IBERIAN DAILY 08 MARCH (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: CAF, ENCE, GLOBAL DOMINION, TALGO.MARKETS YESTERDAY AND TODAY
Europe posts gains, while the US falls
It was a mixed bag in European and US stock markets as a result of the volatility stemming from the rise in the US long-term bond yields, which dragged down the Technology sector and led European stock markets to end the week with slight increases of around +1% (+0.75% IBEX and +0.9% Euro STOXX 50). The week’s best-performing sectors were Autos and Energy (driven by rising crude oil prices) and Banks (on rising IRRs), whereas defensive and growth stocks, such as Pharma, Utilities or Technology, were the worst relative performers. On the macro side, in the US, February’s job creation came in above expectations, whereas the unemployment rate contracted more than expected to 6.2% (if the labour force returned to pre-pandemic levels, the unemployment rate would stand at 9.0%). Separately, the Senate approved the US$ 1.9 Tn fiscal package, and this week Congress will have to approve the amendments. In China, exports grew in Jan/Feb far above expectations to 60.6% annually.
What we expect for today
The stock markets would open with a mixed, but slightly bullish performance, where the Energy sector and value in general will act as a safe haven in view of the rallying crude oil price. Currently, S&P futures are down -0.3% (the S&P 500 was up +2.08% vs. its price at the closing bell in Europe). Volatility in the US fell (VIX 24.66). Asian markets are falling (CSI 300 -2.95%, Japan -0.45%).
Today we will learn in Germany and Spain, January’s industrial output data. In the UK, the BoE Governor will give a speech. Also we will learn in Mexico February’s consumer confidence and in the US January’s (final) wholesale inventories. In debt auctions, France will issue 3M, 6M & 12M T-bills and Germany 6M T-bills.
Ence Energia Y Celulosa is engaged in the manufacture and commercialization of wood pulp and derivatives. Co. divides its activities into the following two business lines: Forest Division: Co. manages timberlands in South America and the Iberian Peninsula. Co. is involved in trading of wood, and supplies solid wood products including: plywood, sawn timber, parquet flooring and glued-edge paneling. Co. is involved in forest and environmental consulting. Pulp Division and Energy Production: Co. is engaged in the production of Eucalyptus globulus-based TCF and ECF paper pulp. Co. is also involved in the generation of electricity through biomass power producing plants.
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.
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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