IBERIAN DAILY 06 DECEMBER (ANÃLISIS BANCO SABADELL)
NEWS SUMMARY: BANKIA, CAIXABANK, IBERDROLA, NH, UNICAJA.MARKETS YESTERDAY AND TODAY
Awaiting trade news
Global indices ended mixed in a transition session ahead of September’s job market data in the US and with poor references in Europe. On the trade font, China contributed to improving the sentiment by cutting tariffs to some US farm imports, in any event, the market will continue to pay close attention to the15th of December when the US could allegedly raise again tariffs in the absence of progress in negotiations. In the Euro STOXX, Travel&Leisure and Media were the best-performing sectors vs. Telecoms and Insurance that ended with the worst relative performance. On the macroeconomic level, in Germany factory orders slowed down unexpectedly in October, suggesting additional deterioration in the German export sector. In Spain, October’s industrial production slowed down in deseasonalised terms. In the euro zone, the final 3Q’19 GDP confirmed the preliminary data (1.2% YoY), hit by the trade tensions while October’s retail sales saw the biggest annual drop. In the US, the democrat party confirmed its intention of continuing the impeachment process of D. Trump. As for data, capital goods orders confirmed the preliminary data and the deficit of October’s trade balance dropped more than expected. In Japan, S. Abe’s government announced a new stimulus package worth Yen 13.2 Bn (€ 110 Bn), focused on infrastructure reconstruction after typhoons Faxai and Hagibis.
What we expect for today
Stock markets would open with slight gains awaiting the US data.
Currently, S&P futures are up +0.15% (the S&P 500 ended +0.24% higher vs. its price at the closing bell in Europe). Volatility in the US dropped (VIX 14.52%). The Asian markets that are open are climbing (Hong Kong +0.2% and Japan +0.8%).
Today in Germany we will learn October’s industrial output, in Mexico September’s fixed investment, in the US November’s job market data, non-farm employment, wage gains and the unemployment rate. As for auctions, Italy announced a buyback of bonds due 2021, CTZ 2021, 2023 and 2024.
Bankia is a financial institution based in Spain. Co. is primarily engaged in operations in the banking sector. Co.'s business operations are structured into seven areas: Retail Banking, Business Banking, Private Banking, Asset Management and Bancassurance, Capital Markets and Holdings. Co. offers financial products and services to various customer segments, such as individuals, small and medium enterprises, large corporations, as well as public and private institutions. As of Dec 31 2014, Co. had total assets and total customer deposits of Euro233,648,603,000 and Euro106,806,698,000 respectively.
Caixabank is an investment company based in Spain. Co. is involved in investment portfolio management activities across two areas: Services and Financial Business and Insurance. In the services area, Co. provides investment solutions for companies involved in the infrastructure, energy, services and entertainment sectors. In the financial business and insurance area, Co. is engaged in the investments for international banks, insurance and specialist financial services. Co. focuses most of its banking investments in India, China, the U.S., and Central and Eastern Europe with a particular interest in retail banking. Co. is also involved in the disinvestments activities.
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.
NH Hotel is engaged in the operation and management of hotels throughout Spain, the Benelux countries, Germany, and South America.
Unicaja Banco SA is a Spain-based financial institution (the Bank) engaged in the banking sector. The Bank offers services to individual and business customers. Its products and services range includes current and savings accounts, debit and credit cards, consumer and commercial loans, real estate credit, securities brokerage, funds management, leasing, factoring, pension plans, life and non-life insurance, international trade financing, money transfer, as well as treasury, among others. The Bank operates a number of branches in Spain and Morocco. The Bank is controlled by Fundacion Bancaria Unicaja.
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