IBERIAN DAILY 05 AUGUST (ANÃLISIS BANCO SABADELL)
NEWS SUMMARY: APPLUS, OHL.MARKETS YESTERDAY AND TODAY
A transition session
European stock markets remained flat for most of the session, with low trading volume and awaiting new references. In the Euro STOXX, Banks, Automobiles and Energy saw the highest gains (>2%) vs. the sharper drops of Pharma, Chemicals and Financial Services. On the macroeconomic level, in Spain, July’s number of unemployed fell by 89,800 (vs. an increase expected). In the US, June’s durable goods orders and factory orders grew slightly more than expected, while the positions between republicans and democrats about the new stimulus are still apparently apart. In Brazil, June’s industrial output fell less than expected. Argentina closed a debt restructuring agreement with its creditors. In US Results, Warner Music, KKR, Monster Beverages, Gartner, Wall Disney, Western Union, Coca-Cola and Emerson Electric came in better than expected, Fidelity, Prudential and Fox in line, and Ralf Lauren worse than expected.
What we expect for today
European stock markets would open with slight gains awaiting the upcoming macroeconomic data. Currently, S&P futures are flat (the S&P 500 ended +0.16% higher vs. its price at the closing bell in Europe). Volatility in the US dropped slightly again (VIX 23.76%). Asian markets are mixed (Japan -0.4% and Hong Kong +0.35%).
Today in the euro zone, Germany, France, Italy , Spain and the UK, we will learn July’s final services PMI, in the euro zone June’s retail sales, and in the US July’s non-manufacturing ISM and July’s ADP employment survey. Germany will issue € 5 Bn in zero-coupon bonds due 2025 and Greece 6M T-bills. In US business results, Discovery, New York Times, Moderna and Metlife, among others, will release their earnings.
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.
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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