IBERIAN DAILY 28 MARCH (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACS, AENA, VIDRALA.Stock markets continue to gain ground
European stock exchanges saw new gains, lacking significant drivers in a session with low trading volume again. In the STOXX 600, Retail and Utilities were the best performers, whereas cyclical sectors linked to raw materials such as Energy and Travel&Leisure saw the biggest drops. On the macro side, in Spain, March’s inflation climbed more than expected to 3.2% whereas the core data moderated more than expected to 3.3%. In this regard, February’s retail sales speeded up. In the euro zone, the economic confidence index improved slightly more than expected in March. From the ECB, P. Cipollone admitted that rate cuts could start despite the rise in wages, which contrasts with the Fed’s message, where C. Waller stated that the disappointing inflation data confirms the need of keeping rates unchanged in the short-term. In Japan, the Finance Minister, S. Suzuk,i warned that the authorities could take “decisive measures” to halt the yen’s weakness, which has slid to lows from the past 34 years against the dollar. On another note, Shimizu made it clear that the monetary policy will remain highly accommodative for some time.
What we expect for today
European stock markets would open in line with the appreciations seen in the past sessions. Currently, S&P futures are down -0.1% (the S&P 500 ended practically flat vs. the European closing bell). Asian stock markets are mixed (China’s CSI 300 +0.25%, Japan’s Nikkei -1.2%).
Today in Germany we will learn February’s retail sales and March’s number of unemployed, in the euro zone February’s M3, and in the US the final reading of the 4Q’23 GDP, the University of Michigan confidence index for March and February’s pending 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.
Aena SME SA, formerly Aena SA, is a Spain-based company primarily engaged in the airports operation. Its activities are divided into four segments: Airports, which comprises Aeronautical subdivision, responsible for the management of airports, jetways, security, handling, cargo and fuel services, among others, as well as Commercial subdivision, including duty-free and specialty stores, restaurant services, car rental, as well as banking services and advertising; Services outside the terminal, which manages real estate assets, such as parking lots, warehouses and lands; International, which comprises operations of Company's subsidiary, Aena Desarrollo Internacional SA, that invests in other airport owners principally in Mexico, Colombia and the United Kingdom; and Others, encompassing corporate activities. It manages tourism, hub and regional airports, as well as heliports and general aviation areas. Furthermore, its destination range comprises Europe, the Americas, Asia and Africa.
Vidrala SA is a Spain-based company principally engaged in the glass industry. The Company operates through two segments: Spain and European Union. The Company's activities include the production, distribution and sale of glass bottles and containers used in the food and beverages industries. The Company conducts its own research and development (R&D) operations. It operates production plants and melting furnaces located in such countries, as Portugal, France, Belgium and Italy. The Company owns such subsidiaries as Crisnova Vidrio SA, Inverbeira Sociedad de Promocion de Empresas SA, Gallo Vidro SA, Castellar Vidrio SA, Corsico Vetro SRL, MD Verre SA, Omega Immobiliere et Financiere SA, Investverre SA and CD Verre SA.
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