IBERIAN DAILY 19 SEPTEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: LAR ESPAÑA, TELEFÓNICA.The Fed cut rates by 50bps in the end
It was a transition session with slight corrections for European stock markets that put an end to the Ibex’s rally that led it to return to 2015 highs. Thus, in the STOXX 600 Automobiles and Energy were the only sector avoiding drops, which were led by Media, Food and Consumer Goods. On the macro side, in the euro zone, August’s final monthly inflation was cut by one tenth to 0.1% (with the YoY data unchanged at 2.2%). U. Von der Leyen, president of the EC, announced the restructuring of the commission, incorporating proposals from M. Draghi’s report to boost competitiveness. In the US, the Fed cut rates by -50bps vs. -25bps expected by the consensus, cutting the average rate expected over the 2024-26 period to 4.4%, 3.4% and 2.9 (new long-term level) from 5.1%, 4.1% and 3.1% previously. The decision was not unanimous for the first time since 2005 (Bowman in favour of -25bps) and the growth scenario remained unchanged although with a slight drop in the inflation forecast for 2024-25. On another note, August’s housing starts and building permits climbed above expectations. In Brazil, the Central Bank raised the Selic rate to 10.75%, in line with the consensus expectations.
What we expect for today
Stock markets would open with gains >+1.0%, with the good performance of cyclical and growth sectors. Currently, S&P futures are up +0.91% (the S&P 500 ended -0.11% lower vs. the European closing bell). Asian markets are climbing (China’s CSI +0.81% and Japan’s Nikkei +2.56%).
Today in the UK BoE meeting. In the US we will learn September’s Philadelphia Fed index, August’s existing home sales and weekly jobless claims.
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.
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.
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