IBERIAN DAILY 13 DECEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: AENA, CAIXABANK, CHANGES IBEX, MELIÁ HOTELS, TALGO.Cautiousness at the beginning of a key week
The European stock markets fell slightly at the start of a week full of key events, such as today’s US inflation data or the Fed, ECB and BoE meetings tomorrow and the day after tomorrow. Thus, within the Euro STOXX, only Energy and Pharma closed with gains, vs. the biggest drops in Basic Resources and Financial Services. On the macro side, in the United Kingdom, October’s GDP climbed to 0.5%, and October’s industrial and manufacturing output fell less than expected and improved on September’s figure. In Mexico, October’s industrial output slowed more than expected. On the geopolitical front, Japan and the Netherlands joined US moves to tighten controls on chip and semiconductor exports. In response, China has opened another dispute at the WTO for what it calls a technology war. Separately, Zero-Covid policy restrictions are being eased further, although this is beginning to raise doubts as to whether the healthcare system will be able to cope with a new wave of infections.
What we expect for today
The European stock markets would open with gains of +0.25%, but the session will swing towards one side or another depending on the US inflation data. Currently, S&P futures are up +0.1% (the S&P 500 ended up +0.69% vs. the European closing bell). Volatility in the US rose (VIX 25). Asian markets are rising (China’s CSI 300 +0.16% and Japan’s Nikkei +0.40%).
Today in the Euro zone the European Energy Council will hold its meeting. Also we will learn in Germany and in the US November’s inflation data. In debt auctions: Spain (€ 1.5 Bn in 3M and 9M 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.
Caixabank is an investment company based in Spain. Co. is involved in investment portfolio management activities across two areas: Services and Financial Business and Insurance. In the services area, Co. provides investment solutions for companies involved in the infrastructure, energy, services and entertainment sectors. In the financial business and insurance area, Co. is engaged in the investments for international banks, insurance and specialist financial services. Co. focuses most of its banking investments in India, China, the U.S., and Central and Eastern Europe with a particular interest in retail banking. Co. is also involved in the disinvestments activities.
Melia Hotels International is the parent company of a group engaged in the acquisition, management and operation of hotels. Co. operates its hotel network in Germany, Argentina, Brazil, Bulgaria, Cabo Verde, Chile, China, Costa Rica, Croatia, Cuba, Egypt, Spain, United States, France, Greece, Netherlands, Indonesia, Italy, Luxembourg, Malaysia, Mexico, Panama, Peru, Portugal, Puerto Rico, United Kingdom, Dominican Republic, Singapore, Switzerland, Tunisia, Uruguay, Venezuela and Vietnam under the followings brandnames: Paradisus Resorts®, Melia Hotels & Resorts®, TRYP Hoteles® and Sol Hotels & Resorts®.
Talgo is engaged in designing, manufacturing, repairing and maintaining the railway rolling stock, as well as the manufacturing, assembling, repairing and maintaining the engines, machinery and parts of the railway systems. Co. has an industrial presence in seven countries: Spain, Germany, Kazakhstan, Uzbekistan, Russia, Saudi Arabia and U.S.A. Co. has an active fleet in Europe, Asia and North America that comprises of 94 high-speed trains and more than 1,400 Talgo tilting passenger cars. Also, Co. purchases, redesigns, constructs, leases and sells all types of real estate.
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