IBERIAN DAILY 31 AUGUST (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACS, OHLA, RENEWABLE SECTOR.Disappointing macro data in the US
It was a sideways session for most European markets that saw an increasing performance and ended with slight corrections, awaiting the battery of macroeconomic data to be released this week. In the Euro STOXX, Basic Resources and Media led gains vs. the drops of Utilities and Travel&Leisure. On the macro side, in Spain, August’s inflation climbed above expectations to 2.6%, while the core data moderated less than expected to 6.1%. In the euro zone, August’s economic confidence dropped more than expected, suggesting -0.1% GDP YoY growth. In the US, the second reading of the 2Q’23 GDP was cut by 3bps to 2.1%, ADP private employment rose less than expected and July’s pending home sales rose unexpectedly. In Japan, July’s industrial output slowed down more than expected whereas and retail sales speeded up more than expected. In China, August’s manufacturing PMI recovered slightly more than expected to 49.7, whereas the non-manufacturing PMI fell in line with expectations to 51.0. on another note, Contury Garden released record losses of US$ 6.7 Bn in the 1H’23, warning about default risks if the situation does not improve.
What we expect for today
European stock markets would open flat with some bearish bias, awaiting the release of macroeconomic data. Currently, S&P futures are up +0.04% (the S&P 500 ended unchanged vs. the European closing bell). Volatility in the US dropped (VIX 13.88). Asian stock markets are mixed (China’s CSI 300 -0.59%, Japan’s Nikkei +1.04%).
Today in the euro zone we will learn August’s inflation and July’s unemployment rate, in Germany the number of unemployed, in the US personal outlays, July’s core consumption deflator and August’s Chicago PMI, and in Mexico July’s 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.
Obrascon Huarte Lain is an international concession and construction groups based in Spain. Co. maintains significant operations in 30 countries across all five continents. Co. is engaged in hospital and railway construction, transport infrastructure concessions, oil and gas, energy, solids handling and fire protection systems and international contracts. Co.'s operations are organized along four divisions: OHL Concesiones, OHL Construccion, OHL Industrial y OHL Desarrollos. Co. is also engaged in real state project developments of mixed use managed by the international hotel chains.
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