IBERIAN DAILY 20 NOVEMBER (ANÃLISIS BANCO SABADELL)
NEWS SUMMARY: BBVA, DOMINION, MEDIASET ESPAÑA, NATURGY.MARKETS YESTERDAY AND TODAY
Last round of the earnings season
European stock markets ended mixed in a session without practically any macro references while in the US the release of Home Depot and Kohl’s triggered sales. In the Euro STOXX, Travel&Leisure and Automobiles were the best performers vs. Media and Utilities that saw the biggest drops. On the macroeconomic level, in the euro zone, vehicle registration slowed down to 8.7% vs. 14.5% previously. In the US, housing starts rose less than expected in October although construction permits rallied unexpectedly. As for the trade war, talks remain on a standstill, with the fact of keeping tariffs as the main hurdle and the recent support shown by the US Senate to Hong Kong tarnishes the relationship to a greater extent. In US Results, Home Depot and TJX Cos were in line and Kohl’s below expectations.
What we expect for today
The main European indices would open with slight profit taking. Currently, S&P futures are down -0.14% (the S&P 500 closed largely unchanged vs. its price at the closing bell in Europe). Volatility in the US rose (VIX 12.46%). The Asian markets that are open are trading with mixed results (Hong Kong +1.17% and Japan -0.53%).
Today in the US we will the Fed minutes from the meeting held on the 30th of October. In US business results, Loewe’s and Target, among others, will release their earnings. Today the German Treasury will issue € 1.5 Bn in 30Y bonds.
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.
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.
Gestevision Telecinco is a television network company based in Spain. Co. heads a group of dependent companies, which form the Telecinco Group. Through its subsidiaries, Co. is engaged in the management and commercial exploitation of a television network. Co.'s television network acquires, produces, and distributes audiovisual content. Co. also sells the network advertising airtime, carried out by its subsidiary. In addition, Co. is involved in the sale of other advertising products; production of news programs; the production and sale of audiovisual property rights; and teleshopping.
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