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INFORME DIARIO 10 SEPTIEMBRE (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: ACS, DIA, IBERDROLA, MASMOVIL, PROSEGUR CASH, SECTOR ELÉCTRICO. EUROPA: LVMH

EE.UU. rebota con fuerza
Jornada muy positiva tanto en Europa como en EE.UU con las compañías tecnológicas estadounidenses recuperando parte del terreno perdido en las últimas sesiones. Así, en el Euro STOXX todos los sectores cerraron en positivo con Seguros y Tecnología liderando las ganancias y con Viajes&Ocio y Autos mostrando el peor comportamiento relativo. Por el lado macro, en Europa la UE estaría estudiando la posibilidad de demandar a R. Unido ante los planes de B. Johnson de incumplir el acuerdo firmado para el Brexit. En EE.UU. el gobierno canceló más de 1.000 visados a ciudadanos chinos por motivos de seguridad nacional. En Brasil, la inflación repuntó en agosto ligeramente más de lo esperado.
Qué esperamos para hoy
Los principales índices europeos cotizarían con ligeras ganancias. En estos momentos, los futuros del S&P cotizan con subidas del +0,1% (el S&P 500 en los mismos niveles respecto al precio al que cotizaba al cierre de los mercados en Europa). La volatilidad en EE.UU. bajó (VIX 28,8%). Los mercados asiáticos cotizan con subidas (Japón +0,4% y Hong Kong +0,2%).
Hoy destaca en la Eurozona la reunión del BCE. En Francia e Italia la producción industrial de julio. En EE.UU los precios de producción de agosto, el paro semanal e inventarios al por mayor de julio. En Brasil las ventas al por menor de julio.

EUROPA
LVMH – No podrá realizar la adquisición de Tiffany. VENDER
Anunció ayer que no está en condiciones de realizar la operación tras haber recibido petición de las autoridades francesas de retrasarla más allá del 6 de enero de 2021 (como respuesta a la amenaza de aranceles realizada por EE.UU) y por parte de TIF de extender el cierre hasta el 31 de diciembre. Ante dicha situación, LVMH ha decidido mantener la fecha de cierre fijada inicialmente (24 de noviembre de 2020), por lo que no podrán concluir con éxito la misma. Por su parte, TIF demandará a LVMH por no cumplir con los términos acordados. Aunque se trata de una noticia negativa para LVMH por el encaje estratégico, el impacto financiero es limitado (importe de la operación ~16.200 M dólares, ~6% sobre EV de LVMH), y así lo recogió ayer en mercado (-2% vs ES50).
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.

Distribuidora Internacional de Alimentacion SA

Distribuidora Internacional De Alimentacion is a supermarket and convenience store group based in Spain. Co. is engaged in the retail trade of food through cut-price self-service supermarkets and franchise establishments. Co. is engaged in the operation of stores located in Spain, France, Portugal, Turkey, Argentina, Brazil and China.

Iberdrola SA

Iberdrola is a holding company. Through its subsidiaries, Co. operates in four segments: network business, which includes all the energy transmission and distribution activities, and other regulated activity originated in Spain, the U.K., the U.S. and Brazil; deregulated business, which includes electricity generation and sales businesses as well as gas trading and storage businesses carried on by Co. in Spain, Portugal, the U.K. and North America; renewable business, with activities related to renewable energies in Spain, the U.K., the U.S. and the rest of the world; and other businesses, including the engineering and construction businesses and the non-power businesses.

LVMH Moet Hennessy Louis Vuitton SE

LVMH Moet Hennessy Louis Vuitton is a manufacturer and retailer of luxury goods. Co. offers champagne and wines, cognac and spirits, fashion and leather goods, perfumes and cosmetics, watches and jewelery; and is engaged in selective retailing. Its operations are organized along five business segments: Wine and Spirits, Fashion and Leather Goods, Perfumes and Cosmetics, Watches and Jewelery, and Selective Retailing. Co. is also engaged in other activities (Media with Les Echos group, La Samaritaine and Luxury yacht with Royal Van Lent). Some of Co.'s brands are Moet & Chandon, Dom Perignon, Louis Vuitton, Fendi, Donna Karan, Parfums Christian Dior, Guerlain, Parfums Givenchy, and TAG Heuer.

Masmovil Ibercom SA

Masmovil Ibercom SA, formerly World Wide Web Ibercom SA, is a Spain-based company primarily engaged in the telecommunication sector. The Company focuses on the sale and distribution services for Internet, Data Center and Telecommunications. The Company's product and services portfolio comprises Internet access through Asymmetric Digital Subscriber Line (ADSL) and Symmetric Digital Subscriber Line (SDSL) technologies, Internet domains and Domains Management and Registration Service through IberDNS application, Web hosting, virtual servers, dedicated servers, telephony services and routers. The Company also offers collocation services through two Internet Data Centers located in Madrid and San Sebastian. It operates through subsidiaries, such as Embou Nuevas Tecnologias SL and Ebesis Sistemas SL, among others. The Company owns a number of brand names, such as Pepephone, Yoigo and Llamaya.

Prosegur Cash SA

Prosegur Cash SA, formerly Prosegur Cit Holding SA, is a Spain-based company engaged in the provision of security services. The Company's activities are divided into three business areas: Logistics, Cash management and Outsourcing. The Logistics division focuses on the provision of local and international transport services of cash and other valuable goods. The Cash management division offers counting, processing, custody, preparation and delivery of notes and coins, as well as replenishment of automatic teller machines (ATMs). The Outsourcing division includes a number of support financial services, such as automation of retail operations through self-service cash automatization machines (MAEs), ATMs management, as well as branch forecasting, reconciliation, settlement and credit card support services. The Company operates through own branches and joint ventures in Europe, Central and South America, Africa, Asia and Australia. It operates through Contesta Teleservicios SAU.

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