Report
Research Department
EUR 100.00 For Business Accounts Only

IBERIAN DAILY 09 SEPTEMBER (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: AENA, ALMIRALL, BANKING SECTOR, CHANGES IBEX35, ENAGÁS.

The ECB raised rates by 75bps and points to a 2.3% target
With inflation soaring above 9% in the Euro zone, the ECB responded harshly by raising the refinancing rate to 1.25% and the deposit rate to 0.75%. In her speech, C. Lagarde assured further hikes in the coming meetings and raised inflation forecasts again, increasing the outlook for 2023 from 3.5% to 5.5%, with the 2024 rate standing at 2.3%. Despite the tightening of monetary conditions, the European stock markets ended with gains, with the Ibex 35 standing out with a +0.90% rise. Thus, within the Euro STOXX, Banks and Insurance were the best relative performers, vs. the large drops in Real Estate and Retail. On the macro side, in the United Kingdom, PM L. Truss presented the plan to tackle the energy crisis by capping the electricity bill for the average family by £ 2,500 annually, based on the price from October. In Europe, several countries showed opposition to putting a cap on Russian gas prices, awaiting today’s meeting of Energy Ministers, where they will discuss the measures to be taken to lower electricity prices. In the US, weekly jobless claims fell more than expected. In Mexico, inflation climbed slightly above expectations in August to 8.7% YoY, with core inflation standing at 8.05%. In China, August’s inflation fell vs. the rise expected, whereas production prices slowed more than expected.
What we expect for today
The European stock markets would open with slight gains driven by a better performance of the Technology sector. Currently, S&P futures are up +0.4% (the S&P 500 ended unchanged vs. the European closing bell). Volatility in the US dropped (VIX 23.61). Asian markets are rising (China’s CSI 300 +1.2% and Japan’s Nikkei +0.6%).
Today in the Euro zone energy ministers will hold their extraordinary meeting.
Underlyings
Aena SME SA

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.

Almirall SA

Almirall is engaged in the acquisition, manufacture, storage, sale and mediation in the sale of pharmaceutical specialties and products and all manner of raw materials used to prepare pharmaceutical specialties and products. Also, Co. acquires, manufactures, storages, sales and mediates in the sale of cosmetics, chemical, biotechnological and diagnostic products for human, veterinary, agrochemical and food-industry use, as well as all manner of utensils, complements and accessories for the chemical, pharmaceutical and clinical industries. In addition, Co. is engaged in the acquisition, sale, lease, subdivision and development of land lots, land and properties of all kinds.

Enagas SA

Enagas is a gas transportation company based in Spain. Co. is engaged in the technical distribution and storage of gas through pipelines as well as the provision of regasification services. Co. and subsidiaries are engaged in the ownership, administration, storage, pipeline transportation, distribution flow, and sale of natural gas. As a transport company, Co. also provides gas and manages the gas infrastructures.

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.

Provider
Sabadell
Sabadell

Analysts
Research Department

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