IBERIAN DAILY 29 MARCH (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: CELLNEX, ELECTRICITY SECTOR, ENCE, NATURGY, UNICAJA.Volatility eases
The European stock markets fell as the day progressed, closing with slight gains in a session of lower perception of banking risks and widening debt yields. Within the Euro STOXX, the sectors hit hardest in the past few days, Energy and Banks, led gains, whereas Real Estate and Technology saw the bigger losses. On the macro side, in the Euro zone, from the ECB, M. Muller left the door open to further rate hikes. Separately, the European Commission has frozen the disbursement of Next Generation funds due to non-compliance with the reforms planned. On another note, energy ministers agreed to extend until March 2024 the voluntary 15% cut in gas demand. In the United Kingdom, the regulator would be considering the possibility of requiring more liquid assets from banks. Positive macro data in the US, where January’s FHFA house price and March’s Conference Board consumer confidence indices climbed unexpectedly, whereas the Richmond Fed manufacturing index improved more than expected in March. From the Fed, J. Bullard stated that managing the banking crisis via regulation should be separated from fighting inflation with interest rates. Separately, the Republicans would be willing to accept the debt ceiling on the condition that energy permits are eased. In Japan, incoming BoJ governor hinted in parliament that the decision for a change in curve control would be a surprise and warned that a 10-year rate at 2.0% would result in unrealised losses of up to 50 Tn yens.
What we expect for today
The European stock markets would open with slight gains of up to +0.4%, with a similar performance between styles. Currently, S&P futures are up +0.5% (the S&P 500 ended unchanged vs. the European closing bell). Volatility in the US fell (VIX 19.97). Asian markets are climbing (China’s CSI 300 +0.2% and Japan’s Nikkei +0.9%).
Today we will learn in the US February’s pending home sales.
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.
Unicaja Banco SA is a Spain-based financial institution (the Bank) engaged in the banking sector. The Bank offers services to individual and business customers. Its products and services range includes current and savings accounts, debit and credit cards, consumer and commercial loans, real estate credit, securities brokerage, funds management, leasing, factoring, pension plans, life and non-life insurance, international trade financing, money transfer, as well as treasury, among others. The Bank operates a number of branches in Spain and Morocco. The Bank is controlled by Fundacion Bancaria Unicaja.
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