IBERIAN DAILY 13 SEPTEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: BBVA, REPSOL, TELEFÓNICA.MARKETS YESTERDAY AND TODAY
Market gains slow
Despite a bullish opening on Friday, stock markets turned around over the session as the level of uncertainty regarding bottlenecks in the global supply chain, as shown by the gap between orders and inventories. However, indices closed the week with losses. Thus, the OECD warned about the risk of certain countries lagging behind and was against withdrawing tax and monetary stimulus measures. Thus, within the Euro STOXX, the week’s best-performing sector was Consumer Goods, whereas Real Estate, Energy and Pharma were the worst performers. On the macro side, in Germany, August’s final inflation data confirmed the preliminary figure as expected (3.9%). In Spain, July’s industrial output fell unexpectedly. In the Eurogroup meeting, frugal countries: Austria, Netherlands, Sweden Finland, along with Latvia, Czech Republic and Slovakia called for the sustainability of public finances in countries that are already highly indebted. In the US, August’s production prices increased somewhat above expectations, which hints at inflationary pressure for supply reasons. Separately, July’s wholesale inventories increased once again. From the Fed, Harker backed the start of tapering sooner than later. In China, regulatory risks on the technology sector increase after an official report hinted that an attempt is being made to split the online payment platform Aliplay from the rest of the Ant group.
What we expect for today
European stock markets would open with losses after the sell-off in tech stocks in China and the greater worries surrounding the pandemic. Currently, S&P futures are up +0.1% (the S&P 500 ended down -0.54% vs. its price at the closing bell in Europe). Volatility in the US increased (VIX 20.95). Asian markets are falling (China’s CSI -0.6% and Japan’s Nikkei -0.2%).
Today no relevant macro data will be released. In debt auctions: Germany (€ 6 Bn in 6M T-bills).
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.
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.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.