IBERIAN DAILY 02 NOVEMBER + 3Q’20 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: IAG, MERLIN PROPERTIES, OHLL.At the end of today’s report, and during the entire results season, we will include a presentation with positive and negative results highlights and previews for the 3Q’20 results to be released over the coming days in Spain.
MARKETS YESTERDAY AND TODAY
With the eyes set on the US elections
The good macroeconomic data released in Spain, France, Germany and the euro zone (3Q’20 GDP) underpinned European stock markets and erased the initial losses following the disappointment of results released by some US technological groups. Thus, in the Euro STOXX, Energy and Travel&Leisure were the best relative performers vs. Technology and Retail (hit by fears on lower consumption) that were the worst performers. In the US, positive macroeconomic data (personal income and outlays in line and Michigan consumer confidence rising above expectations). In China, October’s manufacturing and services PMI rose. In US Results Colgate, Exxon, AAon and Under Armour, among others came in better than expected.
What we expect for today
European stock markets would open with slight gains following the good activity data in China amid new lockdowns (UK or Austria) and crude oil prices at 5-month lows. Currently, S&P futures are up +0.33% (the S&P 500 closed flat vs. its price at the closing bell in Europe). Volatility in the US rose slightly (VIX 38.02%). Asian markets are climbing (Hong Kong +0.75%, Japan +1.7%).
Today, in Spain, Germany and the Euro zone we will learn the manufacturing PMI, in the US manufacturing ISM (October) and construction expenses (September). Auctions: Holland (€ 3 Bn in 3 & 9M T-bills) and Germany (€ 1.5 Bn in 6M T-bills). In US business results, FirstEnergy, Loews, PayPal, Skyworks, Emerson electric and Sysco, among others, will release their earnings.
International Airlines Group is an international scheduled airline and global premium airlines. Co.'s principal place of business is London with significant presence at Heathrow, Gatwick and London City airports.
Merlin Properties SOCIMI SA is a Spain-based company engaged in the operation of a real estate investment trust (REIT). The Company focuses on the acquisition, management and rental of commercial properties located in the Iberian Peninsula, primarily in Spain. The Company's activities are divided into the following segments: Office buildings, operating a portfolio of office space; High-street retail, engaged in leasing retail stores; Shopping centers, engaged in managing department stores; Logistics, operating logistics warehouses and distribution centers, and Others. The Company's other activities include property management services rendered to third parties.
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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