IBERIAN DAILY 05 JUNE (ANÃLISIS BANCO SABADELL)
NEWS SUMMARY: BANKING SECTOR, MÃSMÓVIL, TELEFÓNICA.MARKETS YESTERDAY AND TODAY
Slight profit taking in Europe
Global stock markets fell after a week of gains, and despite the announcements from the ECB. In the Euro STOXX, Media and Banks were the sectors posting the biggest gains, whereas Autos and Pharma fell the most. On the macro side, in the euro zone April’s retail sales fell slightly less than expected to -11.7u% YoY vs. -11.2% in March. Meanwhile, the ECB announced an increase in the PEPP to € 600 Bn through June’21 and the reinvestment through 2022, also announcing that it revised the GDP’20 to -8.7%. In Spain, the Govt. lowered the forecast collection from the Tobin tax to € 968 M and clarified that there will be no international tourism until 1 July. In the US, weekly jobless claims came in above expectations, non-farm productivity for 1Q’20 was raised to -0.9% QoQ from the preliminary -2.5% and 1.2% in 4Q’19. Lastly, April’s trade deficit rose more than expected. In Japan, household spending fell less than expected in April. As for the OPEC+ meeting, Saudi Arabia and Russia would have reached an agreement with Iraq to extend production cuts this weekend.
What we expect for today
Stock markets would open with gains of close to +1.0%, with doubts on the Retail sector (Inditex) following the poor data released by GAP. Currently, S&P futures are up +0.55% (the S&P 500 was practically flat vs. its price at the closing bell in Europe). Volatility in the US rose (VIX 25.81%). Asian markets are rising (Japan +0.47% and Hong Kong +0.25%).
Today in Spain we will learn April’s industrial output, in Germany April’s factory orders, in the US May’s employment, non-farm job creation, unemployment rate and salary gains and in Mexico March’s fixed investment.
Masmovil Ibercom SA, formerly World Wide Web Ibercom SA, is a Spain-based company primarily engaged in the telecommunication sector. The Company focuses on the sale and distribution services for Internet, Data Center and Telecommunications. The Company's product and services portfolio comprises Internet access through Asymmetric Digital Subscriber Line (ADSL) and Symmetric Digital Subscriber Line (SDSL) technologies, Internet domains and Domains Management and Registration Service through IberDNS application, Web hosting, virtual servers, dedicated servers, telephony services and routers. The Company also offers collocation services through two Internet Data Centers located in Madrid and San Sebastian. It operates through subsidiaries, such as Embou Nuevas Tecnologias SL and Ebesis Sistemas SL, among others. The Company owns a number of brand names, such as Pepephone, Yoigo and Llamaya.
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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