IBERIAN DAILY 26 JUNE (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: AENA, ELECTRICITY SECTOR, ENAGÁS, ROVI, TELEFÓNICA, UNICAJA.The Ibex remains above 11,100 points
Following Monday’s gains and in the absence of relevant macroeconomic drivers in Europe , caution prevailed in stock markets. Thus, in the STOXX 600 Pharma and Travel&Leisure were the best performers vs. the worse relative performance of Industrials and Financial Services. On the macro side, in Spain, the final 1Q’24 GDP was raised one tenth to 2.5% YoY. On the political front, in Spain PSOE and PP reached an agreement for the renewal of the General Council of the Judiciary. In the euro zone, O. Rehn (Bank of Finland) sees that the 2 rate cuts expected by the market for the rest of 2024 are reasonable. In the US, June’s consumer confidence dropped less than expected whereas the Richmond Fed index fell more than expected, with FHFA house prices moderating more than expected. From the Fed, M. Bowman was in favour of not cutting rates in 2024, whereas L. Cook considers there is room for a rate cut if the economy performs in line with expectations.
What we expect for today
Stock markets would open with gains of around +0.5% and with the recovery of the technology sector. Currently, S&P futures are up +0.12% (the S&P 500 ended +0.14% higher vs. the European closing bell). Asian stock markets are climbing (China’s CSI 300 +0.1%, Japan’s Nikkei +1.35%).
Today in the US we will learn May’s new home sales and building permits.
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.
Laboratorios Farmaceuticos Rovi is engaged in the sale of its own pharmaceutical products and the distribution of other products for which it holds licenses granted by other laboratories for specific periods, in accordance with the terms and conditions contained in the agreements entered into with said laboratories.
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.
Unicaja Banco SA is a Spain-based financial institution (the Bank) engaged in the banking sector. The Bank offers services to individual and business customers. Its products and services range includes current and savings accounts, debit and credit cards, consumer and commercial loans, real estate credit, securities brokerage, funds management, leasing, factoring, pension plans, life and non-life insurance, international trade financing, money transfer, as well as treasury, among others. The Bank operates a number of branches in Spain and Morocco. The Bank is controlled by Fundacion Bancaria Unicaja.
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