IBERIAN DAILY 30 SEPTEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: BBVA, GRUPO CATALANA OCCIDENTE, SIEMENS GAMESA, UNICAJA.No changes in market workings
The BoE’s intervention did not manage to change the market dynamic, where once again there was strong widening in debt and losses of around -2%. In the Euro STOXX, only the Energy sector was immune to the drops, whereas Insurance ended with the smallest drops. By contrast, Autos and Household Goods fell the most. On the macro side, in Germany September’s inflation rose more than expected, reaching 10%, whereas in Spain it slowed slightly more than expected to 9.0% due to the lower energy prices. The Spanish Govt. has proposed a tax cut for the lowest earners (€ 3 M of assets) and large companies. In the euro zone, the economic sentiment index fell more than expected, suggesting GDP growth of +0.5% YoY. In the ECB, M. Kazaks was in favour of raising rates by +75bps in the next meeting, whereas BoS’s P. de Cos expects rates not to exceed 2.5% by year end. Germany announced an anti-crisis shield totaling € 200 Bn to aid households and SMEs with energy bills and would set a cap on gas and electricity prices while the different German study institutes estimate a -7.9% contraction of GDP’23 if the winter is especially cold and gas consumption is not curbed. In the US, L. Mester admitted there are difficulties on financial markets that could make fiscal policy meant to control inflation less effective. In Japan, August’s industrial output and retail sales recovered more than expected. In China, September’s manufacturing PMI fell more than expected (
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.
Grupo Catalana Occidente is an insurance group based in Spain. Co. is engaged in insurance and reinsurance activities, including commercial, life, disability, and automobile insurance. Co. is also engaged in the sale of annuities and pension funds. Co.'s operations are organized along two businesses: Traditional business (insurance) and Credit Insurance business. Co.'s main markets are located in Spain, Germany, United Kingdom, France and the Netherlands. Co. maintains a presence in more than 40 countries.
Unicaja Banco SA is a Spain-based financial institution (the Bank) engaged in the banking sector. The Bank offers services to individual and business customers. Its products and services range includes current and savings accounts, debit and credit cards, consumer and commercial loans, real estate credit, securities brokerage, funds management, leasing, factoring, pension plans, life and non-life insurance, international trade financing, money transfer, as well as treasury, among others. The Bank operates a number of branches in Spain and Morocco. The Bank is controlled by Fundacion Bancaria Unicaja.
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