IBERIAN DAILY 07 AUGUST (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: FLUIDRA, TALGO.Calm returns, slight rally after tough Monday
The rise in sovereign debt yields and the rally on Japanese stock markets, aided by mostly positive results releases in the US, spurred market rallies, driven by bargain hunting after the sharp drops over the past few days. The BoJ governor also pledged this morning not to raise rates again until some stability returns to the markets, helping calm the markets and limit carry trade. In Europe, almost all the sectors rose, led by Technology, with losses in Real Estate and Autos. On the macro side, in Germany June’s factory orders recovered more than expected. In the euro zone, June’s retail sales fell unexpectedly. This morning in China, imports grew more than expected, but exports came in below expectations. In Japan, June’s leading indicators fell in line with expectations. In US business results, Uber, Caterpillar, Fidelity, Duke Energy and Fox beat expectations, Baxter was in line, and Amgen, Super Micro Computers and Airbnb released disappointing earnings.
What we expect for today
Stock markets would open with gains of more than +1%. Currently, S&P futures are up +0.7% (the S&P 500 ended flat vs. the European closing bell). Volatility on the S&P500 (VIX) remained relatively high at 27. Asian markets are rising (Japan’s Nikkei +1.9% and China’s CSI 300 +0.4%).
Today in Germany we will learn June’s industrial output. In US business results, Walt Disney, Warner Bros, Monster Beverages, Hilton and Ralph Lauren, among others, will release their results.
Fluidra is engaged in the manufacture and commercialization of accessories and specific products for swimming pools, irrigation, and water treatment and purification systems.
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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