IBERIAN DAILY 19 MAY (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: NH HOTELES, REPSOL.Debt ceiling negotiations fuel stock markets
The European stock markets celebrated the good tone of the negotiations between Democrats and Republicans to raise the debt ceiling, rising by around +1% and driven by cyclical stocks. The Ibex, however, lagged behind, closing flat at 9,200 points once again. Thus, within the Euro STOXX, most sectors posted gains, led by Technology and Autos, whereas Real Estate and Utilities saw the biggest drops. On the macro side, in the US, second-hand home sales fell more than expected for the second consecutive month and the Philadelphia Fed index recovered more than expected in May. From the Fed, L. Logan (Dallas Fed) stated that a pause in rate hikes is not yet appropriate. In Mexico, the Central Bank kept the benchmark rate unchanged at 11.25%, as expected. In Japan, inflation rose in April to 3.4%, as expected, with core inflation soaring to 4.1%, 41-year highs.
What we expect for today
European stock markets would open with gains of around +0.4%, which would be reeled in over the course of the session. Currently, S&P futures are up +0.18% (the S&P 500 ended +0.51% higher vs. the European closing bell). Volatility in the US dropped (VIX 16.05). Asian stock markets are mixed (China’s CSI 300 -0.22%, Japan’s Nikkei +0.75%).
The G7 summit begins today (until 21 May). Also we will learn in Brazil March’s economic activity.
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.
NH Hotel is engaged in the operation and management of hotels throughout Spain, the Benelux countries, Germany, and South America.
Repsol is an oil and gas company. Co. is engaged in all the activities relating to the oil and gas industry, including exploration, development and production of crude oil and natural gas, transportation of oil products, liquefied petroleum gas (LPG) and natural gas, refining, the production of a wide range of oil products and the retailing of oil products, oil derivatives, petrochemicals, LPG and natural gas, as well as the generation, transportation, distribution and supply of electricity. Co. operates in more than 40 countries. Co.'s operations are divided into four segments: Upstream, Downstream, LNG and Gas Natural Fenosa.
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