Report
Research Department
EUR 100.00 For Business Accounts Only

INFORME DIARIO 12 JUNIO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: AEDAS, CELLNEX, ENDESA, FCC, MASMOVIL, RED ELÉCTRICA, SACYR, SECTOR BANCOS. EUROPA: INTESA, SAFRAN, UNILEVER.

Toma de beneficios de los mercados tras la Fed
Caídas pronunciadas en los mercados europeos por encima del -4% lastradas por la visión muy dovish de la Fed y los miedos a una segunda oleada de contagios sobre todo en EE.UU. tras los fuertes rebotes recientes. Dentro del Euro STOXX todos los sectores cerraron con pérdidas, con Bienes de Consumo y Farma mostrando el mejor comportamiento relativo frente a Autos y Bancos que sufrieron las mayores caídas. Por el lado macro, en Italia la producción industrial de abril retrocedió más de lo esperado hasta el -42,5% a/a. En EE.UU. los precios de producción de mayo se contrajeron menos de lo esperado hasta el -0,8% a/a mientras que el paro semanal volvió a moderar su ritmo de avance conforme a lo esperado. Por otro lado, algunos Estados como Florida y Arizona están registrando un rebrote de casos y de hospitalizaciones aunque sus gobernadores ya han advertido que no barajan un re confinamiento de la población al ser económicamente inviable mientras que Hasset, asesor de la Casa Blanca, adelantó que julio sería un buen mes para anunciar un nuevo paquete de ayudas. En Japón, la producción industrial final de abril fue revisada ligeramente a la baja hasta el -15,9% a/a. En China, la M2 retuvo su ritmo de crecimiento del 11,1% a/a anterior y los nuevos préstamos moderaron su ritmo de avance en línea con lo previsto pero reteniendo el crédito un crecimiento del 13,2%.
Qué esperamos para hoy
Las bolsas abrirían con un pequeño rebote pero con dudas todavía en los sectores cíclicos más afectados por un posible rebrote como turismo y financieras. En estos momentos, los futuros del S&P cotizan con subidas del +1,05% (el S&P 500 cerró con caídas del -2,82% respecto al precio al que cotizaba al cierre de los mercados en Europa). La volatilidad en EE.UU. subió (VIX 40,79%). Los mercados asiáticos cotizan con caídas (Japón -1,16% y Hong Kong -1,30%).
Hoy en la Eurozona la producción industrial de abril. En R. Unido PIB y producción industrial de abril. En España la inflación final de mayo. En EE.UU los precios de importación de mayo y la confianza del consumidor de la Universidad de Michigan de junio.

ESPAÑA

CAMBIOS IBEX. Sale Mediaset y entra Almirall.
El Comité Asesor del IBEX 35 decidió ayer que Mediaset saldrá del índice y será sustituida por Almirall (que ponderará por el 80% de su capital) desde el 22 de junio (ajuste al cierre del 19). Nosotros no esperábamos cambios pero de haberlos nuestra apuesta era que Sacyr sustituyera a Mediaset.
Underlyings
AEDAS Homes SA

Aedas Homes is engaged in the housing development business in Spain. The company has a portfolio of approximately 1.5 million square meters of land that it develops for residential purpose. Co. develops multifamily homes for the housing market in Madrid, Catalonia, Levante and Majorca, Costa del Sol and Seville.

Cellnex Telecom S.A.

Cellnex Telecom SA is a Spain-based company engaged in the wireless telecommunications (telecom) business. Its activities are divided into three segments: Broadcasting infrastructure, Telecom site rental, as well as Network services and other. The Broadcasting infrastructure division comprises distribution and transmission of television (TV) and frequency modulation (FM) radio signals, operation and maintenance (O&M) of radio broadcasting network, as well as over-the-top (OTT) radio services, among others. The Telecom site rental division provides access to wireless infrastructure, primarily through infrastructure hosting and telecom equipment co-location, mainly for mobile network operators and other wireless and broadband telecom network operators. The Network services and other division offers connectivity services for a variety of telecom operators and radio communication, among others. The Company also develops 5th generation mobile networks (5G) through Alticom BV.

Endesa S.A.

Endesa is engaged in the production, transmission, distribution, and supply of electricity, through hydroelectric, fossil fuel, and nuclear generation. Co. is also engaged in the mining of coal for use in its fossil-fuel electric plants; mining research; land restoration, and environmental monitoring and control.

Fomento de Construcciones y Contratas S.A.

Fomento de Construcciones y Contratas is the parent company of a group engaged in sanitation services, cleaning, maintaining, purification and distribution of water, construction of highways, hydraulic works, marine works, air and rail transport infrastructure, urban developments, housing, non-residential buildings, office buildings, toll highways, parking garages, marinas and water treatment plants. Co. is also engaged in the manufacture and sale of cement and cement infrastructures, such as precast concrete elements; and in the financial markets, and real estate development, leasing and tourism.

Intesa Sanpaolo S.p.A.

Intesa Sanpaolo is a commercial bank. Co. is engaged in lending and deposit collection operations in Italy and associated financial services, serving Households, Personal, Small Business, Private and Small and Medium Enterprise customers. Co. provides medium-term credit, leasing, factoring and agribusiness (Mediocredito Italiano), consumer credit (Intesa Sanpaolo Personal Finance), management of electronic payments (Setefi), and trust services (Sirefid). Co. has approximately 4,300 branches, including Retail and Business branches, distributed broadly throughout Italy. At Dec 31 2014, Co. had total assets of Euro646.43 billion.

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.

Red Electrica Corp. SA

Red Electrica is engaged in the transmission of electrical energy, the operation of the system and the management of the transmission network in the Spanish electricity system. In addition, through its subsidiaries, Co. is engaged in the acquisition, holding and management of foreign securities, co-ordination of international exchanges, provision of telecommunications services for third parties, provision of consultancy, engineering and construction services outside the Spanish electricity system, securing of funds, carrying out of financial transactions and provision of financial services.

Sacyr S.A.

Sacyr is the parent company of a group engaged in the acquisition, development and construction of urban properties for their subsequent rental or resale. Co. primarily leases and sells office buildings and complexes, housing units, and shopping centers. Co. is also engaged in the operation of urban car parking facilities. Co. offers services related to the real estate industry such as technical assistance in energy savings, inventory management, architectural design, telecommunications management, property maintenance, as well as gardening and landscaping. Co. also provides consulting services in the real estate fund management sector.

Safran S.A.

Safran designs, develops and manufactures high technology electronics through three businesses: Aerospace, Defense and Security. Aerospace includes Aerospace Propulsion (propulsion systems for commercial aircraft, military transport, training and combat aircraft, rocket engines, civil and military helicopters) and Aircraft Equipment (mechanical, hydromechanical and electromechanical equipment); Defense (optronic, avionic and electronic systems); and Security (biometric technologies for fingerprint, iris and face recognition, identity management products, access management and transaction security, including tomographic systems for detection of dangerous or illicit substances in baggage).

UNILEVER N.V.

Unilever is engaged in the supply of consumer goods in foods, household care and personal products. Co.'s activities are carried out through four categories: Personal Care, sales of skin care and hair care products, deodorants and oral care products; Home Care, sales of home care products, such as powders, liquids and capsules, soap bars and a range of cleaning products; Foods, sales of soups, bouillons, sauces, snacks, mayonnaise, salad dressings, margarines and spreads; and Refreshment, sales of ice cream and tea-based beverages. Co.'s products are sold in over 190 countries around the world.

Provider
Sabadell
Sabadell

Analysts
Research Department

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