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At the end of today’s report, and during the entire results season, we will include a presentation with positive and negative results highlights and previews for the 1Q’21 results to be released over the coming days in Spain.
MARKETS YESTERDAY AND TODAY
Spain standing out in Europe
Profit taking in European stock markets in a transition session, awaiting the release of new 1Q’21 results in a week with a battery of macroeconomic news. Thus, the main driver was the new widening in debt curves (+2/+3bps) that benefited value relatively once more and where the Ibex ended with the best relative performance in Europe. In the Euro STOXX Household Goods and Banks were the best performers while Automobiles and Technology ended with the biggest drops. On the macro side, in Brazil, February’s economic activity index rose unexpectedly. In China, the PBoC kept the main loan rate unchanged, as expected In US business results, CocaCola and M&T Bank beat expectations.
What we expect for today
European markets would open with a slightly bearish slant, where the banks would be in the spotlight after the comments made by A. Enria (Chair of the ECB supervisory board) regarding deficiencies in internal risk models. Currently, S&P futures are up +0.2% (the S&P 500 ended practically unchanged vs. its price at the closing bell in Europe). Volatility in the US rose (VIX 17.29). Asian markets are trading with mixed results (China’s CSI 300 +0.4% and Japan’s Nikkei -2.1%).
Today in the UK we will learn February’s ILO unemployment rate. In US business results, Travelers, Procter&Gamble, Johnson&Johnson and Phillip Morris, among others, will release their earnings. Debt auctions: Spain (€ 2.5 Bn in 3M and 9M t-bills) and Germany (€ 4 Bn in bonds due 2031).
COMPANY NEWS
1Q’21 Results highlights and rest of previews.
Among the companies releasing their earnings next week, on the positive side, we stress Santander (release date 28/04) and Indra (release date 27/04). In the case of Santander, we believe that the 1Q’21 Results would consolidate the Operating Net Profit guidance’21 of €~6.5 Bn having been met (RoTE ~10%), which could lead to improved estimates. In Indra, even though results will continue to be marked by Covid-19 and the exchange rate, we would start to see a slight improvement that could act as a driver given the strong share price underperformance from pre-Covid-19 levels (-29% in absolute terms and -16% vs. IBEX).
IBERIAN DAILY 20 APRIL + 1Q’21 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: LOGISTA.At the end of today’s report, and during the entire results season, we will include a presentation with positive and negative results highlights and previews for the 1Q’21 results to be released over the coming days in Spain.
MARKETS YESTERDAY AND TODAY
Spain standing out in Europe
Profit taking in European stock markets in a transition session, awaiting the release of new 1Q’21 results in a week with a battery of macroeconomic news. Thus, the main driver was the new widening in debt curves (+2/+3bps) that benefited value relatively once more and where the Ibex ended with the best relative performance in Europe. In the Euro STOXX Household Goods and Banks were the best performers while Automobiles and Technology ended with the biggest drops. On the macro side, in Brazil, February’s economic activity index rose unexpectedly. In China, the PBoC kept the main loan rate unchanged, as expected In US business results, CocaCola and M&T Bank beat expectations.
What we expect for today
European markets would open with a slightly bearish slant, where the banks would be in the spotlight after the comments made by A. Enria (Chair of the ECB supervisory board) regarding deficiencies in internal risk models. Currently, S&P futures are up +0.2% (the S&P 500 ended practically unchanged vs. its price at the closing bell in Europe). Volatility in the US rose (VIX 17.29). Asian markets are trading with mixed results (China’s CSI 300 +0.4% and Japan’s Nikkei -2.1%).
Today in the UK we will learn February’s ILO unemployment rate. In US business results, Travelers, Procter&Gamble, Johnson&Johnson and Phillip Morris, among others, will release their earnings. Debt auctions: Spain (€ 2.5 Bn in 3M and 9M t-bills) and Germany (€ 4 Bn in bonds due 2031).
COMPANY NEWS
1Q’21 Results highlights and rest of previews.
Among the companies releasing their earnings next week, on the positive side, we stress Santander (release date 28/04) and Indra (release date 27/04). In the case of Santander, we believe that the 1Q’21 Results would consolidate the Operating Net Profit guidance’21 of €~6.5 Bn having been met (RoTE ~10%), which could lead to improved estimates. In Indra, even though results will continue to be marked by Covid-19 and the exchange rate, we would start to see a slight improvement that could act as a driver given the strong share price underperformance from pre-Covid-19 levels (-29% in absolute terms and -16% vs. IBEX).
Underlying
Logista (LOG SM)
Provider
Sabadell
Research Department
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