IBERIAN DAILY 02 OCTOBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: BANKING SECTOR, CELLNEX, ENCE, IBERDROLA, REPSOL.All eyes on the US shutdown
European stock markets ended with corrections last week amid concerns about the possible shutdown of the US administration (the fourth in a decade), although in the end it was avoided, with the deadline extended another 45 days. On another note, the increase in strikes in the automotive sector and the end to the moratorium in the payment of study loans are a source of concern where almost 27 people accumulate US$ 1.1 Trillion in debt. Thus, the correction of the Euro STOXX 50 eased last week to -0.5% thanks to the recovery seen at the end of the week, with the Dax sliding -0.40%, followed by the Ibex (-0.31%). In the STOXX, Basic Resources and Construction led gains (only 5 sectors out of 20 were in positive territory), whereas Telecommunications and Utilities saw the biggest drops. On the macro side, in the euro zone, September’s inflation reached the lowest level in 2023 (4.5% vs. 4.8% expected). In the US, August’s real personal outlays barely rose, with the core deflator moderating in line with expectations. Meanwhile, Chicago’s PMI dropped more than expected in September and the University of Michigan consumer confidence recovered more than expected. In China, the manufacturing and non-manufacturing PMIs rose slightly more than expected in September, although the Caixin PMIs were disappointing with drops, although all of them now in expansive territory. In Japan, the Tankan manufacturing and non-manufacturing indices for 3Q’23 recovered more than expected.
What we expect for today
European stock markets would open with slight losses, although the ES50 could look to push above 4,200 points thank to growth. Currently, S&P futures are up +0.49% (the S&P 500 ended -0.42% lower vs. the European closing bell). Volatility in the US rose (VIX 17.52). Asian stock markets are climbing (China’s CSI 300 closed, Japan’s Nikkei +0.13%).
Today in Spain we will learn September’s unemployment, in the EMU August’s unemployment rate and September’s final manufacturing PMI and in the US September’s manufacturing ISM.
Cellnex Telecom SA is a Spain-based company engaged in the wireless telecommunications (telecom) business. Its activities are divided into three segments: Broadcasting infrastructure, Telecom site rental, as well as Network services and other. The Broadcasting infrastructure division comprises distribution and transmission of television (TV) and frequency modulation (FM) radio signals, operation and maintenance (O&M) of radio broadcasting network, as well as over-the-top (OTT) radio services, among others. The Telecom site rental division provides access to wireless infrastructure, primarily through infrastructure hosting and telecom equipment co-location, mainly for mobile network operators and other wireless and broadband telecom network operators. The Network services and other division offers connectivity services for a variety of telecom operators and radio communication, among others. The Company also develops 5th generation mobile networks (5G) through Alticom BV.
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.
Iberdrola is a holding company. Through its subsidiaries, Co. operates in four segments: network business, which includes all the energy transmission and distribution activities, and other regulated activity originated in Spain, the U.K., the U.S. and Brazil; deregulated business, which includes electricity generation and sales businesses as well as gas trading and storage businesses carried on by Co. in Spain, Portugal, the U.K. and North America; renewable business, with activities related to renewable energies in Spain, the U.K., the U.S. and the rest of the world; and other businesses, including the engineering and construction businesses and the non-power businesses.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.