IBERIAN DAILY 21 MAY (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACCIONA ENERGÍA, CAF, IAG, TELEFÓNICA.The positive trend in stock exchanges continues
European stock markets saw new gains, with the S&P500 hitting new highs. Within the STOXX 600, Industrials and Technology were the best-performing sectors whereas Autos and Real Estate ended with the biggest losses. On the macro side, few references were made public, in Spain, April’s consumer confidence data recovered to Sept’23 highs, in the euro zone, the members from the ECB Vasle and Kazaks backed a rate cut in June although they left the door open to possible later cuts. However, in the US several comments made by Fed members, R. Bostic, M. Barr, M. Daly, L. Mester and P. Jefferson, among them, cooled off rate cuts prospects given the lack of sufficient confidence in inflation convergence. In Mexico, March’s retail sales slowed down -1.7% YoY. In US business results Palo Alto came in better than expected, and Keysight Technologies in line.
What we expect for today
Stock markets would open with losses of around -0.3%. Currently, S&P futures are UP +0.10% (the S&P 500 ended -0.20% lower vs. the European closing bell). Asian stock markets are sliding (China’s CSI 300 -0.43%, Japan’s Nikkei -0.05%).
Today in the euro zone we will learn March’s trade balance. In US business results, Lowe’s and Macy’s, among others, will release their earnings.
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.
International Airlines Group is an international scheduled airline and global premium airlines. Co.'s principal place of business is London with significant presence at Heathrow, Gatwick and London City airports.
Solaria Energia y Medio Ambiente manufactures both solar and thermal cells and panels, rolls out turnkey projects for large installations, operates solar plants and generates electricity through its owned 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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