IBERIAN DAILY 19 AUGUST (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: FCC.Markets kick off second half of August with drops
Although no definitive peace agreement was expected to come from the talks between the US and the Ukraine-Europe delegation, stock markets took the opportunity for profit taking while rewarding defence companies in view of the possible “security guarantee” the US would offer Ukraine. In the STOXX 600, the sectors falling the most were Basic Materials and Autos, with Pharma (driven by Novo Nordisk) and Media rising the most. On the macro side, in the US, August’s residential construction sector confidence (NAHB) fell unexpectedly, where housing access remains the biggest burden for the sector. On the geopolitical front, following the meeting between Trump and Zelensky, the latter is expected to meet with Putin within the next two weeks, while the security guarantee would be a joint offer from the US and Europe (expected). Separately, Hamas has accepted the conditions of a 60-day ceasefire with Israel offered by Egypt and Qatar. In US business results, Palo Alto beat earnings expectations.
What we expect for today
European stock markets would open with slight gains of around +0.2%, where defence companies should continue to benefit from the US offer of security guarantees to Ukraine. Currently, S&P futures are -0.2% lower (the S&P 500 ended +0.10% higher vs. the European closing bell). Asian markets are largely flat (China’s CSI 300 -0.1% and Japan’s Nikkei -0.1%).
Today in the US we will learn July’s housing starts and building permits. In US business results, Medtronic and Home Depot, among others, will release their earnings.
Fomento de Construcciones y Contratas is the parent company of a group engaged in sanitation services, cleaning, maintaining, purification and distribution of water, construction of highways, hydraulic works, marine works, air and rail transport infrastructure, urban developments, housing, non-residential buildings, office buildings, toll highways, parking garages, marinas and water treatment plants. Co. is also engaged in the manufacture and sale of cement and cement infrastructures, such as precast concrete elements; and in the financial markets, and real estate development, leasing and tourism.
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