuclear plants, conventional thermal plants, and renewable energy and cogeneration facilities for power sector; refineries and facilities for petrochemicals; water treatment, desalination, waste management, air, land, and marine transport facilities; and liquefaction, and storage facilities, as well as oil and gas fields and pipelines. Co. also provides engineering, management and operating services for industrial plants.
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