IBERIAN DAILY 02 NOVEMBER + 3Q’21 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: IAG, SACYR, TÉCNICAS REUNIDAS.MARKETS YESTERDAY AND TODAY
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’21 results to be released over the coming days in Spain.
November set for strong start
It was a very positive session on the European stock markets, especially the Ibex, which led gains and closed almost at 9,200 points in a week marked by the Fed meeting (3 November) and the continuation of the results season. Thus, within the Euro STOXX, all sectors except for Real Estate posted gains, led by Banks and Pharma. On the macro side, in Germany, September’s retail sales fell unexpectedly. In the United Kingdom, October’s final manufacturing PMI was raised by a tenth. In the US, October’s ISM manufacturing index fell less than expected, where the expected drop in orders was offset with other items, whereas prices increased to levels near all-time highs. Separately, October’s manufacturing PMI decreased more than expected. In Brazil, October’s manufacturing PMI contracted more than expected. As for the COP26, Brazil and India announced new commitments to reduce emissions and some 100 countries pledged to curb deforestation. In US business results, Loews Corp and Hologic came in better, and Mosaic worse.
What we expect for today
European stock market would open with slight losses with the better performance of technology vs. energy and basic resources. Currently, S&P futures are down -0.12% (the S&P 500 ended unchanged vs. its price at the closing bell in Europe). Volatility in the US rose (VIX 16.41). Asian markets are sliding (China’s CSI 300 -1.2% and Japan’s Nikkei -0.4%).
Today in the euro zone we will learn the October’s final manufacturing PMI and in Spain October’s manufacturing PMI. In US business results, Under Armour, Estee Lauder, Pfizer, Ralph Lauren and T-Mobile among others, will release their earnings. As for auctions, Germany will issue € 800 M in bonds linked to inflation due 2030 and 2033.
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.
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.
Tecnicas Reunidas is a general contractor company based in Spain. Co. engages in the engineering, design, and construction of industrial facilities for refining and petrochemical, oil and gas, power, and infrastructure and industries sectors worldwide. Co. constructs nuclear plants, conventional thermal plants, and renewable energy and cogeneration facilities for power sector; refineries and facilities for petrochemicals; water treatment, desalination, waste management, air, land, and marine transport facilities; and liquefaction, and storage facilities, as well as oil and gas fields and pipelines. Co. also provides engineering, management and operating services for industrial plants.
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