IBERIAN DAILY 23 SEPTEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: LAR ESPAÑA, ROVI.Flat week on the STOXX, despite the Fed
The Fed’s well-received decision to cut interest rates by -50bps was offset by the fears surrounding Chinese demand. With this in mind, the STOXX 600 ended with slight losses, with Retail and Travel & Leisure posting the biggest weekly gains, whereas defensive sectors like Food and Pharma ended with the biggest losses. On the macro side, in the UK August’s retail sales were in line with expectations. In the euro zone, consumer confidence improved more than expected in September. In Germany, the social democratic party resisted the advance from the far right, winning the regional Brandenburg election by +1 point. In China, the PBoC cut the 14D repo rate by -10bps to 1.85%.
What we expect for today
Stock markets would open with gains of +0.5%. Currently, S&P futures are up +0.21% (the S&P 500 ended +0.17% higher vs. the European closing bell). Asian markets are rising (China’s CSI +0.63% and Japan’s Nikkei closed).
Today in the euro zone we will learn September’s preliminary manufacturing and services PMI, in Mexico July’s IGAE activity index and retail sales and in the US August’s manufacturing and services PMI and Chicago Fed index.
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.
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.
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