IBERIAN DAILY 25 SEPTEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: OHLA, SACYR, SANTANDER, TALGO.China spurs section of market
Cyclical sectors in Europe reacted with sharp gains to the announcement of stimulus measures from the PBoC. In the STOXX 600, the best-performing sectors were Basic Materials and Consumer Goods (Luxury), with Real Estate and Financial Services falling the most. On the macro side, in Germany September’s IFO fell slightly more than expected, suggesting a slight contraction in the 3Q’24 GDP. From the ECB, K. Knot (President of Bank of Netherlands) expects rate cuts over the coming months down to 2.0%. In the US, Conference Board consumer confidence fell much more than expected in September and the Richmond Fed index fell more than forecast, whereas July’s housing prices rose slightly less than expected. From the Fed, M. Bowman voiced concern for structurally-higher inflation levels, which would justify a more relaxed roadmap for interest rate cuts in upcoming meetings. In China, the PBoC lowered the 1Y marginal lending facility (MLF) to 2.0% from the previous 2.3% (there are currently 6.9 Tn yuan in this instrument).
What we expect for today
Stock markets would open with slight corrections in a month that continues to beat the historical average. Currently, S&P futures are down -0.1% (the S&P 500 ended +0.1% higher vs. the European closing bell). Asian markets are mixed (China’s CSI +1.3% and Japan’s Nikkei -0.2%).
Today in the US we will learn building permits, housing starts and August’s new home sales.
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.
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.
Sacyr is the parent company of a group engaged in the acquisition, development and construction of urban properties for their subsequent rental or resale. Co. primarily leases and sells office buildings and complexes, housing units, and shopping centers. Co. is also engaged in the operation of urban car parking facilities. Co. offers services related to the real estate industry such as technical assistance in energy savings, inventory management, architectural design, telecommunications management, property maintenance, as well as gardening and landscaping. Co. also provides consulting services in the real estate fund management sector.
Talgo is engaged in designing, manufacturing, repairing and maintaining the railway rolling stock, as well as the manufacturing, assembling, repairing and maintaining the engines, machinery and parts of the railway systems. Co. has an industrial presence in seven countries: Spain, Germany, Kazakhstan, Uzbekistan, Russia, Saudi Arabia and U.S.A. Co. has an active fleet in Europe, Asia and North America that comprises of 94 high-speed trains and more than 1,400 Talgo tilting passenger cars. Also, Co. purchases, redesigns, constructs, leases and sells all types of real estate.
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