Report
Research Department
EUR 100.00 For Business Accounts Only

IBERIAN DAILY 30 NOVEMBER (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: ACS, CAF, FERROVIAL, ROVI, SANTANDER, TALGO.


MARKETS YESTERDAY AND TODAY

Positive end of the week, very positive end of the month
The European stock markets recovered gradually as the session progressed, closing with gains of around +1.0%. Within the Euro STOXX, performance of value stocks was a mixed bag, with Banks (despite the ECB’s recommendation against dividend distributions) and Technology standing out, vs. the big losses posted by Insurance and Real Estate. On the macro side, in the Euro zone, the economic climate index for October fell less than expected. In Spain, October’s retail sales contracted, but the YoY figures came in above expectations. In Japan, October’s preliminary industrial output climbed above expectations. In China, November’s Manufacturing and Services PMIs increased unexpectedly in November.
What we expect for today
The European stock markets would open with losses of around -1.0%. Currently, S&P futures are down -0.6% (the S&P 500 closed practically flat vs. its price at the closing bell in Europe). Volatility in the US decreased (VIX 20.84). Asian markets are trading with mixed results (CSI 300 +0.5%, Japan -0.8%).
Today we will learn in Spain and Germany November’s preliminary inflation. In the Euro zone, the Eurogroup will hold its meeting. Also we will learn in the US October’s pending home sales. The OPEC+ will meet in Vienna. In debt auctions: Germany (€ 2 Bn in 12M T-bills) and France (€ 7 Bn in 3M, 6M & 12M T-bills).
Underlyings
Actividades de Construccion y Servicios SA

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 S.A.

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.

Construcciones Y Auxiliar De Ferrocarriles, S.A.

Ferrovial S.A.

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.

Laboratorios Farmaceuticos Rovi S.A.

Laboratorios Farmaceuticos Rovi is engaged in the sale of its own pharmaceutical products and the distribution of other products for which it holds licenses granted by other laboratories for specific periods, in accordance with the terms and conditions contained in the agreements entered into with said laboratories.

Talgo SA

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.

Provider
Sabadell
Sabadell

Analysts
Research Department

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