IBERIAN DAILY 12 SEPTEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ELECTRICITY SECTOR, ENAGÁS, MELIÁ HOTELS.It was a positive week with the Ibex recovering the 8,000-point level
Caution prevailed in European stock markets until the ECB meeting where the 75bps rise decided by the ECB was welcomed. The Ibex (+1.25% last week) led weekly gains in Europe, fuelled by banks Thus, within the Euro STOXX, Banks and Media were the best relative performers las week vs. the larger drops of Energy and Automobiles. On the macro side, the Energy Ministers meeting ended without changes, where a cap on profits stemming from the cheapest energies was decided. In the US, several members of the Fed (Waller, Mester, George) were in favour of “significant rate hikes”, up to slightly above 4.0%. In Brazil, August’s inflation fell in line with expectations. Separately, the US would be studying a possible toughening of restrictions on microchips and AI-linked products linked sent to China
What we expect for today
European stock markets would open with gains, with financials, basic materials and technology expected to be the best performers, compared to oil companies, which will be dragged down by falling crude prices. Currently, S&P futures are up +0.1% (the S&P 500 ended +0.23% higher vs. the European closing bell). Volatility in the US dropped (VIX 22.79). Asian markets are rising (China’s CSI 300 closed and Japan’s Nikkei +1.05%).
Today no relevant data will be released although in the UK industrial output and the monthly GDP forecast, both for July will be made public. As for auctions, Germany will issue 6M T-bills and France 3, 6 & 12M 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.
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®.
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