IBERIAN DAILY 14 MARCH (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ALMIRALL, FERROVIAL, MAPFRE.The IBEX takes flight
European stock markets ignored the surprise rise in US inflation and increased their gains, still convinced that rates will begin to fall starting in June. The IBEX rose more than +1.6%, approaching 10,600 points, driven by the rally by Inditex (+7.7%). In the STOXX 600, most sectors closed with gains, led by Retail and Basic Materials, with the biggest losses in Autos and Technology. On the macro side, in the euro zone January’s industrial output fell more than expected, due in part to Germany’s performance. The ECB announced a new operating framework in which it will structurally hold bonds in a portfolio (although it would still have to offload €~1 Tn in bonds), add a new loan mechanism to banks to manage liquidity, it will reduce the spread between the deposit and refinancing rate to 15bps (vs. the current 50bps) but will keep the minimum mandatory reserve coefficient at 1.0%. In the UK, January’s industrial output slowed its growth more than expected, whereas construction recovered unexpectedly in January.
What we expect for today
European stock markets would open flat with some bearish bias, awaiting US data. Currently, S&P futures are up +0.18% (the S&P 500 ended down -0.10% vs. the European closing bell). Asian stock markets are mixed (China’s CSI 300 -0.68%, Japan’s Nikkei +0.29%).
Today in Spain we will learn February’s final inflation and in the US production prices and retail sales for February.
Almirall is engaged in the acquisition, manufacture, storage, sale and mediation in the sale of pharmaceutical specialties and products and all manner of raw materials used to prepare pharmaceutical specialties and products. Also, Co. acquires, manufactures, storages, sales and mediates in the sale of cosmetics, chemical, biotechnological and diagnostic products for human, veterinary, agrochemical and food-industry use, as well as all manner of utensils, complements and accessories for the chemical, pharmaceutical and clinical industries. In addition, Co. is engaged in the acquisition, sale, lease, subdivision and development of land lots, land and properties of all kinds.
Ferrovial is a transportation company based in Spain. Co. is engaged in operations in the transportation sector. Co. specializes in the design, construction, management, administration and maintenance of transport infrastructures. Co.'s services range also includes the maintenance of parking lots, and land-, sea- and air-based transport networks. Co. is also engaged in the promotion and operation of short-stay parking lots, parking regulation and management services and promotion and sale of residents' parking.
Mapfre is an insurance company based in Spain. Co. is the parent company of a group engaged in the underwriting and provision of insurance in Spain and abroad. Insurance policies provided include: life, non-life, accident, home-owner, general and health. Through its subsidiaries, Co. is also engaged in the provision of reinsurance, the management of investment funds, pension funds and pension plans, real estate and related services. On the domestic market, Co.'s activities include managing investment funds, pension funds and pension plans, real estate and other service businesses.
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