EUR 100.00 For Business Accounts Only

IBERIAN DAILY 02 AUGUST (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: TELEFÓNICA, UNICAJA.

Doubts return
August kicked off with losses of around -1.0% in Europe and slightly less in the US with leading indicators showing possibly contracting growth. In the Euro STOXX, all the sectors closed with losses, led by Consumer Goods and Retail, with Household Goods and Insurance the best relative performers. On the macro side, in the euro zone July’s final manufacturing PMIs repeated the preliminary data of 42.7, far from the growth zone (>50) and confirming the lowest level since May’20, following the first lockdowns of the pandemic. June’s unemployment rate slowed one tenth of a percent more than expected to 6.4%. In the US, Fitch downgraded the country’s debt rating to AA+, one notch below the highest rating (AAA) after having placed it under negative watch in May. July’s manufacturing ISM rose less than expected and remains far from expansion territory. June’s job offers fell to its lowest level in 2 years. In Brazil, July’s industrial output slowed less than expected. In US business results, Caterpillar, Merck and Pfizer beat expectations and Global Payments was in line.
What we expect for today
European stock markets would open with losses after a very negative session in Asia following Fitch’s downgrade of the US debt rating. Currently, S&P futures are down -0.5% (the S&P 500 ended unchanged vs. the European closing bell). Volatility in the US rose (VIX 13.93). Asian stock markets are falling (China’s CSI 300 -0.91%, Japan’s Nikkei -2.26%).
Today in Spain we will learn July’s unemployment, in the US July’s ADP employment survey and in Brazil the Selic rate meeting. In US 2Q’23 Results, DuPont, Marathon Oil and MetLife, among others, will release their earnings.


COMPANY NEWS

UNICAJA. Accelerated bookbuild of 7.06% of the capital by OceanWood at € 1/sh. (-5.66%). BUY
After having announced at yesterday’s closing bell an accelerated bookbuild of up to 4.4% of the capital by OceanWood (7.4% stake), the company has just confirmed through an official market communiqué that in the end it has placed 7.06% at € 1/sh., meaning a -5.66% discount to yesterday’s closing price. OW’s stake will fall to 0.35%, which we assume it will sell on the market, and it has also announced it has forfeited its spot on the Board of Directors. Given the bookbuild’s success, we expect the drop in the share price today to be less than the discount in the placement. Other main shareholders: Fundación Unicaja (30.2%): F. CajaAstur (6.6%); Indumenta Pueri (5%); Tomas Olivo (5.2%); Norges bank (5.4%).