IBERIAN DAILY 12 SEPTEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: CELLNEX, ECOENER, INDRA, REPSOL.The ECB follows the script
European stock markets rallied in a session in which the ECB’s message of continuity, along with the US inflation data, led the euro above 1.17. In the STOXX 600, only Technology and Media ended in the red, while the best performers were cyclicals like Construction, Autos and Retail. On the macro side, in the euro zone the ECB suggested it will keep its monetary policy unchanged, but leaving the door open to rate cuts if necessary. The new forecasts were of improved activity levels in 2025 thanks to the strong 1Q’25 (1.2% in 2025 vs. 0.9% previously and 1.0% in 2026 vs. 1.1% previously). As for inflation, the organisation expects 2.1% in 2025 (vs. 2.0% previously) and 1.7% in 2026 (vs. 1.6% previously). In the US, weekly jobless claims rose unexpectedly and general and core inflation for August rose in line with expectations. Meanwhile, August’s fiscal deficit exceeded expectations. In Brazil, retail sales fell in July in line with expectations. In Mexico, July’s industrial output deteriorated more than expected. On the trade front, S. Bessent (US Treasury Secretary) and He Lifeng (Vice PM) will meet in Madrid next week to discuss tariffs, TikTok and money laundering.
What we expect for today
European stock markets would open with gains of around +0.2%. Currently, S&P futures are down -0.1% (yesterday the S&P 500 ended unchanged vs. the European closing bell). Asian markets are rising (China’s CSI 300 +0.1% and Japan’s Nikkei +0.9%).
Today in the UK we will learn July’s monthly GDP and industrial output, in Spain and Germany August’s final inflation and in the US September’s preliminary University of Michigan consumer confidence.
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.
Indra Sistemas is engaged in the design, development, manufacture, assembly, repair, and installation of computer software and applications. Through its subsidiaries, Co. is engaged in consulting, graphic design and multimedia, web design and marketing, internet development and electronic trade, systems integration and hosting geared business to business and business to consumer, as well as in internet financing and electronic marketing. Co. serves defense and security, transport and traffic, energy and industry, telecom and media, finance and insurance, and public administration and healthcare markets. Co. operates primarily in Europe, the United States, Canada, and Latin America.
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.
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