IBERIAN DAILY 31 AUGUST (ANÃLISIS BANCO SABADELL)
NEWS SUMMARY: AENA, IAG.MARKETS YESTERDAY AND TODAY
Sector rotation towards financial stocks
After alternating gains and losses throughout the session, European stock markets ended up in the red on Friday. However, financial sectors such as Banks or Insurance led gains throughout the entire session, whereas Pharma and Household goods saw the biggest drops. On the macro side, in the Euro zone, the economic confidence index climbed more than expected in August, hinting at GDP growth of more than 2.0% YoY. In France, household consumption increased less than expected in July, while inflation grew less than expected. In Spain, decline in July’s retail sales moderated to -3.9% YoY vs. -4.7% previously. In the US, real personal outlays climbed more than expected in July, whereas the University of Michigan’s consumer confidence index for August was raised unexpectedly. Separately, the Chicago Fed activity index fell in August, disappointing the markets. Lastly, July’s trade deficit increased more than expected to its second highest historical level despite the recovery of exports. In Japan, July’s industrial output climbed above expectations, while retail sales contracted more than expected. In China, August’s manufacturing PMI dropped unexpectedly to 51 whereas the non-manufacturing PMI climbed more than expected to 55.2, which continues to hint at a recovery in consumption levels.
What we expect for today
Stock markets would imitate the positive closing of the US and Asian markets, opening with gains of up to +0.7%.
Currently, S&P futures are up +0.45% (the S&P 500 ended up +0.25% vs. its price at the closing bell in Europe). Volatility in the US fell (VIX 22.96%). Asian markets are rising (Japan +1.3% and Hong Kong +0.78%).
Today we will learn in Spain and Germany August’s inflation data. In debt auctions: France will issue €~5.5 Bn of 3M, 6M & 12M T-bills.
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.
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.
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.