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INFORME DIARIO 28 SEPTIEMBRE (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: ACS, BBVA, ECOENER, IBERDROLA, SANTANDER, SOLARIA. EUROPA: TOTALENERGIES, VINCI.

El Ibex se acerca a los 9.300 puntos
Las bolsas vivieron una sesión de más a menos sin grandes catalizadores y donde el precio del petróleo volvió a marcar máximos anuales tras los datos de inventarios estadounidenses. El STOXX cerró dividido entre los sectores ganadores que lideraron Energía e Industriales mientras que Inmobiliario y Utilities sufrieron las mayores correcciones. Por el lado macro, en España como se esperaba la investidura de N. Feijoo no recibió los apoyos para convertirse en presidente. En la votación del viernes próximo sería necesario una mayoría simple que no se espera que se alcance. En la Eurozona la M3 de agosto se contrajo más de lo esperado con una nueva moderación del crédito a las familias y empresas. Esta mañana los primeros datos de inflación regionales de Alemania apuntaban a una notable moderación en septiembre. En EE.UU. los pedidos de bienes duraderos core de agosto rebotaron más de lo previsto, compensando la revisión a la baja del dato anterior. En este sentido, el ratio de pedidos sobre inventarios del ISM manufacturero comienza a recuperarse y dibuja una inversión en bienes de equipo más dinámica en el 3T’23. Desde la Fed N. Kashkari advirtió que la huelga en el sector automotor y el posible shutdown podrían requerir menos acciones desde la Fed. Desde la esfera política, J. Biden recibirá a U. Von der Leyen para revisar la suspensión de los aranceles del acero y donde también se abordarán las subvenciones a las energías verdes.
Qué esperamos para hoy
Las bolsas europeas abrirían planas con el growth relativamente penalizado y las petroleras aupadas por el nuevo repunte del Brent. En estos momentos, los futuros del S&P cotizan con subidas del +0,12% (el S&P 500 terminó ayer con avances del +0,24% con respecto al nivel al que estaba al cierre de las bolsas europeas). La volatilidad en EE.UU. bajó (VIX 18,22). Los mercados asiáticos cotizan con caídas (CSI 300 chino -0,23%, Nikkei de Japón -1,78%).
Hoy en España y Alemania la inflación de septiembre. En la Eurozona la confianza del consumidor de la CE de septiembre. En EE.UU. paro semanal, la tercera lectura del PIB del 2T’23 y las ventas pendientes de vivienda de agosto. En subastas: Alemania (4.000 M euros en bonos vto. 2033).
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.

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.

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.

Solaria Energia y Medio Ambiente S.A.

Solaria Energia y Medio Ambiente manufactures both solar and thermal cells and panels, rolls out turnkey projects for large installations, operates solar plants and generates electricity through its owned plants.

Total SE

Total is an international integrated oil and gas company also active in solar and biomass energy sources. Co. engages all aspects of the petroleum industry, including Upstream operations (oil and gas exploration, development and production, and LNG (Liquefied Natural Gas)) and Downstream operations (refining, petrochemicals, specialty chemicals, marketing and marketing and trading and shipping of crude oil and petroleum products). In addition, Co. is engaged in the coal mining and power generation sectors. Co.'s worldwide operations are conducted through three business segments: Upstream, Refining & Chemicals, and Marketing & Services.

VINCI SA

Vinci is engaged in building, civil engineering and facilities management. Through its subsidiaries, Co. is engaged in five divisions comprising of: the Building division which provides retail solutions including construction and fit-out in both the retail and commercial sectors; the Civil Engineering division; the Air division which provides program management, engineering and construction services to customers with airport infrastructure requirements; the Technology division; and the VINCI Facilities division which provides facilities management, repair and maintenance and small works in both the private and public sectors.

Provider
Sabadell
Sabadell

Analysts
Research Department

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