IBERIAN DAILY 04 FEBRUARY + 4Q’21 RESULTS. PREVIEWS (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: AENA, ATRYS HEALTH, TOURISM SECTOR.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.
The ECB changes the tone of its message
The ECB kept its monetary policy unchanged, but Lagarde warned that the risks on inflation are rising, and there is widespread concern among members due to the latest figures, leaving the door open to all available tools being used to contain inflation. Thus, sell-offs on European markets brought numbers in the red, and in the Euro STOXX only Banks and Telecoms managed to close with gains, whereas Technology (Meta-Facebook plunged more than -25% in the US) and Retail were the biggest losers. In the UK, the BoE was true to forecasts with its second +0.25bps hike up to +0.5%, leaving the door open to further rises in the short-term (4 members voted in favour of a 50bps rise) and it announced the end of the maturity reinvestment. On the macro side, in the euro zone January’s final services PMI was cut slightly. In the US January’s non-manufacturing ISM fell less than expected, whereas non-farm productivity for 4Q’22 rose more than expected. In US business results, Amazon and Ford came in above expectations, while Estee Lauder, Ralph Lauren and Merck & Co. beat expectations.
What we expect for today
European stock markets would see gains of +0.5% after digesting the change of the ECB’s bias, with more stable sovereign debt once the market is already pricing in a 30bps rise in 2022. Currently, S&P futures are up +1.26% (the S&P 500 ended -0.82% lower vs. the European closing bell). Volatility in the US rose (VIX 24.35). Asian markets are climbing (China’s CSI 300 closed and Japan’s Nikkei 0.72%).
Today in the euro zone we will learn December’s retail sales, in Germany December’s factory orders and in the US January’s non-farm employment. In US business results, Aon, Royal Caribbean and Cboe Global, 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.
Atrys Health SA. Atrys Health SA, formerly Europath Biosciences SL, is Spain-based company primarily engaged in the predictive and personalized oncology therapies. It operates under Atrys brand name. Atrys is a clinical and translational research laboratory dedicated to the diagnosis, prognosis and treatment of cancer, including hematologic and solid malignancies. It has four areas of activity: Laboratory, Telemedicine, Radiotherapy, as well as Research and Development (R&D). The Company has its diagnostic laboratories and translational research in Barcelona and Granada, and offices in Madrid, Spain.
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