IBERIAN DAILY 27 MARCH (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: BBVA, MERLIN, SACYR, TELEFÓNICA.Stock markets continue to climb
European stock exchanges saw new gains, underpinned by the statements made by several ECB members in favour of the commencement of the rate cut cycle. In the STOXX 600, Retail and Financials led gains, whereas cyclical sectors linked to raw materials such as Energy and Basic Resources saw the worst performance. On the macro side, in Spain, the final 4Q’23 GDP confirmed the preliminary 0.6%, ending 2013 with 2.3% growth, slightly above the government forecasts. From the ECB, Kazaks would not be against the first rate cut in June. In the US February’s durable goods orders climbed above expectations, whereas March’s Conference Board consumer confidence moderated unexpectedly and despite the fact that the previous data was cut. In China, business earnings hit Dec’21 highs, which reinforces the economic recovery signs despite the persistent dullness in the real estate sector.
What we expect for today
European stock markets would open stable, in line with the performance seen over the last few days. Currently, S&P futures are up +0.31% (the S&P 500 ended -0.5% lower vs. the European closing bell). Asian stock markets are mixed (China’s CSI 300 -0.34%, Japan’s Nikkei +0.92%).
Today in Spain we will learn March’s inflation and February’s retail sales, in the euro zone March’s economic confidence index and the final consumer confidence.
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.
Merlin Properties SOCIMI SA is a Spain-based company engaged in the operation of a real estate investment trust (REIT). The Company focuses on the acquisition, management and rental of commercial properties located in the Iberian Peninsula, primarily in Spain. The Company's activities are divided into the following segments: Office buildings, operating a portfolio of office space; High-street retail, engaged in leasing retail stores; Shopping centers, engaged in managing department stores; Logistics, operating logistics warehouses and distribution centers, and Others. The Company's other activities include property management services rendered to third parties.
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.
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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