IBERIAN DAILY 24 AUGUST (ANÃLISIS BANCO SABADELL)
NEWS SUMMARY: BBVA, TELEFÓNICA.MARKETS YESTERDAY AND TODAY
Europe finds it complicated to keep gains
European stock markets opened the session with gains that eased throughout the session, partially hit by the disappointing macroeconomic data while the US ended in positive territory again. In the Euro STOXX, Travel &Leisure and Construction led gains while Banks and Automobiles saw the biggest losses. On the macroeconomic level, in the euro zone, the manufacturing PMI dropped more than expected (due mainly to France), as well as the services PMI that fell significantly (as a result of Germany and France) to 50.1. Notwithstanding, the quarterly average suggests growth above -7.9% YoY expected by the consensus. On the contrary, in the UK, both the services and manufacturing PMI climbed to 55 and 60 unexpectedly while July’s retail sales rose more than expected. Meanwhile, M. Barnier warned that an agreement with the UK on Brexit is apparently unlikely at the moment. In the US, the manufacturing and services PMI climbed more than expected in August as well as July’s existing home sales. On another note, negotiations on a new fiscal stimulus package would not start until after the 1st of May. In Mexico, June’s retail sales rose slightly less than expected. In US Results, Deere came in better than expected.
What we expect for today
European stock markets would open with gains of +0.5%. Currently, S&P futures are up 0.3% (the S&P 500 ended up +0.2% vs. its price at the closing bell in Europe). Volatility in the US dropped (VIX 22.54%). Asian markets are rising (Japan +0.2% and Hong Kong +1.4%).
Today no macroeconomic references will be released. As for auctions, Belgium will issue bonds while Holland, France and Germany will issue 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.
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.
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