IBERIAN DAILY 06 AUGUST (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: IBERDROLA, SOLARIA.Calm on stock markets
European stock markets saw a decreasing performance with low volume where the earnings calendar and the possible rate cut by the Fed in September continued to set the pace. Thus, in the STOXX 600 most sectors (16/20) ended with gains, led by Autos and Basic Resources vs. Consumer Goods and Utilities that were the worst performers. On the macro side, in the euro zone, July’s final services PMI was cut although remained at levels consistent with expansion. In Spain, June’s industrial output climbed, as opposed to expectations. In the US, the non-manufacturing ISM fell, as opposed to expectations, and June’s trade balance dropped more than expected. In terms of tariffs, D. Trump threatened again Europe with 30% tariffs if the latter fails to meet the US$ 600 Bn investments in the US over the next 3 years. In US business results, Pfizer, Zoetis and Fox beat expectations, Marriot was in line and Yum! came in below expectations.
What we expect for today
European stock markets would open with slight gains, extending the positive trend seen this week. Currently, S&P futures are up +0.35% (the S&P 500 ended -0.25% lower vs. the European closing bell). Asian markets are climbing (China’s CSI 300 +0.08% and Japan’s Nikkei +0.54%).
Today in the euro zone we will learn June’s retail sales. In US business results Uber, Walt Disney and McDonalds, among others, will release their earnings.
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.
Solaria Energia y Medio Ambiente manufactures both solar and thermal cells and panels, rolls out turnkey projects for large installations, operates solar plants and generates electricity through its owned plants.
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