IBERIAN DAILY 17 FEBRUARY + 4Q’20 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ALMIRALL, BANKIA, CAIXABANK, TELEFÓNICA.At the end of today’s report, and during the entire results season, we will include a presentation with positive and negative results highlights and previews for the 4Q’20 results to be released over the coming days in Spain.
MARKETS YESTERDAY AND TODAY
Bullish markets pause for a break
European equity markets ended with slight drops following the resumption of activity in the US after President’s Day holiday. The optimism about the economic recovery and the rise in raw materials were offset by the new rise in interest rates. In the Euro STOXX, the reflation continues to fuel value stocks, with Basic Resources and Travel&Leisure seeing the highest gains while Utilities and Real Estate slid around -1% On the macroeconomic level, in the euro zone, the 4Q’20 GDP was raised slightly. In Germany, February’s ZEW climbed unexpectedly, suggesting a significant improvement in the IFO index to be released next week (90.1 last data). In the US, February’s manufacturing Empire index rallied to 12.1 vs. 6.0 expected from 3.5 previously. Separately, Biden warned that by July there will be enough vaccines available for the entire population, and by Dec’21 everything will be fully back to normal. In Japan, December’s machinery orders rose unexpectedly. In US Results Zoetis were in line and Allegion better.
What we expect for today
Stock markets would see a slightly bearish opening, with profit-taking on value stocks. Currently, S&P futures are up +0.1% (the S&P 500 closed unchanged vs. its price at the closing bell in Europe). Volatility in the US increased (VIX 21.46). Asian markets are falling (CSI 300 closed for the holiday, Japan -0.6%).
Today in the UK, we will learn January’s inflation, in the US production prices, retail sales, industrial output (all for January) and February’s NAHB index. The Fed will release its minutes from the meeting held on the 27th of January. In debt auctions, Portugal will issue € 1.25 Bn in 3M & 11M T-bills. In US business results, NiSource, Garmin, Hilton and Mosaic, among others, will release their earnings.
Almirall is engaged in the acquisition, manufacture, storage, sale and mediation in the sale of pharmaceutical specialties and products and all manner of raw materials used to prepare pharmaceutical specialties and products. Also, Co. acquires, manufactures, storages, sales and mediates in the sale of cosmetics, chemical, biotechnological and diagnostic products for human, veterinary, agrochemical and food-industry use, as well as all manner of utensils, complements and accessories for the chemical, pharmaceutical and clinical industries. In addition, Co. is engaged in the acquisition, sale, lease, subdivision and development of land lots, land and properties of all kinds.
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.
Telefonica is engaged in the provision of public or private telecommunications services, including ancillary or complementary telecommunications services or related services. Co.'s fixed business includes: traditional fixed telecommunication services, Internet and broadband multimedia services, data and business-aplications services, and wholesale services for telecommunication operators. Co. also provides a range of mobile and related services and products to consumer and business customers, including mobile voice services, value added services, mobile data and Internet services, wholesale services, corporate services, roaming, fixed wireless, and, trunking and paging.
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