IBERIAN DAILY 11 SEPTEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: FERROVIAL, REPSOL.Week of losses awaiting ECB and Fed meetings
European stock markets ended the week with losses, distancing themselves from highs and conditioned by the macro data, where we highlight the falling activity data in the euro zone vs. the strength in the US, especially regarding the job market. Thus, awaiting the ECB meeting next Thursday, the EuroSTOXX 50 and IBEX ended the week with losses of more than -1% and near intermediate support zones of 4,200 and 9,300 points, respectively. The best-performing sectors in the EuroSTOXX were Energy (underpinned by the rising oil prices) and Media, whereas Banks and Basic Resources ended with the worst relative performance on the week. On the macro side, industrial output in Spain fell less than expected (-1.8% vs. -3.3% expected). In China, August’s inflation recovered less than expected to 0.1% YoY from -0.3% seen in July, whereas the slowdown in production prices moderated in line with expectations. In Japan, the BoJ governor, K. Ueda, left the door open to put an end to negative rates at the end of the year.
What we expect for today
European stock markets would open with slight gains of +0.25%, although growth would be penalised slightly more by rising rates. Currently, S&P futures are up +0.26% (the S&P 500 ended down -0.15% vs. the European closing bell).). Volatility in the US fell (VIX 13.84). Asian stock markets are mixed (China’s CSI 300 +0.81%, Japan’s Nikkei -0.55%).
Today in Mexico we will learn July’s industrial output. Debt auctions: Germany (€ 4 Bn in 6M t-bills).
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.
Repsol is an oil and gas company. Co. is engaged in all the activities relating to the oil and gas industry, including exploration, development and production of crude oil and natural gas, transportation of oil products, liquefied petroleum gas (LPG) and natural gas, refining, the production of a wide range of oil products and the retailing of oil products, oil derivatives, petrochemicals, LPG and natural gas, as well as the generation, transportation, distribution and supply of electricity. Co. operates in more than 40 countries. Co.'s operations are divided into four segments: Upstream, Downstream, LNG and Gas Natural Fenosa.
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