IBERIAN DAILY 26 MAY (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: AENA, TELEFÓNICA.European, and also US, stock markets rally ahead of the Fed minutes
The European stock markets rallied before the publication of the Fed minutes, which brought no surprises, suggesting +50bps rate hikes in the June/July meetings and with some members warning that a restrictive policy would be necessary. US markets welcomed the Fed’s comments with gains, which increased at the closing bell in Europe. Within the Euro STOXX, the best-performing sectors were Energy and Utilities, whereas Financial Services and Media were the only sectors that ended in the red. On the macro side, in the US, April’s preliminary core capital orders increased less than expected and hint at lower dynamism in capital goods investment in 2Q’22. In Mexico, the 1Q’22 GDP beat expectations. In China, PM Li Keqiang stated that the economy is facing a worse situation than in 2020 due to Covid-19.
What we expect for today
European stock markets would open flat with a bullish trend throughout the session, underpinned by the greater stability of sovereign debt. Currently, S&P futures are down -0.20% (the S&P 500 ended +0.55% higher vs. the European closing bell). Volatility in the US fell (VIX 28.37). Asian markets are mixed (China’s CSI 300 +0.4% and Japan’s Nikkei -0.2%).
Today we will learn in the US the second reading of the 1Q’22 GDP, weekly jobless claims and pending home sales. In debt auctions: Italy (€ 3.5 Bn in bonds due 2023 and I/L due 2033).
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.
Telefonica is engaged in the provision of public or private telecommunications services, including ancillary or complementary telecommunications services or related services. Co.'s fixed business includes: traditional fixed telecommunication services, Internet and broadband multimedia services, data and business-aplications services, and wholesale services for telecommunication operators. Co. also provides a range of mobile and related services and products to consumer and business customers, including mobile voice services, value added services, mobile data and Internet services, wholesale services, corporate services, roaming, fixed wireless, and, trunking and paging.
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