IBERIAN DAILY 27 SEPTEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: BANKINTER, GLOBAL DOMINION, IAG, REPSOL.MARKETS YESTERDAY AND TODAY
European markets end the week in positive numbers
Despite the constant risk that Evergrande may not be able to pay its bonds and the Fed’s possible announcement of the beginning of tapering in its November meeting, as well as the BoE’s more aggressive message, the stock markets managed to end with gains on the week. The best-performing sectors in the Euro STOXX during the week were Energy and Travel & Leisure, whereas Media and Basic Materials ended with the worst relative performance. On the macro side, the IFO business confidence index in Germany fell slightly more than expected in September. On another note, in the elections for PM, the SPD party would have beaten CDU for at least two points and the formation of the three-party government (SPD, Greens and FDP or CDU, Greens and FDP) will take months. In the US, August’s new home sales rose more than expected
What we expect for today
European stock markets would open with gains of up to +0.5%, with oil companies leading the way after Brent prices approached US$ 80/barrel (high since 4Q’18). Currently, S&P futures are up +0.75% (the S&P 500 ended +0.14% higher vs. its price at the closing bell in Europe). Volatility in the US dropped (VIX 17.75). Asian markets are rising (China’s CSI +0.6% and Japan’s Nikkei +0.1%).
Today in the euro zone we will learn August’s M3, in Mexico August’s trade balance and July’s IGAE and in the US August’s durable goods orders. In debt auctions: Germany (€ 4 Bn in 12M t-bills) and France (€ 5.4 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.
Ence Energia Y Celulosa is engaged in the manufacture and commercialization of wood pulp and derivatives. Co. divides its activities into the following two business lines: Forest Division: Co. manages timberlands in South America and the Iberian Peninsula. Co. is involved in trading of wood, and supplies solid wood products including: plywood, sawn timber, parquet flooring and glued-edge paneling. Co. is involved in forest and environmental consulting. Pulp Division and Energy Production: Co. is engaged in the production of Eucalyptus globulus-based TCF and ECF paper pulp. Co. is also involved in the generation of electricity through biomass power producing plants.
Global Dominion Access SA is a Spain-based company primarily engaged in the construction and engineering sector. The Company's activities are divided into two segments: Multi-technological Services, which offers design, implementation and maintenance of fixed and mobile telecommunications networks, manages sales and distribution processes for telecommunications carriers, as well as renders of inspection, maintenance, repair and renovation services for industrial and energy firms, and Solutions and EPCs, which executes turnkey Engineering-Procurement-Construction (EPC) projects, provides construction, repair and renovation of industrial heating installations, as well as develops processes and other technological and business solutions in numerous sectors. Its services are provided in three areas: Technology and Telecommunications (T&T), Industry and Renewable energies. It operates worldwide in Europe, the Americas, Asia and Africa. The Company is a subsidiary of CIE Automotive SA.
International Airlines Group is an international scheduled airline and global premium airlines. Co.'s principal place of business is London with significant presence at Heathrow, Gatwick and London City airports.
Repsol is an oil and gas company. Co. is engaged in all the activities relating to the oil and gas industry, including exploration, development and production of crude oil and natural gas, transportation of oil products, liquefied petroleum gas (LPG) and natural gas, refining, the production of a wide range of oil products and the retailing of oil products, oil derivatives, petrochemicals, LPG and natural gas, as well as the generation, transportation, distribution and supply of electricity. Co. operates in more than 40 countries. Co.'s operations are divided into four segments: Upstream, Downstream, LNG and Gas Natural Fenosa.
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