IBERIAN DAILY 30 SEPTEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ENCE, IBERPAPEL, MERLIN, NATURGY, NH HOTELES, SOLARIA, UNICAJA.MARKETS YESTERDAY AND TODAY
Breather on the markets
The ceasefire on the price of crude oil and on debt interests helped European stock markets to a small rally, where the IBEX stood out the most. Most of the sectors in the Euro STOXX closed with gains, led by Autos and Retail vs. the worse performance in Energy and Real Estate. On the macro side, in the euro zone the economic climate indicator for September rose more than expected. In Spain, September’s inflation rose more than expected to 4.0% YoY from the previous 3.3%, with all signs pointing to it exceeding 4.5% before the year end. In the US, pending home sales rose significantly more than expected in August, suggesting solid performance in second-hand sales, housing prices and discretional spending. In Brazil, the primary deficit rose more than expected in August, although public debt fell more than expected to 82.7%. In China, the manufacturing PMI fell more than expected in September, below 50 (the Caixin PMI improved slightly to 50), whereas the services PMI beat expectations, rising to 53.2. In Japan, industrial output and retail sales fell more than expected in August.
What we expect for today
European stock markets would open with gains of +0.5%, with Basic Materials performing well in view of the sharp rise in iron ore. Currently, S&P futures are up +0.7% (the S&P 500 ended unchanged vs. its price at the closing bell in Europe). Volatility in the US decreased (VIX 22.25). Asian markets are rising (China’s CSI +0.7% and Japan’s Nikkei +0.1%).
Today we will learn in the Euro zone August’s unemployment rate, in Spain August’s retail sales, in the UK the final 2Q’21 GDP, in Germany the number of unemployed and September’s inflation data, and in the US the weekly jobless claims and the third reading of the 2Q’21 GDP. Also in Mexico, the Bank of Mexico will hold its meeting.
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.
Iberpapel Gestion is engaged in the manufacture, wholesale distribution, sale and export of pulp and printing and writing paper. In addition, Co. maintains forestry activities, including the cultivation of timberlands.
Lar Espana Real Estate SOCIMI SA is a Spain-based company primarily engaged in the operation of retail Real Estate Investment Trusts (REITs). The Company specializes in acquiring, managing and renting real estate assets within the Spanish market. Its business activities are divided into three segments: Shopping Centers, Offices, as well as Logistics. The Shopping Centers area is responsible for operation of a number of shopping malls, namely Txingudi, Las Huertas, Albacenter, Anec Blau, Hiper Albacenter, and Nuevo Alisal, among others. The Offices segment invests in office properties, such as Arturo Soria, Cardenal Marcelo Spinola, Egeo and Eloy Gonzalo. The Logistics division focuses on managing logistics warehouses, including Alovera I and Alovera II. The Company also owns a plot for residential properties development. It is a parent of a number of entities, such as Lar Espana Inversion Logistica SA, Gran Via Centrum Holdings SAU, Global Noctua and Puerta Maritima Ondara.
Merlin Properties SOCIMI SA is a Spain-based company engaged in the operation of a real estate investment trust (REIT). The Company focuses on the acquisition, management and rental of commercial properties located in the Iberian Peninsula, primarily in Spain. The Company's activities are divided into the following segments: Office buildings, operating a portfolio of office space; High-street retail, engaged in leasing retail stores; Shopping centers, engaged in managing department stores; Logistics, operating logistics warehouses and distribution centers, and Others. The Company's other activities include property management services rendered to third parties.
NH Hotel is engaged in the operation and management of hotels throughout Spain, the Benelux countries, Germany, and South America.
Solaria Energia y Medio Ambiente manufactures both solar and thermal cells and panels, rolls out turnkey projects for large installations, operates solar plants and generates electricity through its owned plants.
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.
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.