IBERIAN DAILY 18 SEPTEMBER (ANÃLISIS BANCO SABADELL)
NEWS SUMMARY: LAR ESPAÑA, MAPFRE, MEDIA SECTOR, RED ELÉCTRICA.MARKETS YESTERDAY AND TODAY
All eyes on oil prices and the Fed meeting
The geopolitical risk and the upcoming Fed meeting set the pace of equity markets, which closed with losses that were softened somewhat at the end of the session after being underpinned at short-term support levels. In the Euro Stoxx, Utilities and Food were the best relative performers, whereas Basic Materials and Banks performed the worst. On the macro side, in Germany September’s ZEW index was a mixed bag (the current situation index was worse than expected while the expectations index improved). In the US, September’s NAHB index rose more than expected, and August’s industrial output was better than expected. In Japan, August’s exports slowed down less than expected (-8.2% y/y) while imports show greater weakness of the internal demand.
What we expect for today
Stock markets open with doubts, awaiting the Fed meeting, where cuts of 25bps are forecasted and the institution is expected to leave the door open to new cuts if necessary although we believe that the Fed will maintain the message it has not embarked on a bearish rate cycle. in Spain the calling of elections could generate doubts on the regulated sectors mainly Utilities (where the regulation is still pending). Currently, S&P futures are unchanged (the S&P 500 closed +0.23% higher vs. its price at the closing bell in Europe). Volatility in the US rose (VIX 14.70%). The Asian markets that are open are mixed (Hong Kong -0.10% and Japan -0.14%).
Today we highlight the Fed meeting in the US. In the UK we will learn August’s inflation, in the euro zone August’s final inflation. In Brazil, the Central Bank will meet. In debt auctions: Germany (€ 1.5 Bn in bonds due 2050) and Portugal (€ 1.25 Bn in 6M and 12M t-bills).
Lar Espana Real Estate SOCIMI SA is a Spain-based company primarily engaged in the operation of retail Real Estate Investment Trusts (REITs). The Company specializes in acquiring, managing and renting real estate assets within the Spanish market. Its business activities are divided into three segments: Shopping Centers, Offices, as well as Logistics. The Shopping Centers area is responsible for operation of a number of shopping malls, namely Txingudi, Las Huertas, Albacenter, Anec Blau, Hiper Albacenter, and Nuevo Alisal, among others. The Offices segment invests in office properties, such as Arturo Soria, Cardenal Marcelo Spinola, Egeo and Eloy Gonzalo. The Logistics division focuses on managing logistics warehouses, including Alovera I and Alovera II. The Company also owns a plot for residential properties development. It is a parent of a number of entities, such as Lar Espana Inversion Logistica SA, Gran Via Centrum Holdings SAU, Global Noctua and Puerta Maritima Ondara.
Mapfre is an insurance company based in Spain. Co. is the parent company of a group engaged in the underwriting and provision of insurance in Spain and abroad. Insurance policies provided include: life, non-life, accident, home-owner, general and health. Through its subsidiaries, Co. is also engaged in the provision of reinsurance, the management of investment funds, pension funds and pension plans, real estate and related services. On the domestic market, Co.'s activities include managing investment funds, pension funds and pension plans, real estate and other service businesses.
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.
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