IBERIAN DAILY 07 DECEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: BANKINTER, IBERDROLA, SIEMENS GAMESA, TELEFÓNICA.MARKETS YESTERDAY AND TODAY
The IBEX saves the week
It was another session of gains in Europe, with the IBEX standing out after finishing its 5th straight week with gains, underpinned by the opening bell in the US. In the Euro STOXX, the best-performing sectors were Travel & Leisure followed by Energy, whereas Consumer Goods and Retail were the biggest losers. The ECB announced that it could extend the ban on banks paying out dividends for a further 6 months. In the US, mixed employment data where non-farm employment disappointed, whereas the employment rate improved slightly vs. the previous month, as expected. October’s factory orders rose more than expected. In Mexico, consumer confidence was disappointing, slowing more than expected. In China, November’s exports grew more than expected, while imports fell unexpectedly. In Japan, October’s leading indicator came in slightly above expectations.
What we expect for today
We expect a slightly bearish slant in which investors will weigh the advances made in vaccines and expectations of a fiscal agreement in the US following the poor employment data on Friday vs. an expected second round of sanctions on China. In the euro zone negotiations on a Brexit continue, and an agreement may have been reached on fishing, but the issue of competition rules has reached a standstill. Currently, S&P futures are down -0.22% (the S&P 500 closed flat vs. its price at the closing bell in Europe). Volatility in the US increased (VIX 22.67). Asian markets are falling (CSI 300 -0.84%, Japan -0.76%).
Today the euro zone we will learn December’s Sentix confidence index, in Germany October’s industrial output and in Mexico October’s fixed investment. In debt auctions: Germany (€ 1.5 Bn in 6M t-bills) and France (€ 6.4 Bn in 3M, 6M and 12M t-bills).
Bankinter is the parent company of a group engaged in banking activities. Services provided include: investment banking; capital market services; financial services insurance; international services such as foreign exchange transactions and travelers' checks; wholesale corporate banking; and retail and private banking services. Co. offers its products and services through the following channels of distribution: branch network; telephone banking, interactive (software) banking; agents; and Internet banking. As of Dec 31 2014, Co. had assets totalling Euro57,332,974,000 and deposits totalling Euro29,966,129,000.
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.
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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