Report
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INFORME DIARIO 03 FEBRERO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: CELLNEX, FERROVIAL, IBERDROLA, NH HOTELES, SACYR, SIEMENS GAMESA. EUROPA: AIRBUS, SIEMENS, VINCI

Continúan las dudas, pero China inyecta liquidez
A pesar de una buena apertura en Europa, las principales bolsas dieron la vuelta a media sesión y acabaron en pérdidas. En el Euro STOXX, Media fue el único sector que no presentó pérdidas seguido de Alimentación, mientras que Recursos Básicos y Tecnología presentaron las mayores caídas. Por el lado macro, en España el PIB del 4T´19 repuntó ligeramente más de lo esperado hasta el 1,8%, mientras que en Italia se contrajo el crecimiento en su mayor caída desde 2013 hasta el 0.0%. En la Eurozona, la inflación preliminar de enero salió en línea mejorando una décima su anterior registro hasta el 1,4%. En EE.UU. el ingreso y el gasto personal de diciembre crecieron menos de lo esperado y la Confianza del Consumidor de la Universidad de Michigan se contrajo inesperadamente. El Banco Central de China inyectó 21.000 M dólares en el sistema de cara a evitar tensiones de liquidez en el mercado con la apertura de la bolsa (CSI 300 index se desplomó un -9% tras una semana cerrada). Por otro lado, el PMI Caixin manufacturero salió ligeramente mejor de lo esperado pero no los beneficios empresariales de enero. En Rdos. empresariales en EE.UU Aon y Caterpillar sorprendieron al alza mientras que Exxon Mobil lo hizo a la baja.
Qué esperamos para hoy
Esperamos una sesión ligeramente positiva tras la inyección de liquidez en el sistema realizada por las autoridades chinas. En estos momentos, los futuros del S&P cotizan con subidas del +0,68% (el S&P 500 cerró con caídas del -0,27% respecto al precio al que cotizaba al cierre de los mercados en Europa). La volatilidad en EE.UU. subió (VIX 18,84%). Los mercados asiáticos cotizan mixtos (Japón -1,01% y Hong Kong +0,27%).
Hoy en Alemania el PMI de Manufacturas y en EE.UU el ISM Manufacturero. Por otro lado, comienzan las primarias demócratas en EE.UU. (Iowa). En Rdos. empresariales en EE.UU. Alphabet y Sysco entre otros. En subastas: Holanda (2.000 M euros en letras a 6 meses) y Francia (4.000 M euros en letras a 3, 6 y 12 meses).
Underlyings
Cellnex Telecom S.A.

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.

Ferrovial S.A.

Ferrovial is a transportation company based in Spain. Co. is engaged in operations in the transportation sector. Co. specializes in the design, construction, management, administration and maintenance of transport infrastructures. Co.'s services range also includes the maintenance of parking lots, and land-, sea- and air-based transport networks. Co. is also engaged in the promotion and operation of short-stay parking lots, parking regulation and management services and promotion and sale of residents' parking.

NH Hotel Group SA

NH Hotel is engaged in the operation and management of hotels throughout Spain, the Benelux countries, Germany, and South America.

Sacyr S.A.

Sacyr is the parent company of a group engaged in the acquisition, development and construction of urban properties for their subsequent rental or resale. Co. primarily leases and sells office buildings and complexes, housing units, and shopping centers. Co. is also engaged in the operation of urban car parking facilities. Co. offers services related to the real estate industry such as technical assistance in energy savings, inventory management, architectural design, telecommunications management, property maintenance, as well as gardening and landscaping. Co. also provides consulting services in the real estate fund management sector.

Siemens AG

Siemens is a technology company. Co.'s Energy sector provides a range of products, solutions and services for generating and transmitting power. The Healthcare sector provides customers a range of medical solutions across the treatment chain. The Industry sector supplies products and solutions for industrial companies, primarily in the process and manufacturing industries. The Infrastructure & Cities sector provides a range of technologies that accelerates the capabilities of metropolitan centers and urban infrastructures. The Investments segment is comprised of Co.'s equity stakes in other companies. The Financial Services segment provides business-to-business financial solutions.

SIEMENS GAMESA (SGRE SM)

VINCI SA

Vinci is engaged in building, civil engineering and facilities management. Through its subsidiaries, Co. is engaged in five divisions comprising of: the Building division which provides retail solutions including construction and fit-out in both the retail and commercial sectors; the Civil Engineering division; the Air division which provides program management, engineering and construction services to customers with airport infrastructure requirements; the Technology division; and the VINCI Facilities division which provides facilities management, repair and maintenance and small works in both the private and public sectors.

Provider
Sabadell
Sabadell

Analysts
Research Department

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