Credit Morning 07/01/2025

Acqua e Sapone: high cash burn in Q1 and higher leverage|Flos B&B Italia Group dissolves its joint venture with Fendi|BBVA goes ahead with Sabadell offer|

Morning Crédit 01/07/2025

Acqua e Sapone : consommation de cash importante au T1 et hausse du levier|Flos B&B Italia met fin à sa JV avec Fendi|BBVA décide de poursuivre son offre sur Sabadell|

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 06/25/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 25/06/2025

ODDO : Feu vert sous conditions du Gvt espagnol à l’OPA de BBVA sur Sa...

ODDO : Spanish government gives conditional green light to BBVA's take...

Credit Morning 06/16/2025

Renault: Luca de Meo to step down as CEO|

Morning Crédit 16/06/2025

Luca de Meo (Renault) devrait devenir CEO de Kering|

Coffee, Croissants & Credit/Telefonica, BT

S&P constructive on Telefonica, Telefonica sells another daughter company. BT's CEO shares how she wants to improve BT's performance

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...

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...

INDITEX: 1Q’25 RESULTS (ANÁLISIS BANCO SABADELL)

1Q'25 vs. 1Q'24 Results Sales: € 8.274 Bn (+1.5% vs. +3.1% BS(e) and +2.8% consensus); EBIT: € 1.641 Bn (+0.3% vs. +1.8% BS(e) and +0.9% consensus); Net Profit: € 1.305 Bn (+0.9% vs. +0.8% BS(e) and +0.8% consensus);

INDITEX: RDOS. 1T’25 (ANÁLISIS BANCO SABADELL)

Rdos. 1T'25 vs 1T'24: Ventas: 8.274 M euros (+1,5% vs +3,1% BS(e) y +2,8% consenso); EBIT: 1.641 M euros (+0,3% vs +1,8% BS(e) y +0,9% consenso); BDI: 1.305 M euros (+0,9% vs +0,8% BS(e) y +0,8% consenso).

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...

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 ...

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.

Credit Morning 06/10/2025

Telefonica and MasOrange have reportedly held informal talks about a potential acquisition of Vodafone Espagne (Bloomberg)|Review of Swiss banking regulation – Impact on UBS and Swiss Banks’ AT1|

Morning Crédit 10/06/2025

Telefonica et MasOrange aurait eu des discussions informelles sur une éventuelle acquisition de Vodafone Espagne (Bloomberg)|Suisse : révision de la réglementation bancaire – Impacts pour UBS et les AT1 des banques suisses|

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...

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 ...