IBERIAN DAILY 10 DECEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: CHANGES IBEX 35, GRUPO CATALANA OCCIDENTE, INDRA, SACYR.Stock markets on stand by
European stock markets saw a second session of stability, awaiting the Fed’s decision to be made public tomorrow. In the STOXX 600, Insurance and Household led the gains whereas Pharma and Constructions were the worst performers. On the macro side, the ECB will propose merging the systemic risk buffer and the countercyclical capital buffer instead of reducing the capital buffers demanded of banks. In France, the Parliament approved the social security budget for 2026. In the US, the SMEs confidence index (NFIB) climbed more than expected in November and job openings (JOLTs) rose unexpectedly in October. Lastly, D. Trump outlined that the Fed candidates (Hassett, Warsh, Waller and Bowman) should back rate rate cuts while he refused to rule out the intervention in Venezuela. In Mexico, November’s inflation rose to 3.8% whereas the core data climbed to 4.4% (both above the consensus). In China, November’s inflation rose in line with expectations to 0.7% YoY whereas the drop in production prices aggravated more than expected.
What we expect for today
European stock markets would open with drops of around -0.2%. Currently, S&P futures are up +0.04% (the S&P 500 ended down -0.26% vs. the European closing bell). Asian markets are sliding (China’s CSI 300 -0.30%, Japan’s Nikkei -0.18% and Korea’s Kospi -0.13%).
Today in the US the Fed will hold its meeting, in Brazil the Central Bank will meet and we will learn November’s inflation.
COMPANY NEWS
CHANGES IBEX 35. Technical Advisory Committee to meet at today’s closing bell. We do not expect any changes.
At today’s closing bell the Technical Advisory Committee of the IBEX 35 will meet in its second follow-up meeting of the year. We do not expect any changes in components.
SACYR. Accelerated bookbuild of 5.12% capital. OVERWEIGHT.
At yesterday’s closing bell, Manuel Lao, through his holding Nerifan (5.12% del capital) announced an accelerated bookbuild of his total stake (40.8 M shares) among institutional investors. The bookbuild has yet to be completed but yesterday’s market rumours suggested a € 3.70/sh. price (-6.5% vs. yesterday’s close). This transaction takes place after the good recent share price performance (+24% YtD). Other relevant shareholders: Disa (Carceller)/Satocán 14.59%, Prilou (Loureda) 6.74%, G. Fuertes 6.32%, Beta Asociados (Moreno) 4.6%.
Grupo Catalana Occidente is an insurance group based in Spain. Co. is engaged in insurance and reinsurance activities, including commercial, life, disability, and automobile insurance. Co. is also engaged in the sale of annuities and pension funds. Co.'s operations are organized along two businesses: Traditional business (insurance) and Credit Insurance business. Co.'s main markets are located in Spain, Germany, United Kingdom, France and the Netherlands. Co. maintains a presence in more than 40 countries.
Indra Sistemas is engaged in the design, development, manufacture, assembly, repair, and installation of computer software and applications. Through its subsidiaries, Co. is engaged in consulting, graphic design and multimedia, web design and marketing, internet development and electronic trade, systems integration and hosting geared business to business and business to consumer, as well as in internet financing and electronic marketing. Co. serves defense and security, transport and traffic, energy and industry, telecom and media, finance and insurance, and public administration and healthcare markets. Co. operates primarily in Europe, the United States, Canada, and Latin America.
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.
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