IBERIAN DAILY 24 OCTOBER (ANÃLISIS BANCO SABADELL)
NEWS SUMMARY: CELLNEX, ELECTRICITY AND GAS SECTOR, LIBERBANK.MARKETS YESTERDAY AND TODAY
An indifferent market
European stock markets consolidated the current resistance levels. In the Euro STOXX, Chemicals and Energy (given the rises in crude oil) were the best-performing sectors vs. Financial Services and Personal Consumption that saw the biggest losses. On the macroeconomic level, in the euro zone October’s preliminary consumer confidence deteriorated more than expected. On another note, the EU postponed the decision on the Brexit extension until next Friday although the negotiation period will be predictably extended to the end of January. In China, the extradition law for Hong Kong’s citizens was formally withdrawn due to protests. In US Results, Hilton, eBay and Nasdaq were in line, Caterpillar and Boeing were disappointing and Ford Motor, PayPal and Microsoft beat expectations.
What we expect for today
Stock markets would open flat but with some bearish bias given the weak macroeconomic data to be released and the bittersweet campaign. Currently, S&P futures are unchanged (the S&P 500 was up +0.15% vs. its price at the closing bell in Europe). Volatility in the US dropped (VIX 14.01%). The Asian markets that are open are climbing (Hong Kong +0.59% and Japan +0.38%).
Today we stress the ECB meeting and October’s preliminary manufacturing and services PMI in the euro zone. In Spain we will learn the 3Q’19 unemployment rate, in Mexico August’s IGAE economic activity index, in the US September’s preliminary durable goods orders, weekly jobless claims and September’s new home sales. In US Results, American Airlines, American Electric, Twitter, 3M, Visa and Amazon.com among others, will release their earnings.
Atresmedia Corporacion De Medios De Comunicacion is a television and radio broadcasting company based in Spain. Co. is engaged in the indirect management of television and radio services, which include the broadcasting, creation, production and distribution of television and radio programming, and the sale of advertising time. Group companies mainly carry on business activities relating to the production, copying and broadcasting of sounds and images, and TV and Internet home shopping. Co. provides National and World Digital Television Services. Co. is the parent company of Grupo Antena 3.
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.
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