IBERIAN DAILY 12 AUGUST (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ROVI, TALGO.A transition session awaiting the US inflation data
It was a transition session with flat stock markets or with slight corrections and without practically any volume and macroeconomic references, awaiting the release of July’s inflation in the US today (main reference this week) amid some fears about a rise in inflation as tariffs are passed on to prices, which could delay the rate cuts expected in September in the US. Thus, in Europe in the STOXX 600 defensive sectors were the best performers after their worse relative performance in the last few sessions, mainly Telecommunications and with the exception of Utilities (that ended with slight corrections), whereas Consumer Goods, followed by Industrials and Chemicals were the worst performers. On the international trade level, D. Trump has extended the tariff truce with China for 90 days, as expected, enabling the exports of some semiconductors to China in exchange for a 15% tax. On the macro side, in Mexico, June’s industrial output slowed down more than expected.
What we expect for today
European stock markets would open with gains of around +0.3%. Currently, S&P futures are flat (the S&P 500 ended -0.15% lower vs. the European closing bell). Asian markets are climbing (China’s CSI 300 +0.5% and Japan’s Nikkei +2.15%).
Today in the euro zone and Germany we will learn August’s ZEW index, in the UK June’s ILO unemployment rate, in the US July’s inflation and SMEs confidence index and in Brazil July’s inflation.
Laboratorios Farmaceuticos Rovi is engaged in the sale of its own pharmaceutical products and the distribution of other products for which it holds licenses granted by other laboratories for specific periods, in accordance with the terms and conditions contained in the agreements entered into with said laboratories.
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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