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INFORME DIARIO 01 ABRIL (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACS, BBVA, FLUIDRA, GREENALIA, METROVACESA, REPSOL, SANTANDER, SECTOR ELÉCTRICO. EUROPA: SANOFI.

Las bolsas europeas siguen consolidando niveles a la espera de más referencias
Las bolsas europeas sufrieron correcciones del -1% ante la falta de avances sobre la guerra en Ucrania y por los miedos derivados de las presiones inflacionistas. En el Euro STOXX los únicos sectores que terminaron con ganancias fueron Utilities y Seguros mientras que Retail y Bancos encabezaron las ventas del día. En cuando a los datos macro, en la Eurozona la tasa de paro de febrero se redujo una décima menos de lo esperado, quedándose en el 6,8%. Desde el BCE, L. de Guindos espera una inflación al alza en los próximos meses pero alcanzando pico en el 2T’22. En EE.UU. el paro semanal se incrementó más de lo previsto mientras que el ingreso y el gasto personal de febrero estuvieron en línea. Sin embargo, en términos reales el gasto personal se redujo más de lo esperado. Finalmente J. Biden liberará 1 M b/d de las reservas estratégicas desde mayo (al menos por 6 meses, unos 180 M de barriles) en respuesta al “tímido” incremento de producción de la OPEP (sólo +435.000 b/d y no cubrirán la caída de exportaciones de Rusia). Además se fomentará la producción de vehículos eléctricos y los materiales para la producción de baterías estarán cubiertos por el acta de defensa de 1950. En Japón el índice Tankan manufacturero y no manufacturero del 1T’22 salieron mejor de lo esperado. En Rusia V. Putin firmó el decreto que establece un mecanismo para poder cobrar el gas que exporte. Los compradores transferirán moneda extranjera a una cuenta especial en un banco ruso, que mandará entonces rublos de vuelta al comprador foráneo para pagar el gas. Además se contemplan excepciones para los compradores extranjeros sin tener que cumplir el procedimiento establecido.
Qué esperamos para hoy
Las bolsas europeas abrirían planas, consolidando todavía la subida desde mínimos y pendientes de los datos de empleo americanos, aunque la decepción tendría que ser muy grande parar enfriar las perspectivas de subidas de tipos. En estos momentos, los futuros del S&P cotizan con subidas del +0,4% (el S&P 500 terminó ayer con caídas del -1,36% con respecto al nivel al que estaba al cierre de las bolsas europeas). La volatilidad en EE.UU. subió (VIX 20,56). Los mercados asiáticos cotizan mixtos (CSI 300 chino +1,2%, Nikkei de Japón -0,4%.
Hoy en la Eurozona la inflación preliminar de marzo. En EE.UU. el ISM manufacturero, la creación de empleo no agrícola y la tasa de paro de marzo. Cumbre por videoconferencia entre UE y China.
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 Bilbao Vizcaya Argentaria S.A.

Banco Bilbao Vizcaya Argentaria is an international financial group, engaged primarily on providing banking services and consumer finance to private individuals and businesses in Spain and Portugal; providing real estate activity in Spain; providing services to international companies and investment banking, capital markets and treasury management services to clients; and providing the banking, insurance and pension businesses in Mexico and the U.S., as well as in South America.

Fluidra S.A.

Fluidra is engaged in the manufacture and commercialization of accessories and specific products for swimming pools, irrigation, and water treatment and purification systems.

Greenalia SA

Greenalia SA is a Spain-based holding company (the Group) active in the forestry and energy sectors. It specializes in the purchase and sale, import, export, manufacture and general processing of all types of wood, as well as its transport. The Group develops its activities in five business lines: Electric power, Thermal energy, Industrial, Logistics and Forestry. Its Electric power activities are concentrated on renewable technologies, utilizing biomass and wind power. Thermal energy activities include thermal power production (heating and cooling) using biofuels (pellets and dry woodchips), which are produced by the Industrial division. The Logistics division covers the Group's logistic and export needs, including storage, stowage, transportation, customs and shipping agency, as well as delivers services to third parties. The Group's Forestry activities include forest mensuration and assessment, certification, logging and transport, as well as commercialization of forest products.

Metrovacesa SA

Metrovacesa SA, formerly Metrovacesa Suelo y Promocion SA, is a Spain-based real estate developer. The Company specializes in construction and sale of sustainable housing, both single-family and multi-family residential properties. Its activities also include promotion, urbanization and parceling of real estate in general, as well as real estate management for own benefit or on behalf of third parties. Its asset portfolio includes more than 6 million square meters of building land across Spain, as well as already developed properties in cities, such as Malaga, Almeria, Cordoba, Barcelona and Madrid, among others.

Repsol SA

Repsol is an oil and gas company. Co. is engaged in all the activities relating to the oil and gas industry, including exploration, development and production of crude oil and natural gas, transportation of oil products, liquefied petroleum gas (LPG) and natural gas, refining, the production of a wide range of oil products and the retailing of oil products, oil derivatives, petrochemicals, LPG and natural gas, as well as the generation, transportation, distribution and supply of electricity. Co. operates in more than 40 countries. Co.'s operations are divided into four segments: Upstream, Downstream, LNG and Gas Natural Fenosa.

Sanofi

Sanofi is an integrated, global healthcare company focused on patient needs and engaged in the research, development, manufacture and marketing of healthcare products. Two segments make up Co.'s business: Pharmaceuticals and Vaccines. The Pharmaceuticals segment covers research, development, production and marketing of medicines, consisting of flagship products, plus a broad range of prescription medicines, generic medicines, and consumer health products. The Vaccines segment includes research, development, production and marketing of vaccines in five areas: pediatric vaccines, influenza vaccines, adult and adolescent booster vaccines, meningitis vaccines, and travel and endemic vaccines.

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