reports
- Research Department
INFORME DIARIO 18 SEPTIEMBRE (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: NATURGY, OHLA. El mercado se decanta por recortes de 50 puntos hoy para la Fed Nueva sesión de avances en Europa, después de que los últimos datos desde EE.UU. muestran que el gasto del consumidor está aguantando y la producción industrial intenta despertar. En el STOXX 600 destacaron las subidas de Retail y Viajes&Ocio mientras que Inmobiliario y Farma presentaron las mayores correcciones. Por el lado macro, en Alemania el índice ZEW de septiembre...
- Research Department
IBERIAN DAILY 18 SEPTEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: NATURGY, OHLA. The market bets on 50bps cuts today by the Fed It was a new session of gains for European stock markets after the latest macro data released in the US showed that consumer spending is keeping up and industrial output is trying to recover. Thus, in the STOXX 600 Retail and Travel&Leisure led gains, whereas Real Estate and Pharma posted the biggest drops. On the macro side, in Germany, September’s ZEW index came in much worse than expected both in terms of expectation...
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...
- Rafael Bonardell
IAG: NUEVAS OPCIONES DE M&A (ANÁLISIS BANCO SABADELL)
Nuevas opciones de M&A. Ajustamos P.O. hasta 3,00 euros/acc. SOBREPONDERAR Tras no salir adelante la compra de Air Europa (AE) en el corto plazo está TAP Portugal, a la que IAG ya ha guiñado el ojo. Creemos que tiene sentido estratégico principalmente por su posicionamiento en LatAm (cuota de mercado c. 7%; con menores solapamientos vs AE) y porque ahonda en la concentración del sector y además se generan sinergias (entre 250-600 M euros BS(e)). El éxito de la operación dependerá de las condicio...
- Research Department
IBERIAN DAILY 16 SEPTEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: GRIFOLS, IAG, NATURGY. Stock markets rallied last week Stock markets ended with gains on both sides of the Atlantic last week, recovering part of the latest corrections and trying to return to the highs hit thanks to cyclical and growth sectors. The Ibex35 led gains last week, hitting new annual highs above 11,500 points. Thus, in the STOXX 600 most sectors closed with gains, led by Technology and Retail, with Autos and Consumer Goods being the only sectors ending in negative terr...
- 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 ...
- Ana Arjona-Martinez
- Chaima Ferrandon
- Sven Edelfelt
- Ana Arjona-Martinez
- Chaima Ferrandon
- Sven Edelfelt
- Ana Arjona-Martinez
- Chaima Ferrandon
- Sven Edelfelt
- Ana Arjona-Martinez
- Chaima Ferrandon
- Sven Edelfelt
- 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, ...
- Research Department
IBERIAN DAILY 05 SEPTEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACCIONA, FCC, GRIFOLS, INDRA, SACYR. The correction continues in Europe European stock markets saw new corrections, given the contagion effect from the US market and doubts about growth Thus, in the STOXX 600, Real Estate and Telecoms led the gains vs. Technology (hit by NVIDIA’s correction) and Consumer Goods (following the weak Chinese manufacturing data) posted the biggest drops. On the macro side, in the euro zone, August’s final services PMI was cut by Germany. In Spain, even...
- Research Department
INFORME DIARIO 05 SEPTIEMBRE (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACCIONA, FCC, GRIFOLS, INDRA, SACYR. Se mantiene el castigo en Europa Las bolsas europeas sufrieron una nueva sesión de caídas, contagiadas por el mercado estadounidense y las dudas sobre el crecimiento. En el STOXX 600 sobresalieron las ganancias de Inmobiliario y Telecomunicaciones frente a Tecnología (contagiado por las caídas de NVIDIA) y B. Consumo (tras los débiles datos del manufacturero chino), que sufrieron las mayores pérdidas. Por el lado...
- Ahmed Ben Salem
- Thijs Berkelder
ODDO : Oil impacted by bearish sentiment – scenario slightly revised d...
>Oil prices impacted by bearish sentiment on oversupply - Brent prices fell yesterday by almost 5% to $ 73/b amid bearish sentiment. This is mainly due to news that i/ OPEC+ could start a planned gradual easing of the cut in October by 180 kb/d per month, ii/ weak economic data from China, the largest crude importer and iii/ news that Libya may soon resume production after a shutdown of 0.7 Mb/d out of its 1.2 Mb/d production.The market is expected to swing to...
- Ahmed Ben Salem
- Ahmed Ben Salem
- Ahmed Ben Salem
- Thijs Berkelder
ODDO : Oil impacted by bearish sentiment – scenario slightly revised d...
>Oil prices impacted by bearish sentiment on oversupply - Brent prices fell yesterday by almost 5% to $ 73/b amid bearish sentiment. This is mainly due to news that i/ OPEC+ could start a planned gradual easing of the cut in October by 180 kb/d per month, ii/ weak economic data from China, the largest crude importer and iii/ news that Libya may soon resume production after a shutdown of 0.7 Mb/d out of its 1.2 Mb/d production.The market is expected to swing to...
- Research Department
IBERIAN DAILY 04 SEPTEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: GRIFOLS, IBERDROLA. New doubts on the horizon The main indices saw profit taking in early September, one of the worst months of the year for stock markets from a statistical standpoint, to some extent exhausted following the rally seen since the 5th of August. Thus, in the STOXX 600, defensive sectors such as Household and Food were the best performers whereas cyclical industries with high beta such as Basic Resources and Energy (weak demand and possible end to the disputes that h...
- Research Department
INFORME DIARIO 04 SEPTIEMBRE (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: GRIFOLS, IBERDROLA. Nuevas dudas en el horizonte Recogida de beneficios en los principales índices que llegan a septiembre, uno de los peores meses del año para las bolsas desde el punto de vista estadístico, con cierto agotamiento tras el rally acumulado desde el 5 de agosto pasado. Con todo lo anterior, en el STOXX 600 los mejores sectores fueron defensivos como Hogar y Alimentación mientras que los cíclicos de elevada beta como R. Básicos y Energ...
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