reports
- Research Department
IBERIAN DAILY 30 JUNE (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: IBERDROLA, REDEIA. Lower trade and geopolitical risks It was a week of gains on European stock markets, underpinned by the ceasefire between Israel and Iran and the expectations of a trade agreement with the US. Thus, in the STOXX 600, the best-performing sectors on the week were Construction and Travel & Leisure, whereas Food and Energy ended with the biggest drops. On the macro side, in the euro zone June’s economic confidence index worsened unexpectedly. In Spain, June’s prelim...
- Research Department
INFORME DIARIO 30 JUNIO (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: IBERDROLA, REDEIA. EUROPA: KERING Menores riesgos comerciales y geopolíticosSemana de ganancias en los índices europeos, apoyados por el alto al fuego entre Israel e Irán y las expectativas de acuerdo comercial con EE.UU. Así, en el STOXX 600 los mejores sectores de la semana fueron Construcción y Viajes&Ocio mientras que Alimentación y Energía terminaron con las mayores caídas. Por el lado macro, en la Eurozona el índice de confianza económica de ju...
- Research Department
INFORME DIARIO 27 JUNIO (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: IBERDROLA, OHLA, REDEIA, REPSOL. El mercado de divisas, nuevo foco de atención Jornada mixta en las bolsas europeas, que cotizaron divididas con la vista puesta en el dólar y el nuevo retroceso que sufrió ayer, cayendo a mínimos de 2022. En el STOXX 600 R. Básicos e Industriales fueron los sectores que más subieron, frente a las mayores caídas de Hogar y B. de Consumo (sectores con bastante exposición a dólar). Por el lado macro, en EE.UU. el PIB 1...
- Research Department
IBERIAN DAILY 27 JUNE (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: IBERDROLA, OHLA, REDEIA, REPSOL. Spotlight now on the currency market It was a mixed session on European stock markets, which were a mixed bag with all eyes on the dollar and the drop it suffered yesterday, falling to a low since 2022. In the STOXX 600, Basic Materials and Industrials were the sectors rising the most, with Household Goods and Consumer Goods falling the most (sectors highly exposed to the USD). On the macro side, in the US the 1Q’25 GDP was lowered in its third rea...
- Suvi Platerink Kosonen
Bank Capital/It's getting hot in here
We take a look at the broad developments in euro-denominated AT1 markets. So far this year the tight trading levels have reflected as banks continuing to remain very active in primary markets. With the uncertain geopolitical landscape, we would remain selective on issuers and in terms of bonds.
- Carole Braudeau
- Carole Braudeau
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
- Research Department
IBERIAN DAILY 16 JUNE (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: AEDAS HOMES, CAIXABANK, CHANGES IBEX, ELECTRICITY SECTOR, NEINOR HOMES, TELEFÓNICA. Geopolitical tensions in the Middle East halt stock market gains The trade agreement between the US and China, and the solid inflation data in the US, were overshadowed by the increased geopolitical tensions between Iran and Israel. In the STOXX 600, the best-performing sectors and the only ones in positive territory were Energy, Utilities and Pharma, with Financial Services and Telecoms falling th...
- Research Department
INFORME DIARIO 16 JUNIO (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: AEDAS, CAIXABANK, CAMBIOS IBEX, NEINOR, SECTOR ELECTRICO ESPAÑA, TELEFÓNICA. EUROPA: KERING, UNICREDIT. La tensión geopolítica en Oriente Medio frena la subidas de las bolsas El acuerdo comercial entre EE.UU. y China y los buenos datos de inflación en EE.UU. se vieron ensombrecidos por el incremento de las tensiones geopolíticas entre Irán e Israel. En el STOXX 600 los mejores sectores y los únicos en positivo fueron Energía, Utilities y Farma, fr...
- Research Department
IBERIAN DAILY 11 JUNE (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: CHANGES IBEX 35, INDITEX, SACYR. Flat stock markets Stock markets remained calm, awaiting relevant macroeconomic data (May’s inflation will be released today in the US) or newsflow on the negotiations with China. In the STOXX 600, the best-performing sectors were Autos and Energy, whereas Banks and Financial Services ended with the biggest drops. On the macro side, in the euro zone, June’s Sentix index climbed more than expected to the highest level in one year, also providing the...
