Report
Research Department
EUR 100.00 For Business Accounts Only

IBERIAN DAILY 08 JULY (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: BANKINTER, IBERDROLA, MAPFRE.

Ibex returns to 14,000 points
Yesterday’s session was marked by the uncertainty about the tariff war, where the deadline to close trade agreements allegedly ended tomorrow, whereas those countries that fail to reach an agreement will be implemented tariffs starting on the 1st of August. In the STOXX 600, Technology and Travel&Leisure were the best-performing sectors vs. the drops of Energy and Utilities. On the macro side, in the euro zone July’s Sentix confidence index climbed above expectations to the highest level in 3 years thanks to the better outlook of the German economy. May’s retail sales slowed down more than expected in MoM terms. In Germany, May’s industrial output rose as opposed to expectations thanks to the automotive industry. In trade news, Donald Trump announced, among other things, 25% tariffs on Japan, Malaysia and South Korea and 36% tariffs on Thailand, and the country is negotiating a 10% tariff with the EU. In related news, Samsung announced a larger drop in EBIT than expected in Q2 due to US restrictions on Chinese microchip sales.
What we expect for today
European stock markets would open with slight drops
Underlyings
Bankinter SA

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 SA

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.

Mapfre SA

Mapfre is an insurance company based in Spain. Co. is the parent company of a group engaged in the underwriting and provision of insurance in Spain and abroad. Insurance policies provided include: life, non-life, accident, home-owner, general and health. Through its subsidiaries, Co. is also engaged in the provision of reinsurance, the management of investment funds, pension funds and pension plans, real estate and related services. On the domestic market, Co.'s activities include managing investment funds, pension funds and pension plans, real estate and other service businesses.

Provider
Sabadell
Sabadell

Analysts
Research Department

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