IBERIAN DAILY 21 MAY (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: MERLIN PROPERTIES, REPSOL, VOCENTO.MARKETS YESTERDAY AND TODAY
Stock markets remain highly underpinned
Stock markets managed to reel in the losses from the previous session, with gains increasing after the positive employment data in the US. The Euro STOXX rose by +1.0%, underpinned by the gains posted by Technology and Autos, whereas only Energy and Insurance saw slight corrections. On the macro side, in the US, the weekly jobless claims fell more sharply than expected, hinting at a recovery of employment in May. Separately, the Philadelphia Fed index contracted more than expected in May, setting the pace for the rest of leading indicators: a gradual decline as the remainder of the year progresses. On another note, Biden softened his stance about the 15% minimum global tax from 21% previously. On the geopolitical front, Iran suggested that it is in advanced negotiations with the US to restore the 2015 nuclear deal while China warned the US about the violation of entering its territorial waters in the South China Sea. In Japan, May’s manufacturing and services PMIs fell to 52.5 while core inflation dropped more than expected.
What we expect for today
European stock markets would open with gains
Merlin Properties SOCIMI SA is a Spain-based company engaged in the operation of a real estate investment trust (REIT). The Company focuses on the acquisition, management and rental of commercial properties located in the Iberian Peninsula, primarily in Spain. The Company's activities are divided into the following segments: Office buildings, operating a portfolio of office space; High-street retail, engaged in leasing retail stores; Shopping centers, engaged in managing department stores; Logistics, operating logistics warehouses and distribution centers, and Others. The Company's other activities include property management services rendered to third parties.
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.
Vocento is engaged in the editing, distribution and sale of unit or periodic publications of general, cultural, sport, artistic or any other nature type of information, as well as the printing and sale of printing warehouses and any other activities related to the editorial industry and graphic arts. Co. is also engaged in the establishment, utilization and sale of radio stations, television stations and other types of installations for the emission, production and promotion of audiovisual media, as well as the production, edition and distribution of discs, tapes, magnet phonic tapes, programs, films and all other types of communication media.
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