IBERIAN DAILY 19 JULY + 2Q’24 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: OHLA, REPSOL, TALGO.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 2Q’24 results to be released over the coming days in Spain.
ECB not enough for the markets
The ECB’s message did not spur the European market, diluting the gains and ending in losses, also dragged down by the drops in the US. In the STOXX 600, the best-performing sectors were Household Goods and Autos, with Technology and Travel & Leisure ending with the biggest losses. On the macro side, in the UK the ILO unemployment rate for May remained at the previous 4.4%, while the number of unemployed for June came in below expectations. In the euro zone, the ECB kept interest rates unchanged and gave no clues on September’s decision. In the European Parliament, von Leyen was renamed Chair of the EC for her second term. In France, Macron’s candidate, Y. Braun-Pivet, was elected as President of the Assembly. In the US, weekly jobless claims and July’s Philadelphia Fed index rose more than expected. Separately, several media outlets suggest Biden would be considering withdrawing from the Presidential race. In Japan, June’s core inflation rose less than expected to 2.6% YoY. In US business results, DR Horton, Abbot and Netflix beat expectations.
What we expect for today
Stock markets would open today with gains, with growth outperforming value. Currently, S&P futures are up +0.24% (the S&P 500 ended -0.78% lower vs. the European closing bell). Asian stock markets are climbing (China’s CSI 300 +0.28%, Japan’s Nikkei +0.07%).
Today in the UK we will learn June’s retail sales. In US business results, American Express, Travelers and Halliburton, among others, will release their earnings.
Obrascon Huarte Lain is an international concession and construction groups based in Spain. Co. maintains significant operations in 30 countries across all five continents. Co. is engaged in hospital and railway construction, transport infrastructure concessions, oil and gas, energy, solids handling and fire protection systems and international contracts. Co.'s operations are organized along four divisions: OHL Concesiones, OHL Construccion, OHL Industrial y OHL Desarrollos. Co. is also engaged in real state project developments of mixed use managed by the international hotel chains.
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.
Talgo is engaged in designing, manufacturing, repairing and maintaining the railway rolling stock, as well as the manufacturing, assembling, repairing and maintaining the engines, machinery and parts of the railway systems. Co. has an industrial presence in seven countries: Spain, Germany, Kazakhstan, Uzbekistan, Russia, Saudi Arabia and U.S.A. Co. has an active fleet in Europe, Asia and North America that comprises of 94 high-speed trains and more than 1,400 Talgo tilting passenger cars. Also, Co. purchases, redesigns, constructs, leases and sells all types of real estate.
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