IBERIAN DAILY 18 JANUARY + 4Q’21 RESULTS. PREVIEWS (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: AEDAS HOMES, IAG, IBERDROLA, MAPFRE.At the end of today’s report, and during the entire results season, we will include a presentation with positive and negative results highlights and previews for the 4Q’21 results to be released over the coming days in Spain.
MARKETS YESTERDAY AND TODAY
European indices rise at the beginning of the week
With the US closed for the Martin Luther King holiday, the European indices ended in the black, recovering from last week’s losses. The Ibex consolidated at 8,800 points, driven by banks. Thus, within the Euro STOXX, most sectors posted gains, led by Technology and Consumer Goods vs. the worse relative performance of Travel & Leisure and Real Estate. On the macro side, in Spain, the Airef cut its GDP growth forecast for 2021 and 2022 to 5.1% and 5.9%, respectively, vs. the 5.5% and 6.3% it estimated in late October. In Brazil, the Economic Activity index rose in line with expectations in November. In Japan, the BoJ kept its monetary policy unchanged but raised its inflation estimate for 2022-23 to 1.1% (both years) from the previous 0.9% and 1.0% (still below the target of 2.0%) and changed its view of inflationary risks for the first time to “balanced”.
What we expect for today
European stock markets would open with losses of less than -0.5%, with growth once again dragged down by rising interest rates and oil companies benefiting from Brent’s rise to a 7-year high. Currently, S&P futures are down -0.45% (the S&P 500 was closed for the holiday). Asian markets are trading with mixed results (China’s CSI 300 +0.7% and Japan’s Nikkei -0.3%).
Today we will learn in Germany January’s ZEW index, in the UK November’s ILO unemployment rate, and in the US the Empire and NAHB indices (both for January). In US business results, Bank of New York, Goldman Sachs, PNC Financial and Truist Financial, among others, will release their earnings. In debt auctions: Spain (3M & 9M T-bills) and Germany (€ 4 Bn in bonds due 2027).
COMPANY NEWS
4Q’21 Results previews.
Along with our daily report we include 4Q’21 results forecasts with all the previews for next week in Spain with our qualitative opinion and the expected impact on the market. Of the stocks releasing their earnings this week, today we include Bankinter.
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.
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.
International Airlines Group is an international scheduled airline and global premium airlines. Co.'s principal place of business is London with significant presence at Heathrow, Gatwick and London City airports.
Mapfre is an insurance company based in Spain. Co. is the parent company of a group engaged in the underwriting and provision of insurance in Spain and abroad. Insurance policies provided include: life, non-life, accident, home-owner, general and health. Through its subsidiaries, Co. is also engaged in the provision of reinsurance, the management of investment funds, pension funds and pension plans, real estate and related services. On the domestic market, Co.'s activities include managing investment funds, pension funds and pension plans, real estate and other service businesses.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.