Report
Research Department
EUR 100.00 For Business Accounts Only

IBERIAN DAILY 29 DECEMBER (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: IBERDROLA, OHLA, SIEMENS GAMESA, TELEFÓNICA, UNICAJA.

MARKETS YESTERDAY AND TODAY

The S&P 500 continues to hit new highs
It was a bullish session for stock markets yesterday, with the main European indices posting further gains underpinned by the good performance of the US stock markets following the new all-time highs reached by the S&P 500. Optimism continued regarding the new Covid variant after a number of papers confirmed the lesser lethality and virulence of Omicron with respect to previous variants. Thus, within the Euro STOXX, the best-performing sectors were Utilities and Media vs. the worse relative performance of Basic Resources and Travel & Leisure. On the macro side, in the US we highlight the improvement in October’s housing price index and the better Richmond manufacturing data for November. In Spain, the Congress of Deputies passed the General State Budget 2022 after voting in favour of a small amendment proposed by the Senate.
What we expect for today
The European stock markets would open with slight losses, consolidating yesterday’s gains. Currently, S&P futures are up +0.12% (the S&P 500 ended flat yesterday vs. its level at the European closing bell). Volatility in the US dropped (VIX 17.5). Asian markets are falling (China’s CSI 300 -1.26% and Japan’s Nikkei -0.56%).
Today we will learn in the Euro zone November’s M3 money supply and in the US November’s pending home sales.
Underlyings
Iberdrola SA

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.

Obrascon Huarte Lain SA

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.

SIEMENS GAMESA (SGRE SM)

Telefonica SA

Telefonica is engaged in the provision of public or private telecommunications services, including ancillary or complementary telecommunications services or related services. Co.'s fixed business includes: traditional fixed telecommunication services, Internet and broadband multimedia services, data and business-aplications services, and wholesale services for telecommunication operators. Co. also provides a range of mobile and related services and products to consumer and business customers, including mobile voice services, value added services, mobile data and Internet services, wholesale services, corporate services, roaming, fixed wireless, and, trunking and paging.

Unicaja Banco S.A.

Unicaja Banco SA is a Spain-based financial institution (the Bank) engaged in the banking sector. The Bank offers services to individual and business customers. Its products and services range includes current and savings accounts, debit and credit cards, consumer and commercial loans, real estate credit, securities brokerage, funds management, leasing, factoring, pension plans, life and non-life insurance, international trade financing, money transfer, as well as treasury, among others. The Bank operates a number of branches in Spain and Morocco. The Bank is controlled by Fundacion Bancaria Unicaja.

Provider
Sabadell
Sabadell

Analysts
Research Department

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