IBERIAN DAILY 06 SEPTEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ENAGÁS, IBERDROLA.The IBEX shows the most resilience
European stock markets fell, although easing throughout the session (the US was closed for Labor Day) following the indefinite closing of the NS1 gas pipeline and Russia’s threats of not reopening it until sanctions are lifted after G7 set a price cap on Russian oil. Thus, in the Euro STOXX, Energy and Media were the best-performing sectors, whereas Autos and Chemicals ended with the worst relative performance. On the macro side, in the euro zone, August’s final services PMI was cut to a 1.5-year low and below 50. The Sentix investor confidence index fell more than expected to the level from May’20 due to the risk of energy supplies being cut off. Lastly, July’s retail sales rose less than expected. In the UK, Liz Truss became the new PM after defeating R. Sunak in the final vote (57%-43%) and has announced that she will launch a new tax-cutting plan. OPEC+ decided to cut production slightly by -100,000 b/d to try to keep oil prices above US$ 90 (vs. 1 M b/d that Iran could add if it returns to the market).
What we expect for today
European stock markets would open with slight drops that would be reeled in throughout the session, although we will continue to see volatility ahead of the ECB meeting on Thursday. Currently, S&P futures are up +0.1% (the S&P 500 was closed for the holiday). Asian markets are rising (China’s CSI 300 +0.6% and Japan’s Nikkei +0.1%).
Today we will learn in Germany the factory orders data. In debt auctions: Germany (inflation-linked bonds due 2026 and 2046) and Spain (€ 5 Bn in 6M & 12 M T-bills).
Enagas is a gas transportation company based in Spain. Co. is engaged in the technical distribution and storage of gas through pipelines as well as the provision of regasification services. Co. and subsidiaries are engaged in the ownership, administration, storage, pipeline transportation, distribution flow, and sale of natural gas. As a transport company, Co. also provides gas and manages the gas infrastructures.
Iberdrola is a holding company. Through its subsidiaries, Co. operates in four segments: network business, which includes all the energy transmission and distribution activities, and other regulated activity originated in Spain, the U.K., the U.S. and Brazil; deregulated business, which includes electricity generation and sales businesses as well as gas trading and storage businesses carried on by Co. in Spain, Portugal, the U.K. and North America; renewable business, with activities related to renewable energies in Spain, the U.K., the U.S. and the rest of the world; and other businesses, including the engineering and construction businesses and the non-power businesses.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.