IBERIAN DAILY 30 MARCH (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: AENA, ELECTRICITY SECTOR, ENCE.Renewed market optimism
The European stock markets posted strong gains after Russia announced in the talks in Turkey that it will ease the offensive, leaving the door open to a possible direct negotiation between Putin and Zelenski. The idea would be for Russia to allow Ukraine to enter the EU if it renounces NATO. Scepticism on this offer remains high. Separately, the dispute between Russia and the EU regarding what currency to pay gas supplies with continues, increasing risk of supply being interrupted. With this in mind, almost all sectors within the Euro STOXX closed with gains, with Banks and Autos leading the way, whereas Energy and Basic Resources saw drops of around -1%. As for macro data, in Spain, retail sales slowed slightly more than expected in February. In the US, Harker, from the Fed, was in favour of raising rates sooner than expected and starting balance sheet reduction as soon as possible.
What we expect for today
European stock markets would open with slight drops. Currently, S&P futures are down -0.18% (yesterday the S&P 500 ended -0.46% lower vs. the European closing bell). Volatility in the US dropped (VIX 18.90). Asian markets are mixed (China’s CSI 300 +2.16%, and Japan’s Nikkei -1.6%).
Today in Spain and Germany, we will learn March’s inflation, in the euro zone March’s economic climate index, and in the US March’s private ADP employment survey. As for auctions, Italy will issue € 6.5 Bn in bonds due 2027 and 2032.
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.
Ence Energia Y Celulosa is engaged in the manufacture and commercialization of wood pulp and derivatives. Co. divides its activities into the following two business lines: Forest Division: Co. manages timberlands in South America and the Iberian Peninsula. Co. is involved in trading of wood, and supplies solid wood products including: plywood, sawn timber, parquet flooring and glued-edge paneling. Co. is involved in forest and environmental consulting. Pulp Division and Energy Production: Co. is engaged in the production of Eucalyptus globulus-based TCF and ECF paper pulp. Co. is also involved in the generation of electricity through biomass power producing plants.
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