IBERIAN DAILY 23 NOVEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: AMADEUS, CONSTRUCTION SECTOR, ENCE, PRISA, TELEFÓNICA.MARKETS YESTERDAY AND TODAY
Moderate gains awaiting G-20
There were moderate gains in a transitional session, with rises in Covid-19 cases (Germany had a record number of new coronavirus cases on Friday, increasing pressure on tougher restrictions). In the Euro STOXX, the biggest drops came in Real Estate and Food, whereas Energy (underpinned by the solid performance by oil) and Utilities closed with the best relative performance. On the macro side, there were few references, with November’s consumer confidence in the euro zone falling less than expected. In the US, J. Powell announced that he has agreed to return unused pandemic relief money (CARES act) to the Treasury at the end of the year.
What we expect for today
European indices would open with gains of around +0.5%, while in Europe we are beginning to hear the first plans to ease restrictions on movement in order to save the holiday season. Currently, S&P futures are up +0.3% (the S&P 500 closed down -0.4% vs. its price at the closing bell in Europe). Volatility in the US decreased (VIX 23.70). Asian markets are rising (CSI 300 +1.3%, Japan closed).
Today, in Germany and the euro zone we will learn November’s preliminary PMIs and in the US the Chicago Fed national activity index. Debt auctions: France (€ 7 Bn in 3M, 6M and 12M t-bills), Germany (€ 3 Bn in 6M and 12M t-bills) and Belgium (bonds due 2025 and 2033). In US business results, Agilent will release its earnings.
Amadeus is a transaction processor for the global travel and tourism industry. Co. provides transaction processing power and technology solutions to both travel providers (including full service carriers and low-cost airlines, hotels, rail operators, cruise and ferry operators, car rental companies and tour operators) and travel agencies (both online and offline). Co. acts both as a worldwide network connecting travel providers and travel agencies through a processing platform for the distribution of travel products and services (through the Distribution business), and as a provider of a portfolio of IT solutions which automate certain business processes (through the IT solutions business).
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.
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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