IBERIAN DAILY 22 JUNE (ANÃLISIS BANCO SABADELL)
NEWS SUMMARY: ACS, MÃSMÓVIL, TELEFÓNICA.MARKETS YESTERDAY AND TODAY
Stock markets post gains on Friday
Stock markets posted gains on Friday, as fears of an uncontrolled rise in new coronavirus cases (although the infection ratio in Germany stands at 1.7x, clearly above the critical level of 1x), that were, however, softened towards the end of the session after the meeting of the European Council ended up without an agreement on the design of the future Economic Recovery Plan post Covid-19 (the next meeting will be in mid-July). In this regard, C. Lagarde (ECB) pointed out to the European leaders that she expects an economic slump of 13% in the Euro zone in 2Q’20 and an unprecedented 8.7% drop in 2020. Within the Euro STOXX, the best-performing sectors were Technology and Utilities, whereas Banks and Real Estate were the worst relative performers. On the macro side, the session was marked by few references. In the United Kingdom, May’s retail sales recovered much more than expected (following April’s record fall). In the US, the 1Q’20 current account balance saw its deficit increase above expectations. From the Fed, Clarida echoed Powell’s message that more would be done to underpin the economy.
What we expect for today
European markets would open with losses of less than -1%, as they have not been able to shake fears of new Covid-19 outbreaks. Currently, S&P futures are up +0.22% (the S&P 500 closed down -0.95% vs. its price at the closing bell in Europe). Volatility in the US rose (VIX 35.12%). Asian markets are trading with mixed results (Japan +0.12% and Hong Kong -0.5%).
Today the EU-China summit will be held. Also we will learn in the Euro zone, June’s consumer confidence, and in the US, the Chicago Fed NatAct index and second-hand home sales. In debt auctions: Netherlands (€ 4.5 Bn in 9M and 12M T-bills), Germany (€ 8 Bn in 6M and 12M T-bills), France (€ 8.5 Bn in 3M, 6M and 12M T-bills) and Belgium (bonds due 2024, 2030 and 2057).
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.
Masmovil Ibercom SA, formerly World Wide Web Ibercom SA, is a Spain-based company primarily engaged in the telecommunication sector. The Company focuses on the sale and distribution services for Internet, Data Center and Telecommunications. The Company's product and services portfolio comprises Internet access through Asymmetric Digital Subscriber Line (ADSL) and Symmetric Digital Subscriber Line (SDSL) technologies, Internet domains and Domains Management and Registration Service through IberDNS application, Web hosting, virtual servers, dedicated servers, telephony services and routers. The Company also offers collocation services through two Internet Data Centers located in Madrid and San Sebastian. It operates through subsidiaries, such as Embou Nuevas Tecnologias SL and Ebesis Sistemas SL, among others. The Company owns a number of brand names, such as Pepephone, Yoigo and Llamaya.
Telefonica is engaged in the provision of public or private telecommunications services, including ancillary or complementary telecommunications services or related services. Co.'s fixed business includes: traditional fixed telecommunication services, Internet and broadband multimedia services, data and business-aplications services, and wholesale services for telecommunication operators. Co. also provides a range of mobile and related services and products to consumer and business customers, including mobile voice services, value added services, mobile data and Internet services, wholesale services, corporate services, roaming, fixed wireless, and, trunking and paging.
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