IBERIAN DAILY 08 FEBRUARY + 4Q’21 RESULTS. PREVIEWS
NEWS SUMMARY: CAIXABANK, ELECTRICITY SECTOR, REPSOL, TÉCNICAS REUNIDAS, TELEFÓNICA.At the end of today’s report, and during the entire results season, we will include a presentation with positive and negative results highlights and previews for the 4Q’21 results to be released over the coming days in Spain.
The European peripheral segment suffers
The European indices ended with gains of around +1%, with the Ibex closing on the verge of 8,600 points, driven by the rise in the crude oil price (with Brent exceeding 2014 highs), interest rates and widening sovereign bond yields, which led to a better relative performance of the core indices. Thus, within the Euro STOXX, almost all sectors ended in the black, with Travel & Leisure and Basic Resources being the best relative performers vs. the drops in Utilities and Real Estate. On the macros side, in the Euro zone, the Sentix investor confidence index climbed above expectations in February. In the US, the Govt. warned that China is not complying with the Phase I trade agreement. In Japan, December’s household spending contracted unexpectedly. In US business results, Hasbro and Tyson Foods came in better.
What we expect for today
European stock markets would trade flat with some bullish bias throughout the session whereas the risk of invading Ukraine continues to ease. Currently, S&P futures are up +0.1% (the S&P 500 ended practically unchanged vs. the European closing bell). Volatility in the US fell (VIX 22.86). Asian markets are trading with mixed results (China’s CSI 300 -1% and Japan’s Nikkei +0.15%).
Today we will learn in Spain December’s industrial output, and in the US December’s trade balance. In US business results, Pfizer, Incyte and DuPont, among others, will release their earnings. In debt auctions: Spain (€ 6 Bn in 6M & 12M T-bills) and Germany (€ 700 M in I/L bonds due 2026 and 2046).
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.
Repsol is an oil and gas company. Co. is engaged in all the activities relating to the oil and gas industry, including exploration, development and production of crude oil and natural gas, transportation of oil products, liquefied petroleum gas (LPG) and natural gas, refining, the production of a wide range of oil products and the retailing of oil products, oil derivatives, petrochemicals, LPG and natural gas, as well as the generation, transportation, distribution and supply of electricity. Co. operates in more than 40 countries. Co.'s operations are divided into four segments: Upstream, Downstream, LNG and Gas Natural Fenosa.
Tecnicas Reunidas is a general contractor company based in Spain. Co. engages in the engineering, design, and construction of industrial facilities for refining and petrochemical, oil and gas, power, and infrastructure and industries sectors worldwide. Co. constructs nuclear plants, conventional thermal plants, and renewable energy and cogeneration facilities for power sector; refineries and facilities for petrochemicals; water treatment, desalination, waste management, air, land, and marine transport facilities; and liquefaction, and storage facilities, as well as oil and gas fields and pipelines. Co. also provides engineering, management and operating services for industrial plants.
Telefonica is engaged in the provision of public or private telecommunications services, including ancillary or complementary telecommunications services or related services. Co.'s fixed business includes: traditional fixed telecommunication services, Internet and broadband multimedia services, data and business-aplications services, and wholesale services for telecommunication operators. Co. also provides a range of mobile and related services and products to consumer and business customers, including mobile voice services, value added services, mobile data and Internet services, wholesale services, corporate services, roaming, fixed wireless, and, trunking and paging.
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