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INFORME DIARIO 24 MAYO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: MAPFRE, REPSOL, ROVI, SIEMENS GAMESA, UNICAJA. EUROPA: SAFRAN, VINCI.

Rebote técnico en las bolsas
Las bolsas europeas cerraron con ganancias superiores al +1% respaldadas por la buena apertura en EE.UU. en una sesión donde prevaleció cierta reversión del sentimiento ultra pesimista de los últimos días. En el Euro STOXX los mejores sectores fueron R. Básicos y Bancos mientras que S. Financieros y Farma terminaron con el peor comportamiento relativo. Por el lado macro, en Alemania el IFO de mayo repuntó de forma imprevista y empieza a perfila una mejoría para el 3T’22. En la Eurozona C. Lagarde apuntó a septiembre como el final de los tipos en negativo. Por otra parte, la CE advirtió a España por su elevada deuda y alto desempleo y duda de la eficacia de la reforma sobre las pensiones. En EE.UU. el índice de actividad de la Fed de Chicago de abril repuntó en línea con lo esperado. Desde la esfera política, el presidente J. Biden estaría reconsiderando los aranceles sobre China impuestos por la administración Trump. En Japón el PMI de manufacturas retrocedió en mayo menos de lo esperado (53,2) mientras que el de servicios se recuperó hasta 51,7. En China, el gobierno anunció nuevas medidas fiscales (exenciones impositivas) por 21.000 M de dólares elevando el total de estímulos a los 396.000 M de dólares.
Qué esperamos para hoy
Las bolsas europeas abrirían con caídas del -0,5% lastradas por el deterioro en las perspectivas sobre el crecimiento chino como consecuencia del confinamiento y a pesar de las medidas de estímulos. En estos momentos, los futuros del S&P cotizan con caídas del -1,25% (el S&P 500 terminó ayer sin cambios con respecto al nivel al que estaba al cierre de las bolsas europeas). La volatilidad en EE.UU. bajó (VIX 28,48). Los mercados asiáticos cotizan con caídas (CSI 300 chino -1,4%, Nikkei de Japón -0,8%).
Hoy en la Eurozona los PMI de manufacturas y servicios de mayo. En EE.UU. el índice de Richmond manufacturero de mayo y las ventas de viviendas nuevas de abril. En subastas: Holanda (2.000 M euros en bonos 2052).
Underlyings
Laboratorios Farmaceuticos Rovi S.A.

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.

Mapfre SA

Mapfre is an insurance company based in Spain. Co. is the parent company of a group engaged in the underwriting and provision of insurance in Spain and abroad. Insurance policies provided include: life, non-life, accident, home-owner, general and health. Through its subsidiaries, Co. is also engaged in the provision of reinsurance, the management of investment funds, pension funds and pension plans, real estate and related services. On the domestic market, Co.'s activities include managing investment funds, pension funds and pension plans, real estate and other service businesses.

Repsol SA

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.

Siemens AG

Siemens is a technology company. Co.'s Energy sector provides a range of products, solutions and services for generating and transmitting power. The Healthcare sector provides customers a range of medical solutions across the treatment chain. The Industry sector supplies products and solutions for industrial companies, primarily in the process and manufacturing industries. The Infrastructure & Cities sector provides a range of technologies that accelerates the capabilities of metropolitan centers and urban infrastructures. The Investments segment is comprised of Co.'s equity stakes in other companies. The Financial Services segment provides business-to-business financial solutions.

SIEMENS GAMESA (SGRE SM)

Solaria Energia y Medio Ambiente S.A.

Solaria Energia y Medio Ambiente manufactures both solar and thermal cells and panels, rolls out turnkey projects for large installations, operates solar plants and generates electricity through its owned plants.

Unicaja Banco S.A.

Unicaja Banco SA is a Spain-based financial institution (the Bank) engaged in the banking sector. The Bank offers services to individual and business customers. Its products and services range includes current and savings accounts, debit and credit cards, consumer and commercial loans, real estate credit, securities brokerage, funds management, leasing, factoring, pension plans, life and non-life insurance, international trade financing, money transfer, as well as treasury, among others. The Bank operates a number of branches in Spain and Morocco. The Bank is controlled by Fundacion Bancaria Unicaja.

VINCI SA

Vinci is engaged in building, civil engineering and facilities management. Through its subsidiaries, Co. is engaged in five divisions comprising of: the Building division which provides retail solutions including construction and fit-out in both the retail and commercial sectors; the Civil Engineering division; the Air division which provides program management, engineering and construction services to customers with airport infrastructure requirements; the Technology division; and the VINCI Facilities division which provides facilities management, repair and maintenance and small works in both the private and public sectors.

Provider
Sabadell
Sabadell

Analysts
Research Department

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