IBERIAN DAILY 13 OCTOBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: AENA, ENDESA, PRISA, TELEFÓNICA.MARKETS YESTERDAY AND TODAY
US market pulling the weight once again
The session ended better than in began, with European stock markets rising in the evening (with the IBEX and FTSE at the rear) along with the bullish opening in the US, despite the lack of advances made on a fiscal agreement and thanks to a new rise in tech stocks. Thus, in the Euro STOXX, Technology (again) and Utilities, and to a lesser extent other cyclical sectors such as Autos and Consumer Goods, led the gains, whereas Leisure (in view of the rising Covid-19 cases, B. Johnson had to close pubs in some areas of the UK starting Wednesday), Banks and Energy (new drops in crude oil) were the only sectors to close in the red. In the UK, Boris Johnson threatened to withdraw from talks with the EU if his conditions on fishing have not been accepted by Thursday. In Mexico, August’s industrial output grew more than expected. This morning in China, exports rose less than expected, but imports recovered significantly, reflecting the robustness of internal demand.
What we expect for today
Markets would open flat with a certain bullish slant, although with volatility after J&J had to halt development of the Covid-19 vaccine and with all eyes on the results from the first big US banks in order to gauge economic recovery. Currently, S&P futures are down -0.2% (the S&P 500 closed +0.2% higher vs. its price at the closing bell in Europe). Volatility in the US decreased (VIX 25.07). Asian markets are climbing (Hong Kong +0.2%).
Today in the UK we will learn August’s ILO unemployment rate, in Germany September’s HICP and October’s ZEW economic sentiment index and in the US September’s CPI. Debt auctions: Spain (3M & 9M T-bills). In US business results, JP Morgan, Citibank, Blackrock, Johnson&Johnson and Delta Airlines, among others, will release their earnings.
Aena SME SA, formerly Aena SA, is a Spain-based company primarily engaged in the airports operation. Its activities are divided into four segments: Airports, which comprises Aeronautical subdivision, responsible for the management of airports, jetways, security, handling, cargo and fuel services, among others, as well as Commercial subdivision, including duty-free and specialty stores, restaurant services, car rental, as well as banking services and advertising; Services outside the terminal, which manages real estate assets, such as parking lots, warehouses and lands; International, which comprises operations of Company's subsidiary, Aena Desarrollo Internacional SA, that invests in other airport owners principally in Mexico, Colombia and the United Kingdom; and Others, encompassing corporate activities. It manages tourism, hub and regional airports, as well as heliports and general aviation areas. Furthermore, its destination range comprises Europe, the Americas, Asia and Africa.
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.
Telefonica is engaged in the provision of public or private telecommunications services, including ancillary or complementary telecommunications services or related services. Co.'s fixed business includes: traditional fixed telecommunication services, Internet and broadband multimedia services, data and business-aplications services, and wholesale services for telecommunication operators. Co. also provides a range of mobile and related services and products to consumer and business customers, including mobile voice services, value added services, mobile data and Internet services, wholesale services, corporate services, roaming, fixed wireless, and, trunking and paging.
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