IBERIAN DAILY 08 OCTOBER (ANÃLISIS BANCO SABADELL)
NEWS SUMMARY: ELECTRICITY & GAS SECTOR, IAG, PROSEGUR, RED ELÉCTRICA, TALGO, VOCENTO.MARKETS YESTERDAY AND TODAY
Awaiting the trade talks
European stock markets followed Friday’s gains in the US with gains of around +1.0%. Within the Euro STOXX, almost all sectors posted gains, with Basic Resources and Travel & Leisure being the best performers vs. Financial Services (which saw losses) and Construction. On the macro side, in Germany, August’s factory orders contracted more than expected. In the Euro zone, the Sentix index fell more than expected in October. As for Brexit, the Superior Court of Edinburgh will not legally force B. Johnson to ask for an extension if a deal is not struck. In the US, from the Fed, N. Kashkari was sceptical about cutting interest rates further, although he left the door open to other tools in the event of a recession. Separately, the US government would place restrictions on up to 28 Chinese public and security companies, including Hikvision, while Trump insists that he wishes to strike an agreement with the Asian country. In Mexico, fixed investment contracted somewhat less than expected in July. In China, September’s Caixin Services PMI contracted more than expected to 51.3 vs. 52.1 previously.
What we expect for today
Stock markets would see a slightly bullish opening.
Currently, S&P futures are up +0.33% (the S&P 500 was down -0.51% vs. its price at the closing bell in Europe). Volatility in the US rose (VIX 17.86%). The Asian markets that are open are climbing (Hong Kong +0.73% Japan +1.07%).
Today we will learn: in Spain, August’s industrial output; in the US, September’s production prices. In debt auctions: Spain (€ 5 Bn in 6M and 12M T-bills), Netherlands (€ 2 Bn in bonds due 2075) and Germany (€ 500 M in I/L bonds due 2030).
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.
Red Electrica is engaged in the transmission of electrical energy, the operation of the system and the management of the transmission network in the Spanish electricity system. In addition, through its subsidiaries, Co. is engaged in the acquisition, holding and management of foreign securities, co-ordination of international exchanges, provision of telecommunications services for third parties, provision of consultancy, engineering and construction services outside the Spanish electricity system, securing of funds, carrying out of financial transactions and provision of financial services.
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.
Vocento is engaged in the editing, distribution and sale of unit or periodic publications of general, cultural, sport, artistic or any other nature type of information, as well as the printing and sale of printing warehouses and any other activities related to the editorial industry and graphic arts. Co. is also engaged in the establishment, utilization and sale of radio stations, television stations and other types of installations for the emission, production and promotion of audiovisual media, as well as the production, edition and distribution of discs, tapes, magnet phonic tapes, programs, films and all other types of communication media.
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