IBERIAN DAILY 19 MAY (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: FCC, NATURGY, SIEMENS GAMESA, TALGO.MARKETS YESTERDAY AND TODAY
The IBEX stood out in a session with hardly any changes on the stock markets
The European indices ended virtually flat, with peripheral ones standing out. Within the Euro STOXX, the best-performing sectors were Energy and Media whereas Food and Chemicals ended down by around -0.4%. On the macro side, in the Euro zone, the 1Q’21 GDP was confirmed at -1.8% YoY, although the recovery of activity hints at a 12.6% rally halfway through the year. In Germany, the Constitutional Court rejected two appeals against the purchase programme. In the US, construction permits increased less than expected, whereas housing starts contracted above expectations. In China, the PBoC reiterated that virtual currencies are not real assets, discouraging their use in transactions (for the time being it will ban payment system companies from accepting them).
What we expect for today
European stock markets would open with losses of -1.0%, with Basic Materials and Energy dragged down by the drop in raw material prices. Currently, S&P futures are down -0.4% (the S&P 500 ended -0.8% higher vs. its price at the closing bell in Europe). Volatility in the US rose (VIX 21.34). Asian markets are falling (China’s CSI -0.2% and Japan’s Nikkei -1.5%).
Today we will learn in the United Kingdom and the Euro zone April’s inflation data, and in the US the Fed’s minutes. In debt auctions: Germany (€ 4 Bn in bonds due 2031).
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.
Talgo is engaged in designing, manufacturing, repairing and maintaining the railway rolling stock, as well as the manufacturing, assembling, repairing and maintaining the engines, machinery and parts of the railway systems. Co. has an industrial presence in seven countries: Spain, Germany, Kazakhstan, Uzbekistan, Russia, Saudi Arabia and U.S.A. Co. has an active fleet in Europe, Asia and North America that comprises of 94 high-speed trains and more than 1,400 Talgo tilting passenger cars. Also, Co. purchases, redesigns, constructs, leases and sells all types of real estate.
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