IBERIAN DAILY 24 MARCH (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACS, CELLNEX, TALGO.The recovery continued
In a session that improved as it progressed in Europe with the markets benefiting from a bullish opening in the US markets, most European indices closed flat or with slight gains (except the IBEX, which fell below 9,000 points). In the Euro STOXX, Technology and Retail recorded the biggest gains, while Banks and Construction were the worst performers. On the macro side, in the UK the BoE (lacking unanimity) raised rates by +25bps, as expected, to 4.25% and left the door open to more increases in the May meeting. In Switzerland, the Central Bank raised rates by +50bps to 1.5% despite the banking crisis in the country, and in Norway (also as expected) rates were raised +25bps to 3.0%. In the US, weekly jobless claims fell more than expected and February’s new home sales recorded its third straight increase (although still -19% YoY over the past year). Yellen eased her message and warned that additional measures will be taken to protect deposits if needed. In Japan, February’s inflation fell in line with expectations from its 40-year high, but the core figure rose more than expected, whereas March’s services and manufacturing PMIs rose slightly.
What we expect for today
European stock markets would open with losses of around -0.5%. Currently, S&P futures are up +0.13% (the S&P 500 ended -0.86% lower vs. the European closing bell). Volatility in the US rose (VIX 22.61). Asian markets are falling (China’s CSI 300 -0.3% and Japan’s Nikkei -0.13%).
Today in the euro zone we will learn March’s PMI, in Spain the final 4Q’22 GDP, in the UK February’s retail sales, in the US durable goods orders and in Mexico January’s IGAE economic activity.
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.
Talgo is engaged in designing, manufacturing, repairing and maintaining the railway rolling stock, as well as the manufacturing, assembling, repairing and maintaining the engines, machinery and parts of the railway systems. Co. has an industrial presence in seven countries: Spain, Germany, Kazakhstan, Uzbekistan, Russia, Saudi Arabia and U.S.A. Co. has an active fleet in Europe, Asia and North America that comprises of 94 high-speed trains and more than 1,400 Talgo tilting passenger cars. Also, Co. purchases, redesigns, constructs, leases and sells all types of real estate.
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