IBERIAN DAILY 17 SEPTEMBER (ANÃLISIS BANCO SABADELL)
NEWS SUMMARY: ELECTRICITY AND GAS SECTOR, SIEMENS-GAMESA, TALGO.MARKETS YESTERDAY AND TODAY
Crude oil draws the attention
The attacks to Aramco’s facilities marked the session, affecting ~6% of global supply and with oil prices skyrocketing (the highest daily rise wince 1991), although several countries confirmed that reserves will offset the deficit of the wholesale market. In the Euro STOXX only Energy saw gains and Telecoms showed a sideways performance, while Personal Consumption and Banks reported the biggest drops. On the macroeconomic level, in Spain, the Spanish Statistics Institute cut 2018 GDP to 2.4% (-0.2pp) while the average of revisions of the Funcas panel cut 2019 growth to 2.2% (-0.1pp). In the euro zone, the ECB chief economist, P. Lane, admitted discrepancies in the approval of the stimulus programme, expecting the current measures to bolster inflation by 0.2-0.3pp. In the US, September’s manufacturing Empire dropped more than expected. On another note, Trump announced before the Congress a limited trade and digital agreement with Japan while top meetings with China are expected in October. In China, home prices slowed down in August.
What we expect for today
Stock exchanges would see a slightly bearish opening in view of the geopolitical uncertainty and despite the fact that the US does not wish a war with Iran. Currently, S&P futures are up +0.09% (the S&P 500 closed unchanged vs. its price at the closing bell in Europe). Volatility in the US rose (VIX 14.75%). The Asian markets that are open are falling (Hong Kong -1.46% and Japan -0.09%).
Today we will learn in Germany September’s ZEW index, in the US September’s NAHB index and August’s industrial output. In debt auctions: Spain (€ 2.5 Bn in 3M and 9M T-bills).
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.