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INFORME DIARIO 20 NOVIEMBRE (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: BBVA, GLOBAL DOMINION, MEDIASET ESPAÑA y NATURGY. EUROPA: INTESA SANPAOLO, LINDE, KERING y VIVENDI

Últimos coletazos de la campaña de resultados
Cierre mixto en Europa en una jornada sin prácticamente referencias macro mientras que en EE.UU. la presentación de Home Depot y Kohl’s desencadenó las ventas. En el Euro STOXX los mejores sectores fueron Viajes&Ocio y Autos frente a Media y Utilities que se quedaron con las mayores pérdidas. Por el lado macro, en la Eurozona la matriculación de vehículos en octubre se desaceleró hasta el 8,7% frente al 14,5% anterior. En EE.UU. las viviendas iniciadas avanzaron menos de lo esperado en octubre pero los permisos de construcción rebotaron de manera imprevista. En cuanto a la guerra comercial, las negociaciones siguen estancadas con el mantenimiento de los aranceles como principal obstáculo, y el reciente apoyo mostrado por el senado de EE.UU. a Hong Kong enturbia aún más la relación. En Rdos. empresariales en EE.UU. Home Depot y TJX Cos en línea, Kohl’s estuvo peor.
Qué esperamos para hoy
Los principales índices europeos abrirían con ligera toma de beneficios. Los futuros del S&P cotizan con caídas del -0,30% (el S&P 500 cerró prácticamente sin cambios respecto al cierre de los mercados en Europa). La volatilidad en EE.UU. subió (VIX 12,86%). Los mercados asiáticos que están abiertos cotizan con caídas (Hong Kong -0,76% Japón -0,62%).
Hoy en EE.UU. destacan las actas de la Fed de la reunión del 30 de octubre. En Rdos. empresariales en EE.UU. Loewe’s y Target entre otros. Hoy, el tesoro alemán emitirá 1.500 M euros en bonos a 30 años.
Underlyings
Banco Bilbao Vizcaya Argentaria S.A.

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

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.

Intesa Sanpaolo S.p.A.

Intesa Sanpaolo is a commercial bank. Co. is engaged in lending and deposit collection operations in Italy and associated financial services, serving Households, Personal, Small Business, Private and Small and Medium Enterprise customers. Co. provides medium-term credit, leasing, factoring and agribusiness (Mediocredito Italiano), consumer credit (Intesa Sanpaolo Personal Finance), management of electronic payments (Setefi), and trust services (Sirefid). Co. has approximately 4,300 branches, including Retail and Business branches, distributed broadly throughout Italy. At Dec 31 2014, Co. had total assets of Euro646.43 billion.

Kering SA

Kering is engaged in the retail industry, particularly luxury fashion brands. Co.'s operations can be divided into two segments: Luxury and Sport & Lifestyle divisions. The Luxury division includes brands such as Gucci, Bottega Veneta, Yves Saint Laurent, Balenciaga, Boucheron, Sergio Rossi, Alexander McQueen, Girard-Perregaux & JeanRichard, & Stella McCartney. In addition, Co. offers Leather Goods, Shoes, Ready-to-wear, Watches, and Jewelry & Other products. The Sport & Lifestyle division designs & develops footwear, apparel & accessories and includes brands like Puma, Volcom and Electric among others.

Linde plc

Mediaset Espana Comunicacion 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.

Vivendi SE

Vivendi is an audiovisual group active in the entertainment industry with activities in music, TV, cinema, mobile, fixed and internet, and games. Co.'s operations are divided into five businesses: Canal+ Group which produces and distributes pay-TV in France, analog or digital, and is involved in film making; Universal Music Group which sells recorded music (physical and digital media); GVT which serves as a telecommunication operator for fixed ultra high-speed broadband, fixed-line telecommunications and Pay-TV in Brazil; SFR which is engaged in mobile phone services in France, as well as fixed and ADSL services; and Other Activities which involves ticketing, Wengo and Watchever.

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Sabadell
Sabadell

Analysts
Research Department

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