IBERIAN DAILY 13 JULY (ANÃLISIS BANCO SABADELL)
NEWS SUMMARY: CELLNEX, MELIà HOTELS, TÉCNICAS REUNIDAS, TELEFÓNICA.MARKETS YESTERDAY AND TODAY
Awaiting drivers
Friday’s session was relatively stable (with gains), lacking important macro releases and awaiting the debate between the heads of state and Government of the EU in the 17 July summit on a new proposal for the economic recovery fund that is to include stricter control on aid payments, as it will require a prior approval from a majority of the countries. In the Euro STOXX, the best-performing sectors were Banks and Autos, while Retail and Pharma ended up being the worst performers. On the macro side, in Italy industrial output fell less than expected, whereas in France it rose more than expected. In Spain, the regional elections in the Basque Country saw a victory for PNV, the Basque Nationalist Party (39% of the votes), and in Galicia the PP came out on top (69% of votes). In the US, June’s production prices fell more than expected (suggesting low inflation that could allow the Fed to continue injecting cash into the economy in order to avoid a downward spiral). In Mexico May’s industrial output fell more than expected. In Brazil, June’s inflation rose in line with expectations. In China, the M2 money supply remained in line with expectations. There are no important US business results to be released today.
What we expect for today
The markets would open with a bullish slant in view of the optimism on economic recovery expected in China’s release of the 2Q’20 GDP figure on Thursday, while on the negative side the new outbreaks of Covid-19 are leading to new measures in some US states. Currently, S&P futures are up +0.6% (the S&P 500 was up +0.84% vs. its price at the closing bell in Europe). Volatility in the US fell (VIX 28.48%). Asian markets are rising (Japan +1.93% and Hong Kong +1.37%).
Today there will be no significant macro references. In debt auctions: Netherlands (€ 4 Bn in 6M & 12M T-bills), Germany (€ 8 Bn in 3M & 9M T-bills) and France (€ 8.8 Bn in 3M, 6M, 9M & 12M T-bills). In US business results, Pepsi will release its earnings, among others.
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.
Melia Hotels International is the parent company of a group engaged in the acquisition, management and operation of hotels. Co. operates its hotel network in Germany, Argentina, Brazil, Bulgaria, Cabo Verde, Chile, China, Costa Rica, Croatia, Cuba, Egypt, Spain, United States, France, Greece, Netherlands, Indonesia, Italy, Luxembourg, Malaysia, Mexico, Panama, Peru, Portugal, Puerto Rico, United Kingdom, Dominican Republic, Singapore, Switzerland, Tunisia, Uruguay, Venezuela and Vietnam under the followings brandnames: Paradisus Resorts®, Melia Hotels & Resorts®, TRYP Hoteles® and Sol Hotels & Resorts®.
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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