IBERIAN DAILY 29 DECEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACS, FERROVIAL, GLOBAL DOMINION.Slight profit taking with volatility in sovereign debt
It was a new transition session for stock markets, this time with higher sovereign yields that led to profit taking in the main European indices. Thus, the STOXX 600 slid slightly -0.23%, with France’s CAC being the worst-relative index after falling -0.39% vs. the slight gains of FSTE100 (+0.11%). As regards sectors, Pharma and Food saw light gains vs. the sharper drops of Energy (fall in crude oil prices) and Travel&Leisure. On the macro side, mixed data in the US, weekly jobless claims came in above expectations and November’s pending home sales worse, whereas November’s wholesale inventories were fully in line. In Spain, November’s retail sales came in above expectations. The government extended to 2024 the aid package aimed at alleviating the pressure from the cost of living.
What we expect for today
European stock markets would open flat following the limited fluctuations of the Asian session. Currently, S&P futures are slightly up (the S&P 500 ended -0.05% lower vs. the European closing bell). Volatility in the US rose slightly (VIX 12.47). Asian stock markets are mixed (China’s CSI 300 +0.33%, Japan’s Nikkei -0.22%).
Today in the US we will learn December’s Chicago PMI, in Spain December’s preliminary inflation and in Brazil the unemployment rate.
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.
Ferrovial is a transportation company based in Spain. Co. is engaged in operations in the transportation sector. Co. specializes in the design, construction, management, administration and maintenance of transport infrastructures. Co.'s services range also includes the maintenance of parking lots, and land-, sea- and air-based transport networks. Co. is also engaged in the promotion and operation of short-stay parking lots, parking regulation and management services and promotion and sale of residents' parking.
Global Dominion Access SA is a Spain-based company primarily engaged in the construction and engineering sector. The Company's activities are divided into two segments: Multi-technological Services, which offers design, implementation and maintenance of fixed and mobile telecommunications networks, manages sales and distribution processes for telecommunications carriers, as well as renders of inspection, maintenance, repair and renovation services for industrial and energy firms, and Solutions and EPCs, which executes turnkey Engineering-Procurement-Construction (EPC) projects, provides construction, repair and renovation of industrial heating installations, as well as develops processes and other technological and business solutions in numerous sectors. Its services are provided in three areas: Technology and Telecommunications (T&T), Industry and Renewable energies. It operates worldwide in Europe, the Americas, Asia and Africa. The Company is a subsidiary of CIE Automotive SA.
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