Report
Research Department
EUR 100.00 For Business Accounts Only

IBERIAN DAILY 21 AUGUST (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: MÁSMÓVIL, MEDIASET ESPAÑA.

MARKETS YESTERDAY AND TODAY

Profit-taking in stock markets
The main European indices ended in the red due to the lack of positive drivers and ahead of J. Powell’s speech. Within the Euro STOXX, all sectors saw losses, with Personal household goods and Pharma being the best performers, whereas Basic Resources and Real Estate were the worst-performing sectors. On the macro side, there were no relevant references. In Italy, Prime Minister M. Conte resigned and President Mattarella will initiate a round of talks to appoint a new PM (the PD offered to support the 5-Star Movement if the latter recognizes that mistakes were made and amends some of the reforms implemented in the last year, such as the reduction in the retirement age). Alternatively, a snap election would have to be called (where the Northern League might obtain an absolute majority). As regards the United Kingdom, European Council president D. Tusk dismissed B. Johnson’s demand that the backstop should be scrapped from the Brexit agreement, considering that no realistic alternatives would have been offered. In the US, D. Trump would be weighing the possibility of implementing new fiscal stimuli to prevent an economic slowdown, with a reduction to the tax on capital earnings and taxes from labour, although their approval would be difficult due to the opposition of Congress, now controlled by the Democrats. In US business results, Home Depot and Medtronic released better results than expected.
What we expect for today
Stock markets would see a slightly bearish opening.
Currently, S&P futures are up +0.3% (the S&P 500 closed -0.2% vs. its price at the closing bell in Europe). Volatility in the US rose (VIX 15.8%). Asian markets are performing with mixed results (Japan -0.3% and Hong Kong +0.1%).
Today we will learn: in the US, the Fed’s minutes and Second-Hand Home Sales. In US business results, Lowe and Target Corp will release their earnings.
Underlyings
Masmovil Ibercom SA

Masmovil Ibercom SA, formerly World Wide Web Ibercom SA, is a Spain-based company primarily engaged in the telecommunication sector. The Company focuses on the sale and distribution services for Internet, Data Center and Telecommunications. The Company's product and services portfolio comprises Internet access through Asymmetric Digital Subscriber Line (ADSL) and Symmetric Digital Subscriber Line (SDSL) technologies, Internet domains and Domains Management and Registration Service through IberDNS application, Web hosting, virtual servers, dedicated servers, telephony services and routers. The Company also offers collocation services through two Internet Data Centers located in Madrid and San Sebastian. It operates through subsidiaries, such as Embou Nuevas Tecnologias SL and Ebesis Sistemas SL, among others. The Company owns a number of brand names, such as Pepephone, Yoigo and Llamaya.

Mediaset Espana Communicacion

Gestevision Telecinco is a television network company based in Spain. Co. heads a group of dependent companies, which form the Telecinco Group. Through its subsidiaries, Co. is engaged in the management and commercial exploitation of a television network. Co.'s television network acquires, produces, and distributes audiovisual content. Co. also sells the network advertising airtime, carried out by its subsidiary. In addition, Co. is involved in the sale of other advertising products; production of news programs; the production and sale of audiovisual property rights; and teleshopping.

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