IBERIAN DAILY 21 JUNE (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: BBVA, CAF, EUSKALTEL, SACYR.MARKETS YESTERDAY AND TODAY
The IBEX will fall below 9,000 points today
European stock markets closed on Friday a session of sharp drops (more than -1.5%), which erased the slight gains earned over the week (drops of more than -1.0% except the CAC and Swiss SMI). It was a black Friday that coincided in Europe with the quarterly futures and options expiries, and in the US with statements from the Chairman of the Saint Louis Fed, James Bullard, who admitted that the Fed’s latest message was more aggressive due to inflation levels being above expectations. In the Euro STOXX, the best-performing sectors on the week were Financial Services, Consumer Goods and Retail, compared to Basic Materials and Autos, which were the worst relative performers. In China, the PBoC kept reference interest rates for 1Y and 5Y loans unchanged at 3.85% and 4.65%, respectively. In South Korea, exports in the first 20 days of June slowed to 29.5% vs. 45.6% in May, confirming that most of the base effect is already over. As for Covid-19, the Delta strain is already dominant in Portugal, and clusters have been found in Germany, Spain and France.
What we expect for today
The European stock markets would open with drops of around -1.0%, with the flattening of the debt curve still dragging down the financial sector and value stocks in general. Currently, S&P futures are down -0.43% (the S&P 500 ended -0.43% lower vs. its price at the closing bell in Europe). Volatility in the US increased (VIX 20.70). Asian markets are falling (China’s CSI -0.5% and Japan’s Nikkei -3.7%).
Today in the US we will learn May’s Chicago Fed Activity Index. In debt auctions: Germany (€ 6 Bn in 6M and 12M t-bills) and the Netherlands (€ 2 Bn in 3M and 9M 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.
Euskaltel SA is a Spain-based company engaged in the provision of integrated telecommunication services. The Company's activities are divided into three segments: Residential, Business, as well as Wholesale and Other. The Residential segment provides fixed and mobile telecommunication services, broadband and wireless Internet, as well as digital television (TV) as a single service and in packages. The Business division primarily offers fixed and mobile telephony, as well as Internet access for enterprises. The Wholesale and Other area serves wholesale customers and is responsible for the delivery of communication services, such as infrastructure leasing, information technology (IT) outsourcing, as well as sell of installation material and electronics. The Company operates in the Basque Country, Spain.
Sacyr is the parent company of a group engaged in the acquisition, development and construction of urban properties for their subsequent rental or resale. Co. primarily leases and sells office buildings and complexes, housing units, and shopping centers. Co. is also engaged in the operation of urban car parking facilities. Co. offers services related to the real estate industry such as technical assistance in energy savings, inventory management, architectural design, telecommunications management, property maintenance, as well as gardening and landscaping. Co. also provides consulting services in the real estate fund management sector.
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