IBERIAN DAILY 13 AUGUST (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: AENA.Low-volume session lacking macro releases
It was a transitional session without any relevant macro releases (until the release of US inflation data for July on Wednesday) or business results, and with very low trading volume. In the STOXX 600, the best performing sectors were those linked to raw materials, Energy and Basic Materials, spurred by the continued crude oil rally and industrial metals in general. By contrast, Real Estate was the worst performer. On the macro side, in Japan industrial production prices for July rose in line with expectations. Yesterday no US business results were released.
What we expect for today
Stock markets would open with gains of around +0.3% and should maintain a slightly positive tone at least until US production prices are released, which could give clues on the inflation data to be released tomorrow. Currently, S&P futures are up +0.2% (the S&P 500 ended down -0.1% vs. the European closing bell). Volatility on the S&P500 (VIX) remained stable at 20 (close to its historical average). Asian markets are mixed (Japan’s Nikkei +3% and China’s CSI 300 -0.15%).
Today in the US we will learn July’s industrial output prices, in the euro zone and Germany August’s ZEW index, in Spain July’s final inflation and in the UK June’s unemployment rate. In US business results, only Cisco Systems and Cardinal Health will release their results.
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.
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