IBERIAN DAILY 20 NOVEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: FERROVIAL, LIBERBANK, PRISA, TALGO, UNICAJA, VISCOFÁN.MARKETS YESTERDAY AND TODAY
A break in Europe’s gains
The European Council’s division in to unblock EU funds and the increasing number of Covid-19 cases worldwide (in the US hospitalisations have risen by 50% in the past 15 days) led to new drops in global stock markets, although to a lesser extent than in previous episodes. In this regard, C. Lagarde insisted on the immediate availability of the aid package so that the hardest hit countries implement an expansive fiscal policy. In the Euro STOXX, some of the sectors that had benefited from the rally saw the biggest drops, Travel&Leisure and Basic Resources, while only Utilities managed to end with gains, followed by Household. On the macroeconomic level, in the US, weekly jobless claims rose unexpectedly, November’s Philadelphia Fed dropped less than expected and October’s existing home sales climbed to a greater extent. In Turkey, the Central Bank raised reference interest rates to 15% from 10.25% previously to halt the depreciation of the Turkish lira. In Japan, October’s inflation dropped more than expected and November’s preliminary manufacturing and services PMI fell again to 48.3 and 46.7, respectively. In US Results Intuit came in above expectations and Ross Sotes released disappointing results.
What we expect for today
European stock markets would open flat with some bearish bias with the excuse of the increasing number of Covid-19 cases, the blockade of European funds and the disagreement between the Secretary of the Treasury (S. Mnuchin) and the Fed’s chairman (J. Powell) on the emergency credit programmes due to the pandemic for SMEs and municipalities. Currently, S&P futures are down -0.6% (the S&P 500 closed up +0.5% vs. its price at the closing bell in Europe). Volatility in the US decreased (VIX 23.11). Asian markets are trading with mixed results (CSI 300 +0.2%, Japan -0.4%).
Today, in the euro zone we will learn November’s consumer confidence. As for ratings, Fitch will revise Portugal (stable BBB). Lagarde will speak before the European Banking Congress.
Ferrovial is a transportation company based in Spain. Co. is engaged in operations in the transportation sector. Co. specializes in the design, construction, management, administration and maintenance of transport infrastructures. Co.'s services range also includes the maintenance of parking lots, and land-, sea- and air-based transport networks. Co. is also engaged in the promotion and operation of short-stay parking lots, parking regulation and management services and promotion and sale of residents' parking.
Liberbank SA is a Spain-based company engaged in the commercial banking activities. It specializes in providing consumer loans. Furthermore, the Bank offers a range of services for entrepreneurs: savings accounts, loans, factoring, payments management, investment funds, import and export financing, guarantees, as well as commercial insurance, among others. The Bank operates through a chain of retail offices in Asturias, Cantabria, Castile La Mancha and Extremadura. It also manages such brands as Cajastur, Caja Extramadura, Caja Cantabria and CCM.
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.
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.
Viscofan is the parent company of the Viscofan Group. Co. is divided into two major operational subgroups. The companies comprising the Naturin GmbH subgroup are engaged in the manufacture and distribution of artificial casings (small and big diameter collagen and plastics) for the meat industry. Through its wholly-owned subsidiary IAN, S.A., Co. also manufactures and distributes canned vegetables (asparagus, olives and tomato).
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