EUR 100.00 For Business Accounts Only

IBERIAN DAILY 21 NOVEMBER (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: ACCIONA ENERGÍA, FERROVIAL, TELEFÓNICA.

Kicking off the week with doubts
European stock markets consolidated levels, closing practically unchanged, whereas the Ibex was the best-performing index near 9,900 points. Thus, in the STOXX 600 Energy (thanks to the recovery of Brent crude, +2.6%) and Travel&Leisure were the best-performing sectors, whereas Household and Construction ended with the biggest losses. On the macro side, practically without any references, we stress the comments made by P. Wunsch (Bank of Belgium), warning that the market optimism about the ECB’s premature rate cut could lead to new rate rises. In Spain, the PM P. Sánchez confirmed N. Calviño as Finance Minister. In Australia, according to the minutes the Central Bank’s (RBA) left the door open to new rate rises, as even though inflation continues to moderate there are mounting risks it will not return to its target in 2025. In China, the PBoC recommended banks to curb loan issuances in the 1Q’24 and to bring them forward to the end of 2023. In US Results Keysight and Agilent were in line with expectations.
What we expect for today
European stock markets would open flat with some bullish bias. Currently, S&P futures are up +0.04% (the S&P 500 ended +0.31% higher vs. the European closing bell). Volatility in the US fell (VIX 13.41). Asian stock markets are mixed (China’s CSI 300 +0.33%, Japan’s Nikkei -0.10%).
Today in the US we will learn October’s pending home sales and the Fed minutes. In US business results, Nvidia, Lowe’s, Best Buy, Medtronic and HP, among others, will release their earnings.


COMPANY NEWS

ACCIONA ENERGÍA, BUY
At yesterday’s closing bell, an accelerated bookbuild of shares equivalent to 1.7% of ANE’s capital was carried out (6.65 M shares, 10% free-float). Neither the offeror nor the final bookbuild price have been unveiled although indications suggest the price could be below € 26.10/sh. (-4.5% vs. close). News with a negative slant given the price level at which the bookbuild was carried out (-44% vs. IBEX YtD), and in principle it has been apparently carried out at a significant discount. The good news is that rumours suggest it has been fully covered.