Report
Research Department
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IBERIAN DAILY 21 FEBRUARY (ANÁLISIS BANCO SABADELL)

MARKETS YESTERDAY AND TODAY

The results campaign is unconvincing
Profit taking in European peripheral markets after a day full of results releases. In the Euro Stoxx, the biggest gains came in the sectors most linked to the external sector such as Basic Resources and Autos, with Retail and Insurance falling the most. On the macro side, in the euro zone, the ECB’s minutes from the 22 January meeting showed symptoms of the economy stabilising, although the US-China trade agreement poses an exclusion risk for the euro zone. L. de Guindos also noted that the negative effects of heterodox monetary policy. In the US, the Philadelphia Fed index for February shot up unexpectedly, with weekly jobless claims rising in line with expectations. From the Fed, R. Clarida suggested investments are recovering, and he does not expect a significant impact on Chinese growth from the coronavirus. Lastly, the USDA chief economist warned that China will fall far below its agricultural product purchase commitment in 2020. In Japan, January’s inflation figure slowed in line with expectations and the manufacturing PMI once again fell in February, ending up at 48.8, with the services PMI falling from 51 to 46.7. In China, the M2 money supply fell more than expected in January. In US business results, Viacomm disappointed and American Electric was in line.
What we expect for today
Stock markets would open with new drops on fears about the coronavirus. Currently, S&P futures are down -0.43% (the S&P 500 closed +0.45% lower vs. its price at the closing bell in Europe). Volatility in the US rose (VIX 15.56%). The Asian markets that are open are falling (Japan -0.39% and Hong Kong -0.87%).
Today in the euro zone we will learn February’s preliminary manufacturing and services PMI and January’s inflation and in the US January’s second-hand home sales. In US Results, Pinnacle West and Deere, among others, will release their earnings.
Underlying
Almirall SA

Almirall is engaged in the acquisition, manufacture, storage, sale and mediation in the sale of pharmaceutical specialties and products and all manner of raw materials used to prepare pharmaceutical specialties and products. Also, Co. acquires, manufactures, storages, sales and mediates in the sale of cosmetics, chemical, biotechnological and diagnostic products for human, veterinary, agrochemical and food-industry use, as well as all manner of utensils, complements and accessories for the chemical, pharmaceutical and clinical industries. In addition, Co. is engaged in the acquisition, sale, lease, subdivision and development of land lots, land and properties of all kinds.

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Sabadell
Sabadell

Analysts
Research Department

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