IBERIAN DAILY 27 SEPTEMBER (ANÃLISIS BANCO SABADELL)
NEWS SUMMARY: ARCELOR MITTAL, BBVA, CATALANA OCCIDENTE, IAG, MAPFRE, MERLIN PROPERTIES, SIEMENS GAMESA.MARKETS YESTERDAY AND TODAY
Stock markets struggle to return to highs
European stock markets rallied led by companies with defensive and growth profiles following the US-Japan trade deal. Within the Euro STOXX, Real Estate and Utilities were the best performers, whereas Basic Resources and Banks saw once again the biggest drops. On the macro side, in the Euro zone, August’s M3 increased as expected despite the fact that July’s data was lowered. In the ECB, German member S. Lautenschläger resigned without giving a reason, which some analysts interpret as a sign of internal division. In the US, the final 2Q’19 GDP came in as expected (2.0% QoQ annualised), where the slightly lower growth in consumption was offset with the smaller drop in capital goods investment and the external sector. August’s preliminary wholesale inventories came to a halt, weekly jobless claims increased somewhat more than expected and August’s pending home sales increased above expectations. From the Fed, R. Clarida expects inflation to converge towards the 2% target, with the current levels being in tune with price stability. In Mexico, the Central Bank cut, as expected, the reference rate by 25bps to 7.75%, whereas July’s IGAE economic activity index contracted unexpectedly. In Japan, Tokyo inflation slowed more than expected in September. In China, August’s corporate earnings contracted more than expected in August, led by the auto and technology sectors.
What we expect for today
Stock markets would see a slightly bullish opening. Currently, S&P futures are down -0.05% (the S&P 500 closed largely unchanged vs. its price at the closing bell in Europe). Volatility in the US rose (VIX 16.07%). The Asian markets that are open are falling (Hong Kong -0.33% and Japan -1.44%).
Today we will learn: in the Euro zone, September’s economic climate indicator; in Mexico, August’s trade balance; in the US, August’s personal outlays, August’s preliminary durable goods orders and September’s University of Michigan consumer confidence. In debt auctions: Italy (€ 7.5 Bn in bonds due 2025, 2030 and CCT due 2025).
Banco Bilbao Vizcaya Argentaria is an international financial group, engaged primarily on providing banking services and consumer finance to private individuals and businesses in Spain and Portugal; providing real estate activity in Spain; providing services to international companies and investment banking, capital markets and treasury management services to clients; and providing the banking, insurance and pension businesses in Mexico and the U.S., as well as in South America.
Grupo Catalana Occidente is an insurance group based in Spain. Co. is engaged in insurance and reinsurance activities, including commercial, life, disability, and automobile insurance. Co. is also engaged in the sale of annuities and pension funds. Co.'s operations are organized along two businesses: Traditional business (insurance) and Credit Insurance business. Co.'s main markets are located in Spain, Germany, United Kingdom, France and the Netherlands. Co. maintains a presence in more than 40 countries.
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.
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.
Merlin Properties SOCIMI SA is a Spain-based company engaged in the operation of a real estate investment trust (REIT). The Company focuses on the acquisition, management and rental of commercial properties located in the Iberian Peninsula, primarily in Spain. The Company's activities are divided into the following segments: Office buildings, operating a portfolio of office space; High-street retail, engaged in leasing retail stores; Shopping centers, engaged in managing department stores; Logistics, operating logistics warehouses and distribution centers, and Others. The Company's other activities include property management services rendered to third parties.
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