IBERIAN DAILY 28 APRIL + 1Q’22 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ENCE, GLOBAL DOMINION, IBERDROLA, NEINOR HOMES, TELEFÓNICA.At the end of today’s report, and during the entire results season, we will include a presentation with positive and negative results highlights and previews for the 1Q’22 results to be released over the coming days in Spain.
Markets consolidate positions
European stock markets ended flat, assessing the impact from the energy crisis, the spreading Covid-19 cases in China and the impact of the Fed’s monetary policy on business results. In the Euro STOXX, Basic Materials (China could boost construction) and Household Goods led the gains, while Banks and Financial Services fell the most. As for macro data, from the ECB, Lagarde left the door open to a rate hike in the summer in the US pending home sales fell more than expected, whereas March’s wholesale inventories once again rose, although at a slower pace. In Mexico the trade balance remained a surplus, with no deficit in March. In Japan, the BoJ kept its monetary instruments unchanged, while March’s industrial output was disappointing. In US business results, Ford beat expectations, Garmin, T-Mobile and Kraft Heinz were in line and Boeing and QUALCOMM released disappointing earnings.
What we expect for today
European markets would open with gains, but highly conditioned by the results calendar. Currently, S&P futures are up +0.85% (yesterday the S&P 500 ended flat vs. the European closing bell). Volatility in the US decreased (VIX 31.60). Asian markets are mixed (China’s CSI 300 -0.3%, and Japan’s Nikkei +1.52%).
Today in Spain we will learn the 1Q’22 unemployment rate and April’s preliminary inflation, in the euro zone the ECB meeting minutes and April’s economic climate index, in Germany April’s inflation and in the US weekly jobless claims and the first reading of the 1Q’22 GDP. In US Results, Domino’s Pizza, Mc Donald’s, American Electric Power, Intel and Apple, among others, will release their results. Debt auctions: Italy (€ 6 Bn in 6M t-bills).
Ence Energia Y Celulosa is engaged in the manufacture and commercialization of wood pulp and derivatives. Co. divides its activities into the following two business lines: Forest Division: Co. manages timberlands in South America and the Iberian Peninsula. Co. is involved in trading of wood, and supplies solid wood products including: plywood, sawn timber, parquet flooring and glued-edge paneling. Co. is involved in forest and environmental consulting. Pulp Division and Energy Production: Co. is engaged in the production of Eucalyptus globulus-based TCF and ECF paper pulp. Co. is also involved in the generation of electricity through biomass power producing plants.
Global Dominion Access SA is a Spain-based company primarily engaged in the construction and engineering sector. The Company's activities are divided into two segments: Multi-technological Services, which offers design, implementation and maintenance of fixed and mobile telecommunications networks, manages sales and distribution processes for telecommunications carriers, as well as renders of inspection, maintenance, repair and renovation services for industrial and energy firms, and Solutions and EPCs, which executes turnkey Engineering-Procurement-Construction (EPC) projects, provides construction, repair and renovation of industrial heating installations, as well as develops processes and other technological and business solutions in numerous sectors. Its services are provided in three areas: Technology and Telecommunications (T&T), Industry and Renewable energies. It operates worldwide in Europe, the Americas, Asia and Africa. The Company is a subsidiary of CIE Automotive SA.
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.
Neinor Homes SA, formerly Neinor Homes SLU, is a Spain-based company engaged in the real estate sector. The Company focuses on the design, construction and promotion of residential properties. It develops housing projects in various Spanish cities, such as Malaga, Madrid, Barcelona, Cordoba, Vizcaya, Alicante, Almeria and Gerona.
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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