IBERIAN DAILY 07 FEBRUARY (ANÃLISIS BANCO SABADELL)
NEWS SUMMARY: CAF, ENAGÃS, OHL, RED ELÉCTRICA, SACYR, TALGO.MARKETS YESTERDAY AND TODAY
Stock markets continue to recover
The European stock markets posted slight gains yesterday, celebrating the Chinese government’s decision to halve tariffs on US imports, with the S&P hitting new highs. Within the Euro STOXX, the best-performing sectors were Banks and Basic Resources (encouraged by good prospects in Arcelor), vs. Travel & Leisure and Industry, which were among the few that ended in the red. On the macro side, in Germany, December’s factory orders contracted more than expected. In the Euro zone, C. Lagarde stressed that the economy is showing signs of stabilisation, although she admitted that the institution’s effectiveness has been reduced. In the US, non-farm productivity (preliminary) climbed somewhat less than expected in 4Q’19, while weekly jobless claims continue to hit new all-time lows. From the Fed, R. Kaplan expects no changes in the rates in 2020, although he believes balance expansion will slow down as from June. In Japan, household outlays contracted more than expected in December. In US business results, Estee Lauder and Kellog came in better than expected, Snap-on and Philip Morris in line, and Twitter disappointed.
What we expect for today
European bourses would open with some bearish bias. Currently, S&P futures are trading unchanged (the S&P 500 closed +0.13% higher vs. its price at the closing bell in Europe). Volatility in the US dropped (VIX 14.96%). The Asian markets that are open are falling (Japan -0.23% and Hong Kong -0.78%).
Today in Germany we will learn December’s trade balance, in Spain, December’s industrial output, in Mexico, January’s consumer confidence, in the US non-farm employment, average wage returns and the unemployment rate (all for January). In US business results, AbbVie, Loew’s and Everest, among others, will release their earnings. In ratings, Fitch will revise Italy’s (BBB- negative).
Enagas is a gas transportation company based in Spain. Co. is engaged in the technical distribution and storage of gas through pipelines as well as the provision of regasification services. Co. and subsidiaries are engaged in the ownership, administration, storage, pipeline transportation, distribution flow, and sale of natural gas. As a transport company, Co. also provides gas and manages the gas infrastructures.
Obrascon Huarte Lain is an international concession and construction groups based in Spain. Co. maintains significant operations in 30 countries across all five continents. Co. is engaged in hospital and railway construction, transport infrastructure concessions, oil and gas, energy, solids handling and fire protection systems and international contracts. Co.'s operations are organized along four divisions: OHL Concesiones, OHL Construccion, OHL Industrial y OHL Desarrollos. Co. is also engaged in real state project developments of mixed use managed by the international hotel chains.
Red Electrica is engaged in the transmission of electrical energy, the operation of the system and the management of the transmission network in the Spanish electricity system. In addition, through its subsidiaries, Co. is engaged in the acquisition, holding and management of foreign securities, co-ordination of international exchanges, provision of telecommunications services for third parties, provision of consultancy, engineering and construction services outside the Spanish electricity system, securing of funds, carrying out of financial transactions and provision of financial services.
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.
Talgo is engaged in designing, manufacturing, repairing and maintaining the railway rolling stock, as well as the manufacturing, assembling, repairing and maintaining the engines, machinery and parts of the railway systems. Co. has an industrial presence in seven countries: Spain, Germany, Kazakhstan, Uzbekistan, Russia, Saudi Arabia and U.S.A. Co. has an active fleet in Europe, Asia and North America that comprises of 94 high-speed trains and more than 1,400 Talgo tilting passenger cars. Also, Co. purchases, redesigns, constructs, leases and sells all types of real estate.
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