IBERIAN DAILY 12 NOVEMBER (ANÃLISIS BANCO SABADELL)
NEWS SUMMARY: ELECTRICITY SECTOR, LIBERBANK, MÃSMÓVIL, MEDIASET ESPAÑA.MARKETS YESTERDAY AND TODAY
A sceptical market
European bourses saw slight drops in a session without US references. In the Euro STOXX, Media and Food led gains vs. Chemicals and Automobiles that posted the biggest drops. On the macroeconomic level, in Spain, the PSOE party ruled out a large coalition with the PP party. In the UK, the 3Q’19 GDP slowed down to 1.0% YoY, falling at the lowest pace since 2010 while September’s industrial production came in slightly worse than expected. As for Brexit, N. Farage would not present a candidate, which would make the election easier for the conservatives and increase the possibility of a government being formed with a majority in favour of B. Johnson. In Mexico, the deterioration of industrial output aggravated more than expected in September. In the US, the press has stated that the Govt. will announce another delay (for another 6 months) in the decision on placing tariffs on European vehicle imports. In China, vehicle sales (according to CAAM) saw their contraction slow in October to 4.0% YoY vs. the previous 5.2%. Separately, total financing and loans rose less than expected in October. In US Results, DXC Technology released disappointing earnings.
What we expect for today
The markets will open with gains of up to +0.3%. Currently, S&P futures are flat (the S&P 500 was practically unchanged vs. its price at the closing bell in Europe). Volatility in the US rose (VIX 12.69%). The Asian markets that are open are rising (Hong Kong +0.48% and Japan +0.81%).
Today in the UK we will learn September’s unemployment rate, in Germany November’s ZEW and in Brazil the economic activity index. In US business results, Tyson Foods, Dr Horton, Linde and Advance Auto, among others, will release its earnings. As for auctions: Spain will issue € 5.5 Bn in 6 & 12M T-bills, Italy € 6.5 Bn in 12M T-bills, Holland € 2 Bn in bonds due 2029 and Germany € 5 Bn in bonds due 2021.
Masmovil Ibercom SA, formerly World Wide Web Ibercom SA, is a Spain-based company primarily engaged in the telecommunication sector. The Company focuses on the sale and distribution services for Internet, Data Center and Telecommunications. The Company's product and services portfolio comprises Internet access through Asymmetric Digital Subscriber Line (ADSL) and Symmetric Digital Subscriber Line (SDSL) technologies, Internet domains and Domains Management and Registration Service through IberDNS application, Web hosting, virtual servers, dedicated servers, telephony services and routers. The Company also offers collocation services through two Internet Data Centers located in Madrid and San Sebastian. It operates through subsidiaries, such as Embou Nuevas Tecnologias SL and Ebesis Sistemas SL, among others. The Company owns a number of brand names, such as Pepephone, Yoigo and Llamaya.
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.
Vocento is engaged in the editing, distribution and sale of unit or periodic publications of general, cultural, sport, artistic or any other nature type of information, as well as the printing and sale of printing warehouses and any other activities related to the editorial industry and graphic arts. Co. is also engaged in the establishment, utilization and sale of radio stations, television stations and other types of installations for the emission, production and promotion of audiovisual media, as well as the production, edition and distribution of discs, tapes, magnet phonic tapes, programs, films and all other types of communication media.
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