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INFORME DIARIO 10 OCTUBRE (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: CELLNEX, ECONENER, IBERDROLA, MERLIN, NATURGY, SECTOR ELÉCTRICO. EUROPA: ASML.


El paro en EE.UU. empaña la buena semana
Semana con ganancias cercanas al +2% a ambos lados del Atlántico a pesar de que la fortaleza del dato de empleo estadounidense que acabó provocando caídas en los mercados el viernes. En el Euro STOXX la mayoría de los sectores cerraron la semana con avances, lideradas por Energía y Tecnología frente al peor comportamiento relativo de Inmobiliario y Hogar. Por el lado macro, en EE.UU. la creación de empleo no agrícola salió algo mejor de lo esperado mientras que la tasa de desempleo de septiembre descendió de forma inesperada y aunque las ganancias salariales moderaron su ritmo de avance más de lo previsto, el mercado interpretó que con estos datos la Fed seguirá subiendo agresivamente tipos de interés. En este sentido, J. Williams apuntó que los tipos deben aumentar hasta el 4,5% aunque el ritmo dependerá de cómo se desempeñe la economía. En China, el PMI de servicios de Caixin retrocedió más de lo esperado y se sitúa por debajo de 50. Por otra parte, repuntaron los casos de Covid-19 tras una semana festiva (golden week). Desde el lado geopolítico, el gobierno de Biden restringió a 28 compañías chinas el acceso a chips utilizados en inteligencia artificial y supercomputación fabricados fuera de China así como reglas más estrictas sobre la venta de semiconductores.
Qué esperamos para hoy
Las bolsas europeas abrirían con caídas superiores a -1% con el sector tecnológico lastrado por las medidas adoptadas por Biden. En estos momentos, los futuros del S&P cotizan con recortes del -0,3% (el S&P 500 terminó el viernes con caídas del -0,65% con respecto al nivel al que estaba al cierre de las bolsas europeas). La volatilidad en EE.UU. subió (VIX 31,36). Los mercados asiáticos cotizan con caídas (CSI 300 chino -1%, Japón está cerrado por festividad). El mercado de bonos americano también permanecerá cerrado.
Hoy en la Eurozona la confianza del Inversor Sentix de octubre. En subastas: Alemania (5.000 M euros en letras a 3 y 9 meses).
Underlyings
ASML Holding NV

ASML Holding provides lithography systems for the semiconductor industry, manufacturing machines that are used in the production of integrated circuits or chips. Co. develops, produces, markets, sells and services advanced semiconductor equipment systems exclusively consisting of lithography systems. Co. sells its products to micro-processor manufacturers and Foundries, NAND-Flash memory and DRAM memory chipmakers. Co.'s products line includes the following: PAS 5000 lithography systems, which Co. no longer manufactures but continues to refurbish; PAS 5500 products; TWINSCAN DUV systems and TWINSCAN EUV systems based on a new platform utilizing the concepts of the TWINSCAN platform.

Cellnex Telecom S.A.

Cellnex Telecom SA is a Spain-based company engaged in the wireless telecommunications (telecom) business. Its activities are divided into three segments: Broadcasting infrastructure, Telecom site rental, as well as Network services and other. The Broadcasting infrastructure division comprises distribution and transmission of television (TV) and frequency modulation (FM) radio signals, operation and maintenance (O&M) of radio broadcasting network, as well as over-the-top (OTT) radio services, among others. The Telecom site rental division provides access to wireless infrastructure, primarily through infrastructure hosting and telecom equipment co-location, mainly for mobile network operators and other wireless and broadband telecom network operators. The Network services and other division offers connectivity services for a variety of telecom operators and radio communication, among others. The Company also develops 5th generation mobile networks (5G) through Alticom BV.

Iberdrola SA

Iberdrola is a holding company. Through its subsidiaries, Co. operates in four segments: network business, which includes all the energy transmission and distribution activities, and other regulated activity originated in Spain, the U.K., the U.S. and Brazil; deregulated business, which includes electricity generation and sales businesses as well as gas trading and storage businesses carried on by Co. in Spain, Portugal, the U.K. and North America; renewable business, with activities related to renewable energies in Spain, the U.K., the U.S. and the rest of the world; and other businesses, including the engineering and construction businesses and the non-power businesses.

MERLIN Properties SOCIMI S.A.

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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