IBERIAN DAILY 08 SEPTEMBER (ANÃLISIS BANCO SABADELL)
NEWS SUMMARY: ALMIRALL, DIA, FCC, GRIFOLS, IAG, MEDIASET, REPSOL, TELEFÓNICA.MARKETS YESTERDAY AND TODAY
Europe in positive territory with the US closed
European markets rose around +2% despite the poor opening in the US. In the Euro STOXX, all the sectors closed with gains except for Travel & Leisure, with Autos and Utilities leading the way. On the macro side, in the euro zone September’s Sentix index improved more than expected, although it remains far from the pre-Covid-19 level. Separately, today the United Kingdom will warn the EU that the Brexit agreement must be rewritten as no-deal preparations speed up if no progress is made over the week. Finally, The ECB passed half a trillion euros in emergency purchases due to the pandemic since the programme came into force in late March. In Germany, July’s industrial output increased less than expected. In the US, from the Fed, J. Powell admitted that interest rates could remain low for many years to come. In Mexico, June’s fixed investments fell less than expected, although still deep in negative territory. In Japan, the final 2Q’20 GDP was lowered slightly and less than expected thanks to a better performance of private consumption.
What we expect for today
Futures suggest a flat opening that should improve throughout the session. Currently, S&P futures are up +0.5% (the S&P 500 was closed for holiday). Volatility in the US remained unchanged (VIX 30.75%). Asian markets are mixed (Japan +0.53% and Hong Kong -0.57%).
Today in the euro zone we will learn the final 2Q’20 GDP and in Italy retail sales. Debt auctions: Netherlands (€ 2.5 Bn in bonds due 2028), Spain (€ 7 Bn in 6M and 12M t-bills), Finland (8M and 11M t-bills), Austria (€ 800 M in bonds due 2030 and 2034) and Belgium (€ 1.435 Bn in 3M and 12M t-bills).
Almirall is engaged in the acquisition, manufacture, storage, sale and mediation in the sale of pharmaceutical specialties and products and all manner of raw materials used to prepare pharmaceutical specialties and products. Also, Co. acquires, manufactures, storages, sales and mediates in the sale of cosmetics, chemical, biotechnological and diagnostic products for human, veterinary, agrochemical and food-industry use, as well as all manner of utensils, complements and accessories for the chemical, pharmaceutical and clinical industries. In addition, Co. is engaged in the acquisition, sale, lease, subdivision and development of land lots, land and properties of all kinds.
Distribuidora Internacional De Alimentacion is a supermarket and convenience store group based in Spain. Co. is engaged in the retail trade of food through cut-price self-service supermarkets and franchise establishments. Co. is engaged in the operation of stores located in Spain, France, Portugal, Turkey, Argentina, Brazil and China.
Fomento de Construcciones y Contratas is the parent company of a group engaged in sanitation services, cleaning, maintaining, purification and distribution of water, construction of highways, hydraulic works, marine works, air and rail transport infrastructure, urban developments, housing, non-residential buildings, office buildings, toll highways, parking garages, marinas and water treatment plants. Co. is also engaged in the manufacture and sale of cement and cement infrastructures, such as precast concrete elements; and in the financial markets, and real estate development, leasing and tourism.
International Airlines Group is an international scheduled airline and global premium airlines. Co.'s principal place of business is London with significant presence at Heathrow, Gatwick and London City airports.
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.
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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