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INFORME DIARIO 18 ENERO + RDOS. ESPAÑA Y EUROPA 4T'21. PREVIEWS (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: AEDAS HOMES, IAG, IBERDROLA, MAPFRE. EUROPA: SIEMENS

Incluido en el informe diario de hoy, y durante toda la campaña de resultados, incorporamos al final una presentación con los previews de Rdos. 4T’21 que se publicarán en España y Europa en los próximos días.


Europa comienza la semana al alza
Con EE.UU. cerrado por la festividad de Marthin Luther King, los índices europeos cerraron con signo positivo recuperándose de las pérdidas de la semana pasada. El Ibex por su parte apuntaló los 8.800 con el impulso de los bancos. Así, en el Euro STOXX la mayoría de los sectores cerró en positivo, liderados por Tecnología y B. de Consumo frente al peor comportamiento relativo de Viajes&Ocio e Inmobiliario. Por el lado macro, en España la Airef rebajó al 5,1% y al 5,9% su previsión de PIB para 2021 y 2022 frente al 5,5% y 6,3% que estimó a finales de octubre. En Brasil, el índice de Actividad Económica de noviembre repuntó en línea con lo esperado. En Japón, el BoJ mantuvo la política monetaria inalterada pero revisó su estimación de inflación para 2022-23 hasta el 1,1% (ambos años) desde el 0,9% y 1,0% anterior (por debajo todavía del objetivo del 2,0%) y cambia su visión de riesgos sobre la inflación por primera vez a “equilibrada”.
Qué esperamos para hoy
Las bolsas europeas abrirían con pérdidas inferiores al -0,5% con el growth nuevamente lastrado por los repuntes de tipos de interés y las petroleras beneficiadas del avance del Brent hasta máximos de 7 años. En estos momentos, los futuros del S&P cotizan con caídas del -0,45% (el S&P 500 estuvo cerrado por festividad). Los mercados asiáticos cotizan mixtos (CSI 300 chino +0,7%, Nikkei de Japón -0,3%).
Hoy en Alemania el ZEW de enero. En R. Unido la tasa de paro ILO de noviembre. En EE.UU. el índice Empire y NAHB de enero. En Rdos. Empresariales en EE.UU. Bank of New York, Goldman Sachs y Truist Financial entre otros. En subastas: España (letras a 3 y 9 meses) y Alemania (4.000 M euros en bonos 2027).



ESPAÑA

Resultados España y Euro Stoxx 50 4T’21 Previews.
Publicamos con el diario nuestro informe de estimaciones Rdos. 4T’21 con todos los previews de la próxima semana en España y Europa con nuestra opinión cualitativa e impacto esperado en mercado. Esta semana publican Bankinter y ASML.
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.

ASML Holding NV

ASML Holding provides lithography systems for the semiconductor industry, manufacturing machines that are used in the production of integrated circuits or chips. Co. develops, produces, markets, sells and services advanced semiconductor equipment systems exclusively consisting of lithography systems. Co. sells its products to micro-processor manufacturers and Foundries, NAND-Flash memory and DRAM memory chipmakers. Co.'s products line includes the following: PAS 5000 lithography systems, which Co. no longer manufactures but continues to refurbish; PAS 5500 products; TWINSCAN DUV systems and TWINSCAN EUV systems based on a new platform utilizing the concepts of the TWINSCAN platform.

Bankinter SA

Bankinter is the parent company of a group engaged in banking activities. Services provided include: investment banking; capital market services; financial services insurance; international services such as foreign exchange transactions and travelers' checks; wholesale corporate banking; and retail and private banking services. Co. offers its products and services through the following channels of distribution: branch network; telephone banking, interactive (software) banking; agents; and Internet banking. As of Dec 31 2014, Co. had assets totalling Euro57,332,974,000 and deposits totalling Euro29,966,129,000.

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.

International Consolidated Airlines Group SA

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 SA

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.

Siemens AG

Siemens is a technology company. Co.'s Energy sector provides a range of products, solutions and services for generating and transmitting power. The Healthcare sector provides customers a range of medical solutions across the treatment chain. The Industry sector supplies products and solutions for industrial companies, primarily in the process and manufacturing industries. The Infrastructure & Cities sector provides a range of technologies that accelerates the capabilities of metropolitan centers and urban infrastructures. The Investments segment is comprised of Co.'s equity stakes in other companies. The Financial Services segment provides business-to-business financial solutions.

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Sabadell
Sabadell

Analysts
Research Department

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