IBERIAN DAILY 15 AUGUST (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: AENA.Summer session
Yesterday’s session saw a decreasing performance amid concerns about the performance of the Eris Covid-19 variant. In the Euro STOXX, Telecommunications and Consumer Goods were the best-performing sectors, while Household and Travel&Leisure saw the biggest drops. On the macro side, in Italy, G. Fazzolari, outlined that the state will intervene again in the main financial, economic and industrial instruments , as well as in pubic concessions, revising the public contracts of toll roads and airport players. In Japan, the 2Q’23 GDP doubled expectations and in China, June’s industrial output and retail sales rose less than expected. The PBoC cut the 1-year loan rate unexpectedly to 2.5% (-15bps) to bolster the economy.
What we expect for today
European stock markets would see a bullish opening, with the worse relative performance of cyclical companies. Currently, S&P futures are up +0.25% (the S&P 500 was flat vs. the European closing bell). Volatility in the US dropped (VIX 14.82). Asian stock markets are mixed (China’s CSI 300 -1.3%, Japan’s Nikkei +0.55%).
Today in the UK we will learn July’s ILO unemployment rate, in Germany August’s ZEW index, in the US July’s retail sales and July’s Empire manufacturing index. In US 2Q’23 Results, Home Depot and Alcon, 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.
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