IBERIAN DAILY 26 NOVEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: FLUIDRA, TALGO, TELEFÓNICA.EuroSTOXX 50 back above 4,800 points
The possibility of new stimulus measures in China and the more moderate messages on the geopolitical front spurred gains in Europe. In the STOXX 600, the best-performing sectors were Consumer Goods and Travel & Leisure, whereas Retail and Energy (Israel and Lebanon would be seeking an agreement to end the war that is dragging down Brent prices) suffered the biggest losses. On the macro side, in Germany November’s IFO fell more than expected and once again suggests a slight contraction of the economy. Separately, ex-Chancellor Angela Merkel was in favour of relaxing the debt brake. From the ECB, P. Lane forecasts a neutral monetary policy starting in 2025. In the US, Donald Trump once again insisted that he will levy tariffs of up to 25% on Mexico and Canada if they do not stop illegal immigration and drug trafficking, as well as an additional 10% on China.
What we expect for today
Stock markets would open with losses of more than -0.5%, with performance by cyclicals and especially those affected by the trade war, such as Autos and companies exposed to Mexico and China. Currently, S&P futures are unchanged (the S&P 500 was unchanged vs. the European closing bell). Asian markets are falling (China’s CSI 300 -0.1%, Japan’s Nikkei -1.2%).
Today in the US we will learn September’s housing prices, November’s consumer confidence and October’s new home sales.
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.
Telefonica is engaged in the provision of public or private telecommunications services, including ancillary or complementary telecommunications services or related services. Co.'s fixed business includes: traditional fixed telecommunication services, Internet and broadband multimedia services, data and business-aplications services, and wholesale services for telecommunication operators. Co. also provides a range of mobile and related services and products to consumer and business customers, including mobile voice services, value added services, mobile data and Internet services, wholesale services, corporate services, roaming, fixed wireless, and, trunking and paging.
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