IBERIAN DAILY 04 JUNE (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: CELLNEX, TELEFÓNICA.Fixed income leaves room for the stock market
The strong advances by the stock markets, underpinned by the drop in debt yields, were slowed by the poor manufacturing ISM data that opened the door to stagflation scenarios in the US. In the STOXX 6000, almost all the sectors rose (17 out of 20), with the best performers being Telecoms and Real Estate, whereas Energy (Brent falling sharply after the OPEC+ meeting) and Pharma ended with the biggest losses. On the macro side, in the euro zone the final manufacturing PMI data for May worsened by -0.1% vs. the preliminary data. However, Spain’s PMI improved much more than expected (to 54.0, a high since March’22), whereas Italy’s fell unexpectedly. In the US, May’s manufacturing ISM worsened unexpectedly and fell deeper into a contraction zone. By contrast, the price subindex remained at a high level. On another note, the International Energy Agency warned that the global development of renewable energies is below the required level to meet the CO2 and global warming targets for 2030.
What we expect for today
Stock markets would open with slight drops of around -0.1%, dragged down by the doubts surrounding growth of the US economy. Currently, S&P futures are up +0.06% (the S&P 500 ended up +0.25% vs. the European closing bell). Asian stock markets are mixed (China’s CSI 300 +0.36%, Japan’s Nikkei -0.24%).
Today in Germany we will learn the number of unemployed, in Brazil the final 1Q’24 GDP and in the US April’s factory orders and April’s JOLTS.
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.
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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