IBERIAN DAILY 31 MARCH (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: GLOBAL DOMINION, OHL.MARKETS YESTERDAY AND TODAY
Awaiting the new stimulus package in the US
The European stock markets rose as the session progressed, closing with gains higher than +1% and hitting new highs this year despite the bearish US opening. Expectations of a new stimulus package in the US continue to be the main catalyst for equities, the dollar and the T-Note. Within the Euro STOXX, Autos and Banks led gains, whereas most defensive sectors ended with slight losses (Utilities, Pharma, Telecom, Household Goods). On the macro side, in Spain, both March’s inflation and February’s retail sales came in above expectations. Early this morning in Japan, February’s industrial output fell more than expected. In China, March’s PMIs came in above expectations, with the Services PMI standing out (56.3 vs. 51.4 previously).
What we expect for today
The European stock markets would see a slightly bearish opening, awaiting Biden’s speech, which might again fuel IRRs and cyclical value stocks. Currently, S&P futures are flat (the S&P 500 ended +0.1% higher vs. its price at the closing bell in Europe). Volatility in the US fell slightly (VIX 19.61). Asian markets are falling (CSI 300 -1.28% and Japan -0.81%).
Today we will learn in the Euro zone March’s inflation, and in the UK the final 4Q’21 GDP. In the US, J. Biden will give a speech in Pittsburg. Also we will learn the Chicago PMI and the pending home sales data (both for March), and in Brazil the unemployment rate. In debt auctions: Germany will issue 5Y bonds (€ 2.5 Bn).
Global Dominion Access SA is a Spain-based company primarily engaged in the construction and engineering sector. The Company's activities are divided into two segments: Multi-technological Services, which offers design, implementation and maintenance of fixed and mobile telecommunications networks, manages sales and distribution processes for telecommunications carriers, as well as renders of inspection, maintenance, repair and renovation services for industrial and energy firms, and Solutions and EPCs, which executes turnkey Engineering-Procurement-Construction (EPC) projects, provides construction, repair and renovation of industrial heating installations, as well as develops processes and other technological and business solutions in numerous sectors. Its services are provided in three areas: Technology and Telecommunications (T&T), Industry and Renewable energies. It operates worldwide in Europe, the Americas, Asia and Africa. The Company is a subsidiary of CIE Automotive SA.
Obrascon Huarte Lain is an international concession and construction groups based in Spain. Co. maintains significant operations in 30 countries across all five continents. Co. is engaged in hospital and railway construction, transport infrastructure concessions, oil and gas, energy, solids handling and fire protection systems and international contracts. Co.'s operations are organized along four divisions: OHL Concesiones, OHL Construccion, OHL Industrial y OHL Desarrollos. Co. is also engaged in real state project developments of mixed use managed by the international hotel chains.
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