Report
Research Department
EUR 100.00 For Business Accounts Only

IBERIAN DAILY 25 OCTOBER + 3Q’21 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: ENDESA, IAG, MERLIN PROPERTIES, PROSEGUR, TELEFÓNICA, VIDRALA.

MARKETS YESTERDAY AND TODAY

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 3Q’21 results to be released over the coming days in Spain.

Stock markets rally again as Evergrande offers some respite
The European stock markets rallied over the week driven by the good results season, the positive macro data that back economic growth and the coupon payment made by the Chinese company Evergrande. Thus, within the best-performing sectors were Utilities and Pharma, whereas Travel & Leisure and Autos were the worst relative performers. On the macro side, in the Euro zone, the manufacturing PMI contracted less than expected, whereas the services PMI fell somewhat more than expected. In the United Kingdom, the manufacturing and services PMIs rose above expectations. In Turkey, the lira has once again plummeted after Erdogan stated he will expel 10 ambassadors (Germany, France, Canada, US, etc.) for requesting O. Kavala be freed. In China, the new wave of Covid-19 is expected to worsen, adding pressure on the supply chain. In In US business results, VF came in below expectations, Seagate in line and American Express, among others, better.
What we expect for today
European stock markets would open flat with a slightly bullish slant, and with autos performing worse in view of the worsening supply problems. Currently, S&P futures are up +0.1% (the S&P 500 ended up +0.3% vs. its price at the closing bell in Europe). Volatility in the US increased (VIX 15.43). Asian markets are falling (China’s CSI 300 -0.15% and Japan’s Nikkei -0.8%).
Today we will learn in Germany the IFO data, and in Mexico August’s IGAE index and September’s unemployment rate. In debt auctions: Germany (€ 4 Bn in 12M T-bills) and France (€ 5.4 Bn in 3M, 6M and 12M T-bills). In US business results, Kimberly, Otis and Facebook, among others, will release their earnings.
Underlyings
Endesa S.A.

Endesa is engaged in the production, transmission, distribution, and supply of electricity, through hydroelectric, fossil fuel, and nuclear generation. Co. is also engaged in the mining of coal for use in its fossil-fuel electric plants; mining research; land restoration, and environmental monitoring and control.

International Consolidated Airlines Group SA

International Airlines Group is an international scheduled airline and global premium airlines. Co.'s principal place of business is London with significant presence at Heathrow, Gatwick and London City airports.

MERLIN Properties SOCIMI S.A.

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.

Telefonica SA

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.

Vidrala SA

Vidrala SA is a Spain-based company principally engaged in the glass industry. The Company operates through two segments: Spain and European Union. The Company's activities include the production, distribution and sale of glass bottles and containers used in the food and beverages industries. The Company conducts its own research and development (R&D) operations. It operates production plants and melting furnaces located in such countries, as Portugal, France, Belgium and Italy. The Company owns such subsidiaries as Crisnova Vidrio SA, Inverbeira Sociedad de Promocion de Empresas SA, Gallo Vidro SA, Castellar Vidrio SA, Corsico Vetro SRL, MD Verre SA, Omega Immobiliere et Financiere SA, Investverre SA and CD Verre SA.

Provider
Sabadell
Sabadell

Analysts
Research Department

Other Reports on these Companies
Other Reports from Sabadell

ResearchPool Subscriptions

Get the most out of your insights

Get in touch