IBERIAN DAILY 23 SEPTEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACS, BANKIA, NEINOR HOMES, SANTANDER.MARKETS YESTERDAY AND TODAY
Slight and heterogeneous market rally
J. Powell’s promise of new stimuli before the Congress if the activity continues to deteriorate, along with a more optimistic speech from several Fed members, fuelled some recovery in European stock markets although the differences among countries based on the impact from the pandemic are significant (Germany +0.6% vs. Spain -0.5%). In the US, the good existing home sales figures for August (with better data in Richmond manufacturing activity for September) underpinned a good performance of cyclical consumption although the good performance of FAANG stood out again. In the Euro STOXX, Technology and Financial Services led the rally vs. Travel&Leisure and Insurance that ended with drops of -1%. On the macro side, in the US, Republicans and Democrats reached an agreement to avoid a shutdown. Separately, D. Trump blamed China for the pandemic at the General Assembly of the UN. Meanwhile, the FDA announced more strict measures will me implemented for the approval of a Covid-19 vaccine, and ruled out that it may be available before the elections. In Spain, the Govt. of Madrid is being pressured to impose further mobility restrictions. In the Euro zone, the EU summit will be put off until mid August due to the quarantine of the president of the Council. In Japan, September’s manufacturing PMI disappointed, remaining flat vs. August’s levels.
What we expect for today
The markets would open with slight gains, underpinned by growth-focused cyclical sectors. Currently, S&P futures are up +0.23% (the S&P 500 was up +0.83% vs. its price at the closing bell in Europe). Volatility in the US fell (VIX 26.86%). Asian markets are trading with mixed results (Japan -0.4% and Hong Kong +0.1%).
Today in Germany, France and the euro zone we will learn the manufacturing and services PMI for September, and in Spain the final 2Q’20 GDP. In debt auctions: Germany (€ 3.5 Bn in bonds due 2035).
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.
Banco Santander is a holding company, providing a range of financial products. Co.'s products and services include: retail banking business that covers all customer banking businesses; wholesale banking business; as well as asset management and insurance business. Co.'s principal operations are in Spain, the U.K., Portugal, Germany, Italy and Latin America. As of Dec 31 2014, Co.'s total assets amounted to Euro1,266,296,000,000 and total customer deposits amounted to Euro647,627,000,000.
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.
Neinor Homes SA, formerly Neinor Homes SLU, is a Spain-based company engaged in the real estate sector. The Company focuses on the design, construction and promotion of residential properties. It develops housing projects in various Spanish cities, such as Malaga, Madrid, Barcelona, Cordoba, Vizcaya, Alicante, Almeria and Gerona.
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