IBERIAN DAILY 26 AUGUST (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: CAIXABANK, FCC.MARKETS YESTERDAY AND TODAY
Awaiting Jackson Hole
It was a calm, positive session on both sides of the Atlantic (with the US seeing gains for its 5th straight day), where the Financial sector shone in view of a potential delay to the withdrawal of stimulus measures, to be discussed in the meeting of Central Bank governors. In the Euro STOXX, Banks and Travel & Leisure were the best performers, with Real Estate and Utilities bringing up the rear. On the macro side, in Germany August’s IFO disappointed in the expectations component. In Mexico, the final 2Q’21 GDP data was lowered -0.1% to 19.6% YoY, and June’s IGAE economic activity index rose less than expected. The South Korean Central Bank increased interest rates by +25bps to 0.75% and raised its inflation estimate to 2.1%.
What we expect for today
European stock markets would open with losses following the poor session in Asia, with Chinese tech stocks falling. Currently, S&P futures are down -0.15% (the S&P 500 ended flat vs. its price at the closing bell in Europe). Volatility in the US fell (VIX 16.80). Asian markets are falling (China’s CSI -1.5% and Japan’s Nikkei flat).
Today in the euro zone we will learn July’s ECB meeting minutes and in the US the second reading of the 2Q’21 GDP and weekly jobless claims. In debt auctions: Italy (€ 3.75 Bn in bonds due 2024 and 2026).
Caixabank is an investment company based in Spain. Co. is involved in investment portfolio management activities across two areas: Services and Financial Business and Insurance. In the services area, Co. provides investment solutions for companies involved in the infrastructure, energy, services and entertainment sectors. In the financial business and insurance area, Co. is engaged in the investments for international banks, insurance and specialist financial services. Co. focuses most of its banking investments in India, China, the U.S., and Central and Eastern Europe with a particular interest in retail banking. Co. is also involved in the disinvestments activities.
Fomento de Construcciones y Contratas is the parent company of a group engaged in sanitation services, cleaning, maintaining, purification and distribution of water, construction of highways, hydraulic works, marine works, air and rail transport infrastructure, urban developments, housing, non-residential buildings, office buildings, toll highways, parking garages, marinas and water treatment plants. Co. is also engaged in the manufacture and sale of cement and cement infrastructures, such as precast concrete elements; and in the financial markets, and real estate development, leasing and tourism.
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