IBERIAN DAILY 05 APRIL (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: BBVA, ENCE.Moderate gains and debt warnings
While new sanctions against Russia for its war crimes are being discussed, European markets closed with gains of around +1% in a session that ended better than it began, with growth outperforming value on both sides of the Atlantic. Thus, in the Euro STOXX all sectors closed with gains except Basic Resources and Financial Services, led by Technology and Consumer Goods. On the macro side, in Spain, the number of unemployed dropped again in March whereas registered employment speeded up to 4.8% YoY from 4.4% previously, suggesting new drops in the unemployment rate. In the euro zone the Sentix investor confidence index for April fell more than expected to March’20 pandemic levels. The Eurogroup rules out a recession in the euro zone even though growth has been hit by the war while E. Macron bet on banning Russian coal and oil. Similarly, there is quite a considerable level of consensus to extend the suspension of the tax rules until overcoming the impact from the war. On another note, Biden warned he will announce new sanctions against Russia this week.
What we expect for today
The European stock markets would see a slightly bearish opening, with oil companies recovering on the rise of crude oil prices. Currently, S&P futures are down by -0.07% (yesterday the S&P 500 ended +0.25% higher vs. the European closing bell). Volatility in the US dropped (VIX 18.57). Asian markets are rising (China’s CSI 300 closed, and Japan’s Nikkei +0.14%).
Today there are no noteworthy macro data releases. In debt auctions: Germany (€ 600 M in I/L bonds due 2030 and 2046).
Banco Bilbao Vizcaya Argentaria is an international financial group, engaged primarily on providing banking services and consumer finance to private individuals and businesses in Spain and Portugal; providing real estate activity in Spain; providing services to international companies and investment banking, capital markets and treasury management services to clients; and providing the banking, insurance and pension businesses in Mexico and the U.S., as well as in South America.
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.
Greenalia SA is a Spain-based holding company (the Group) active in the forestry and energy sectors. It specializes in the purchase and sale, import, export, manufacture and general processing of all types of wood, as well as its transport. The Group develops its activities in five business lines: Electric power, Thermal energy, Industrial, Logistics and Forestry. Its Electric power activities are concentrated on renewable technologies, utilizing biomass and wind power. Thermal energy activities include thermal power production (heating and cooling) using biofuels (pellets and dry woodchips), which are produced by the Industrial division. The Logistics division covers the Group's logistic and export needs, including storage, stowage, transportation, customs and shipping agency, as well as delivers services to third parties. The Group's Forestry activities include forest mensuration and assessment, certification, logging and transport, as well as commercialization of forest products.
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