reports
- Research Department
IBERIAN DAILY 19 SEPTEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: LAR ESPAÑA, TELEFÓNICA. The Fed cut rates by 50bps in the end It was a transition session with slight corrections for European stock markets that put an end to the Ibex’s rally that led it to return to 2015 highs. Thus, in the STOXX 600 Automobiles and Energy were the only sector avoiding drops, which were led by Media, Food and Consumer Goods. On the macro side, in the euro zone, August’s final monthly inflation was cut by one tenth to 0.1% (with the YoY data unchanged at 2.2%). ...
- Research Department
INFORME DIARIO 19 SEPTIEMBRE (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: LAR ESPAÑA, TELEFÓNICA. EUROPA: BASF, DEUTSCHE TELEKOM, UNICREDIT. Finalmente la Fed se decanta por los 50 puntos de recorte Sesión de transición con leves caídas en las bolsas europeas, que cortó la racha alcista en el Ibex que le llevó a renovar máximos de 2015. Así, en el STOXX 600 tan sólo Autos y Energía esquivaron las caídas que estuvieron lideradas por Media, Alimentación y B. de Consumo. Por el lado macro, en la Eurozona la inflación mensual...
Moody's Ratings announces completion of a periodic review of ratings o...
Moody's Ratings (Moody's) has completed a periodic review of the ratings of Eni S.p.A. and other ratings that are associated with this issuer. The review was conducted through a rating committee held on 13 September 2024 in which we reassessed the appropriateness of the ratings in the context of th...
- Research Department
INFORME DIARIO 17 SEPTIEMBRE (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: COLONIAL, IBERDROLA. EUROPA: AIRBUS, UNICREDIT. El BCE se muestra más cauto y el Ibex bate un nuevo máximo del año Las bolsas europeas cerraron a la baja acompañadas de comentarios más cautos desde el BCE. En el STOXX 600 los mayores avances fueron en Retail y Hogar mientras que Tecnología y Autos terminaron con las mayores correcciones. Por el lado macro, en la Eurozona los costes laborales y los salarios del 2T’24 se moderaron hasta el 4,7% y 4,5%...
- Research Department
IBERIAN DAILY 17 SEPTEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: COLONIAL, IBERDROLA. The ECB is more cautious European stock markets ended with corrections, with more cautious comments from the ECB. Thus, in the STOXX 600 Retail and Household led gains, whereas Technology and Autos posted the biggest drops. On the macro side, in the euro zone, the 2Q’24 labour costs and wages moderated to 4.7% and 4.5%, respectively (from 5.0% and 5.2% previously). From the ECB, the chief economist P. Lane was in favour of gradually easing the monetary restric...
- Research Department
INFORME DIARIO 16 SEPTIEMBRE (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: GRIFOLS, IAG, NATURGY. EUROPA: ENI. Semana de rebote en las bolsas Las bolsas europeas terminaron la semana pasada con avances a ambos lados del Atlántico, recuperando parte de las últimas caídas y buscando volver a su zona de máximos de la mano de los cíclicos y el growth. El Ibex 35 lideró las subidas de la semana, marcando nuevos máximos anuales por encima de los 11.500 puntos. Así, en el STOXX 600 mayoría de ganancias en los sectores, lideradas ...
- Carole Braudeau
- Ana Arjona-Martinez
- Chaima Ferrandon
- Sven Edelfelt
- Carole Braudeau
- Ana Arjona-Martinez
- Chaima Ferrandon
- Sven Edelfelt
- Ana Arjona-Martinez
- Chaima Ferrandon
- Sven Edelfelt
- Ana Arjona-Martinez
- Chaima Ferrandon
- Sven Edelfelt
- Research Department
IBERIAN DAILY 13 SEPTEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACS, CHANGES IBEX, IBERDROLA, OHLA. ECB follows the script Another session of gains in Europe that was largely unaffected by the ECB, which lowered rates as expected. The IBEX again led the advance, closing above 11,400 points. Thus, in the STOXX 600 almost all sectors closed with gains, led by Basic Materials and Technology, with Utilities and Pharma being the worst performers with slight drops. On the macro side, the ECB lowered the deposit facility rate by -25bps and the margin...
- Research Department
INFORME DIARIO 13 SEPTIEMBRE (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACS, CAMBIOS IBEX 35, IBERDROLA, OHLA. EUROPA: VINCI. El BCE sigue su curso Nueva jornada de ganancias en Europa sin verse muy afectadas por un BCE que bajó los tipos como esperado. El Ibex lideró nuevamente los avances hasta cerrar al filo de los 11.400 puntos. Así, en el STOXX 600 casi todos los sectores cerraron con ganancias, lideradas por Recursos Básicos y Tecnología frente al peor comportamiento de Utilities y Farma que mostraron modestas caí...
- Ahmed Ben Salem
- Thijs Berkelder
ODDO : IEA report: a surplus in 2025 that is acting as a drag on price...
>Growth in demand slowing due to China - The IEA has just published its monthly report in which it has revised further down its demand growth estimates by 70kb/d to +900 kb/d for 2024 and by 30 kb/d to +950 kb/d for 2025. This level compares with +1.2 Mb/d pre-Covid and a record of +2.1 Mb/d in 2023, an exceptional year marked by a catch-up effect. This decline is mainly due to the slowdown in China, which contributes to the tune of ~60% to growth in global demand....
- Ahmed Ben Salem
- Thijs Berkelder
ODDO : Rapport AIE : un surplus en 2025 qui pèse sur les cours. Scénar...
>La croissance de la demande ralentit à cause de la Chine - L’AIE vient de publier son rapport mensuel et révise une nouvelle fois en baisse ses estimations de croissance de la demande de 70 kb/j à +900 kb/j pour 2024 et de 30 kb/j à +950 kb/j pour 2025. Ce niveau se compare à +1.2 Mb/j avant le COVID et un record de +2.1 Mb/j en 2023, une année exceptionnelle marquée par un effet rattrapage. Cette baisse s’explique pour l’essentiel par le ralentissement en Chine, ...
- Martin Marandon-Carlhian
- Stephane Houri
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/12/2024
We have upgraded our target price from € 43.4 to € 45.3 which factors in the growth strategy out to 2027 (EBITDA +5% to 6% p.a.) whereas the share price implies decrease of 0.65% p.a. The strategic GreenUp plan is based on three booster businesses that should see a gradual acceleration and will involve asset rotation. An accretive re-profiling in terms of EPS, and with no repercussions for the leverage limit, could also show through with minority buyouts for the regulated water operat...
O2D TELEFONICA DEUTSCHLAND HOLDING AG
ETL EUTELSAT COMMUNICATIONS SA
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
ORA ORANGE SA
CBK COMMERZBANK AG
EN BOUYGUES SA
UTDI UNITED INTERNET AG
GAMA GAMMA COMMUNICATIONS
ZAL ZALANDO SE
DTE DEUTSCHE TELEKOM AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
- Stephane Beyazian
ETL EUTELSAT COMMUNICATIONS SA
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
ORA ORANGE SA
EN BOUYGUES SA
UTDI UNITED INTERNET AG
ASY ASSYSTEM SA
HCO HIGHCO SA
SWP SWORD GROUP SE
GAMA GAMMA COMMUNICATIONS
JCQ JACQUET METALS SA
ALLAN LANSON-BCC
DTE DEUTSCHE TELEKOM AG
ELIS ELIS SA
AIXA AIXTRON SE
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
TFF TFF GROUP
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
RBO ROCHE BOBOIS INTERNATIONAL SAS
ECMPA EUROCOMMERCIAL PROPERTIES NV
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