IBERIAN DAILY 03 MARCH (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: AENA, ELECTRICITY SECTOR, ROVI, TELEFÓNICA.MARKETS YESTERDAY AND TODAY
Stock markets hesitate
The European stock markets erased their gains as losses increased in the US, especially in the Technology sector. Within the Euro STOXX, the best-performing sectors were Insurance and Media, whereas Household Goods and Travel & Leisure were the worst relative performers. On the macro side, Germany data was poor: January’s retail sales contracted unexpectedly, whereas the number of unemployed increased in February. In the Euro zone, February’s preliminary inflation remained at 0.9% YoY, with core inflation slowing to 1.1%, in line with expectations (the base effect begins to be felt in March, reaching its peak somewhere between April and June). In China, the services PMI slowed down in February to 51.5 from 52 previously while in Japan it climbed slightly to 46.3. In US business results, Autozone and Target Co came in better than expected.
What we expect for today
We expect a slightly bullish opening in European stock exchanges although without relevant drivers, with the energy sector awaiting the OPEC+ meeting to be held next Thursday where easing in cuts could be announced. Currently, S&P futures are up +0.50% (the S&P 500 was down -0.27% vs. its price at the closing bell in Europe). Volatility in the US rose (VIX 24.10). Asian markets are rising (CSI 300 +1.5%, Japan +0.6%).
Today we will learn in the Euro zone February’s final Services PMI, in Brazil the 4Q’21 GDP, and in the US February’s ISM non-manufacturing index, February’s ADP employment survey and the Fed’s Beige Book. In US business results, Korgen, Broadcom and Gap, among others, will release their earnings. In debt auctions, Germany will issue € 3 Bn of bonds due 2036.
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.
Laboratorios Farmaceuticos Rovi is engaged in the sale of its own pharmaceutical products and the distribution of other products for which it holds licenses granted by other laboratories for specific periods, in accordance with the terms and conditions contained in the agreements entered into with said laboratories.
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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