IBERIAN DAILY 21 DECEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: FERROVIAL, LIBERBANK, NATURGY, PRISA, PROSEGUR, SACYR, UNICAJA.MARKETS YESTERDAY AND TODAY
The Brexit stalemate continues, but we already have a fiscal stimulus plan in the US
The European stock markets ended the session with losses, dragged down by the negative opening of the US market after a new trade tensions emerged with China (the Department of Commerce will blacklist some 80 Chinese companies). Against this backdrop, within the Euro STOXX, the best-performing sectors were Media and Pharma, whereas Travel & Leisure and Real Estate saw the biggest drops. On the macro side, in Germany, December’s IFO index rose unexpectedly to 92.1 after business confidence in the current situation increased. The previous data hint at higher growth rates than the -4.8% YoY expected for 4Q’20. Separately, EU Brexit chief negotiator M. Barnier gave an ultimatum to Prime Minister B. Johnson to accept limits on access to the single market in return for greater control on fishing. In the US, Democrats and Republicans agreed a US$ 900 Bn fiscal stimulus package encompassing subsidies for SMEs, unemployment benefits, family checks and health spending that should be voted today in Congress and the Senate. Separately, the FDA approved on Friday Moderna’s vaccine. On the negative side, the Brexit negotiations continue in a deadlock over fishing rights.
What we expect for today
Despite the approval of the fiscal stimulus package in the US, the lack of progress in the Brexit talks and fears of a new coronavirus strain in the UK (although the vaccines would be effective against it in principle) would drag down the European stock markets, which would open with losses of more than -1%. Currently, S&P futures are down -0.10% (the S&P 500 closed up +0.2% vs. its price at the closing bell in Europe). Volatility in the US fell (VIX 21.57). Asian markets are mixed (CSI 300 +0.9%, Japan -0.2%).
Today in the Euro zone we will learn December’s consumer confidence data and in the US the Chicago Fed activity index for November.
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.
Sacyr is the parent company of a group engaged in the acquisition, development and construction of urban properties for their subsequent rental or resale. Co. primarily leases and sells office buildings and complexes, housing units, and shopping centers. Co. is also engaged in the operation of urban car parking facilities. Co. offers services related to the real estate industry such as technical assistance in energy savings, inventory management, architectural design, telecommunications management, property maintenance, as well as gardening and landscaping. Co. also provides consulting services in the real estate fund management sector.
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.
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