IBERIAN DAILY 03 SEPTEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: IBERDROLA, TALGO.The Ibex kicks off September at 11,400 points
European stock markets kicked off September with slight gains and without any references from the US and Canada that were closed for holiday. Meanwhile, markets await the employment data to be released next Friday in the US that could determine the extent of the Fed’s rate cut. Thus, in the STOXX 600, Real Estate (with possible M&A deals in the UK) and Telecoms were the best performers whereas Retail and Industrial posted the biggest drops. On the macro side, in the euro zone, August’s final manufacturing PMI improved two tenths vs. the preliminary data whereas in Spain it fell unexpectedly. In Spain, the government will announce tomorrow the next BoS governor. In South Korea August’s inflation dropped more than expected, converging to the 2.0% target, which opens the door to rate cuts in October. On another note, August was the best month for Tesla this year in China, with sales growing +3.0% YoY and the company announced the manufacturing of the Y model with 6 seats.
What we expect for today
Stock markets would open with slight gains and the good performance of the financial sector. Currently, S&P futures are down -0.17% (the S&P 500 was closed for holiday). Asian markets are mixed (China’s CSI +0.12% and Japan’s Nikkei -0.07%).
Today in the US we will learn August’s manufacturing ISM, July’s construction spending and in Brazil the final reading of the 2Q’24 GDP.
COMPANY NEWS
TALGO, UNDERWEIGHT
According to the press, Trilantic (controlling slightly
Iberdrola is a holding company. Through its subsidiaries, Co. operates in four segments: network business, which includes all the energy transmission and distribution activities, and other regulated activity originated in Spain, the U.K., the U.S. and Brazil; deregulated business, which includes electricity generation and sales businesses as well as gas trading and storage businesses carried on by Co. in Spain, Portugal, the U.K. and North America; renewable business, with activities related to renewable energies in Spain, the U.K., the U.S. and the rest of the world; and other businesses, including the engineering and construction businesses and the non-power businesses.
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.
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