- Research Department
INFORME DIARIO 11 JUNIO (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: CAMBIOS IBEX, INDITEX, SACYR. Bolsas planas Continuó la tregua una jornada más, con pocos movimientos a la espera de datos macro relevantes (hoy se publica la inflación de mayo en EE.UU.) o novedades en las negociaciones con China. En el STOXX 600 los mejores sectores en positivo fueron Autos y Energía, frente a Bancos y Servicios Financieros que fueron los que más cayeron. Por el lado macro, en la Eurozona el índice Sentix de junio repuntó más de ...
- Jeroen van den Broek
- Timothy Rahill
Credit Outlook update/An unstoppable force against an immovable object
As we approach summer and reflect upon the already very busy and volatile first half of the year, we review our Credit Markets Outlook for 2025 and offer an update on our views, positioning and forecasts for the remainder of the year. We include our Picks and Pans on the Utilities, TMT, Real Estate and Bank sectors.
GFC GECINA SA
PBB DEUTSCHE PFANDBRIEFBANK AG
PSA PUBLIC STORAGE
RBI RAIFFEISEN BANK INTERNATIONAL AG
WKL WOLTERS KLUWER NV
ORSTED ORSTED
DTE DEUTSCHE TELEKOM AG
ICAD ICADE SA
DLR DIGITAL REALTY TRUST INC.
TEF TELEFONICA SA
SAB BANCO DE SABADELL SA
GRDDY GRAND CITY PROPERTIES SA
- Carole Braudeau
- Carole Braudeau
- Luis Arredondo
- Research Department
IBERIAN DAILY 10 JUNE (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: AMPER, ARCELORMITTAL, CAF. All eyes on US-China negotiations The week kicked off without relevant macroeconomic data, with European stock markets sliding slightly except the Ibex that ended with sight gains. In the STOXX 600, the best-performing sectors were Travel&Leisure and Real Estate, whereas defensive industries such as Household and Utilities ended with the biggest drops. On the macro side, the Treasury Secretary S. Bessent and the Trade Secretary H. Lutnick viewed the mee...
- Research Department
IBERIAN DAILY 09 JUNE (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: CAIXABANK, ENCE, FERROVIAL, NATURGY, TELEFÓNICA, VISCOFAN. Stock markets try to climb above highs Despite the absence of good macroeconomic data last week, stock markets ended with gains, fuelled by the US (the S&P500 rose around +1.7%) and by the better employment data at the end of the week. In the STOXX 600, the best-performing sectors last weekk were Technology and Pharma, whereas Autos and Media ended with the biggest drops. On the macro side, in the euro zone, the 1Q’25 GDP ...
- Research Department
INFORME DIARIO 09 JUNIO (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: CAIXABANK, ENCE, FERROVIAL, NATURGY, TELEFÓNICA, VISCOFAN. Las bolsas siguen intentando superar los máximos A pesar de una semana sin buenos datos macro, las bolsas terminaron al alza con el empuje de EE.UU. donde el S&P 500 subió un +1,1%. En el STOXX 600 los mejores sectores de la semana fueron Tecnología y Farma frente a Autos y Media que fueron los que más cayeron. En la Eurozona el PIB 1T’25 se revisó al alza 0,3 p.p. hasta el 1,5% a/a mientras...
- Research Department
IBERIAN DAILY 28 MAY (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: AEDAS HOMES, FERROVIAL, NEINOR HOMES, REDEIA, TALGO. Debt truce and market rally The positive trend seen in stock markets in the last few weeks continued, with the Ibex lagging behind slightly. Thus, in the STOXX 600 most sectors ended with gains, led by Technology and Travel&Leisure vs. the slight drops of Construction and Utilities. On the macro side, in the euro zone, May’s economic confidence climbed more than expected although it continues to suggest weak GDP growth. In the U...
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