IBERIAN DAILY 14 OCTOBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: CELLNEX, ELECTRICITY SECTO, ENDESA, NATURGY, SANTANDER.Remaining confident in a trade agreement
European stock markets rallied, remaining confident that the US and China will reach a trade agreement. In the STOXX 600 Basic Resources and Technology were the best performers whereas Telecoms and Autos saw the biggest drops. On the macro side, no relevant data was released, with all eyes on the trade front, where the secretary of the Treasury S. Bessent confirmed that president D. Trump will meet Xi Jinping in South Korea. In France, S. Lecornu will present the budgets wit a € 31 Bn adjustment for 2026 (raising taxes to the wealthy and not updating pensions and social benefits due to inflation) and a -4.7% deficit whereas the socialist leader threatens with a confidence vote.
What we expect for today
European stock markets would open with losses of around -0.3%, dragged down by the trade war and the uncertainty surrounding the supply chain. Currently, S&P futures are down -0.75% (last Friday the S&P 500 ended +0.43% higher vs. the European closing bell). Asian markets are falling (China’s CSI 300 -0.20% and Japan’s Nikkei -2.47%).
Today in the UK we wil learn August’s unemployment rate, in Germany September’s inflation and October’s ZEW index, and in the US September’s SMEs (NFIB) confidence index. In US business results BlackRock, JP Morgan, Goldman Sachs and Citigroup, among others, will release their earnings.
Banco Santander is a holding company, providing a range of financial products. Co.'s products and services include: retail banking business that covers all customer banking businesses; wholesale banking business; as well as asset management and insurance business. Co.'s principal operations are in Spain, the U.K., Portugal, Germany, Italy and Latin America. As of Dec 31 2014, Co.'s total assets amounted to Euro1,266,296,000,000 and total customer deposits amounted to Euro647,627,000,000.
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.
Enel Generacion Chile is engaged in the electricity generation, transporting, producing and distributing in Chile. Co.'s purpose also includes investing in financial assets, developing projects, carrying out activities in the energy industry and in other fields in which electrical energy is essential and participating in public civil or hydraulic infrastructure concessions, in which it may participate directly or through subsidiaries or associate companies in Chile or abroad. As of Dec 31 2016, Co. owns and operates 111 generation units in Chile with an aggregate installed capacity of 6,351 MW.
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