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INFORME DIARIO 05 AGOSTO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: APPLUS, OHL. EUROPA: ALLIANZ, BMW, DEUTSCHE POST.

Sesión de transición
Las bolsas europeas se mantuvieron planas durante la mayor parte del día, con poco volumen de contratación y a la espera de nuevas referencias. En el Euro STOXX, Bancos, Autos y Energía fueron los sectores que más subieron (>2%) frente a las mayores caídas de Farma, Química y Servicios Financieros. Por el lado macro en España el número de desempleado en julio se redujo en 89.800 (vs aumento esperado). En EE.UU. los pedidos de bienes duraderos y los pedidos a fábrica de junio crecieron ligeramente más de lo esperado, mientras que las posiciones entre republicanos y demócratas sobre los nuevos estímulos siguen pareciendo alejadas. En Brasil la producción industrial de junio cayó menos de lo esperado. Argentina cerró un acuerdo para reestructurar su deuda con sus acreedores. En Rdos. empresariales de EE.UU. Warner Music, KKR, Monster Berverages, Gartner, Wall Disney, Western Union, Coca-Cola y Emerson Electric mejores de lo esperado, Fidelity, Prudential y Fox en línea, y Ralf Lauren peores.
Qué esperamos para hoy
Las bolsas europeas abrirían con ligeros avances pendientes de los próximos datos macro. El futuro del S&P 500 cotiza plano (el índice cerró +0,16% frente a los niveles a los que cotizaba al cierre de los mercados en Europa). La volatilidad en EE.UU. volvió a reducirse ligeramente (VIX 23,76%). Los mercados asiáticos cotizan mixtos (Japón -0,4% y Hong Kong +0,35%).
Hoy en se publicarán los PMI de servicios finales de julio en Eurozona, Alemania, Francia. Italia, España y R. Unido, así como en Eurozona ventas al por menor de junio. En EE.UU. ISM no manufacturero de julio y encuesta ADP de empleo de julio. Alemania subastará 5.000 M euros en bonos cupón 0% a 2025 y Grecia letras a 6 meses. En Rdos. empresariales de EE.UU. Discovery, New York Times, Moderna, Metlife entre otros.

EUROPA

ALLIANZ – Rdos. sin sorpresas y ligeramente mejores. COMPRAR
BDI de 1.618 M euros (-24% vs 2T’19 y c.+5% esperado) y Rdo. Operativo de 2.565 M euros, c.+4% vs consenso y BS(e) y -19% vs 2T'19. En positivo, No Vida, cuyo Rdo. Operativo (RO) cae -17% vs 2T’19 (c.+12% vs esperado), por plusvalías, mayor crecimiento (primas +4,4% vs +1% esperado) y mejor RC (95,5% vs 97,8% esperado). Incluye -400 M euros de Covid-19 (RC subyacente 5.300 M euros, +9% vs BS(e) y +2% vs consenso en recuperación en “V”). Aunque no hay grandes sorpresas, las indicaciones de mejora de actividad deberían dar soporte a la cotización.
Underlyings
Allianz SE

Allianz is engaged in the provision of a range of insurance and asset management products and services. Co. has three business segments: Property-Casualty, which provides insurance products to both private and corporate customers, including motor liability and own damage, accident, general liability, fire and property, legal expense, credit and travel insurance; Life/Health, which provides life and health insurance products including annuities, endowment and term insurance, unit-linked and investment-oriented products and private health and supplemental health and long-term care insurance; and Asset Management, which provides institutional and retail asset management products and services.

APPLUS SERVICES S.A.

Applus Services SA is a Spain-based company that provides inspection, testing and quality assurance services. The Company's activities are divided into five segments: Applus+ RTD, which provides non-destructive testing services mainly to the oil industry; Applus+ Velosi-Norcontrol, which offers solutions for technical assistance, supervision, inspection, quality control testing, certification and consulting services mainly to industrial, electrical, oil and telecommunications facilities; Applus+ Laboratories, which focuses on laboratory testing, system certification and product development services within aerospace, industrial and consumer goods sectors, among others; Applus+ Automotive, which is responsible for the vehicle roadworthiness testing services, and Applus+ IDIADA, which delivers design, engineering, testing and certification services mainly to car manufacturers. The Company operates in Europe, Africa, Asia and the Americas.

Bayerische Motoren Werke AG

Bayerische Motoren Werke is a holding company, engaged in the development, manufacture and sale of cars and motorcycles. Co. owns three brands: BMW, MINI and Rolls-Royce. Co.'s BMW automobile range encompasses the 1 Series, including coupe and convertible models; the 3 Series, including sedan, touring, coupe and convertible models; the 5 Series, including sedan and touring models; the 6 Series, including coupe or convertible; the 7 Series large sedan; the Z4 roadster and coupe; the sports utility vehicles, X3, X5 and X6 and M models. Co. also provides cars under the MINI brand and motorcycles under the BMW brand. The Rolls-Royce brand provides three cars, Phantom, Coupe and Ghost.

DHL GROUP

Deutsche Post is a mail and logistics services group. In its Mail division, Co. provides domestic and international mail and parcels and is engaged in dialogue marketing, nationwide press distribution services and the electronic services related to mail delivery. Co.'s Express division provides courier and express services to business and private customers globally. Co.'s Global Forwarding, Freight division manages the carriage of goods by rail, road, air and sea, ranging from container transport to solutions for industrial projects. Co.'s Supply Chain division provides warehousing, managed transport and services at every link in the supply chain for customers in a variety of industries.

Obrascon Huarte Lain SA

Obrascon Huarte Lain is an international concession and construction groups based in Spain. Co. maintains significant operations in 30 countries across all five continents. Co. is engaged in hospital and railway construction, transport infrastructure concessions, oil and gas, energy, solids handling and fire protection systems and international contracts. Co.'s operations are organized along four divisions: OHL Concesiones, OHL Construccion, OHL Industrial y OHL Desarrollos. Co. is also engaged in real state project developments of mixed use managed by the international hotel chains.

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