MADRID (AFX) - Shares are expected to open unchanged as overnight gains in Asia and the firmer US futures offset Wall Street's losses Friday, with BBVA likely to underperform after uncertain election results in Mexico, dealers said.
On Friday, the IBEX-35 index ended up 161.5 points or 1.42 pct at 11,548.1, after trading in a range of 11,448-11,585, on turnover of 4.191 bln eur.
The July future on the IBEX-35 index closed at 11,516, up from 11,291 yesterday, on volume of 15,966 contracts.
FORTHCOMING EVENTS
TODAY
-Spain June manufacturing PMI
-IBEX-35 index changes become effective
-Ferrovial conference call (10.00 am)
-Spain consumer confidence
-Endesa goes ex-div for 2.095 eur
-Iberdrola goes ex-div for 0.518 eur
-REE goes ex-div for 0.4596 eur
-Union Fenosa goes ex-div for 0.4400 eur
-ACS goes ex-div for 0.4000 eur
TOMORROW
-Spain June unemployment (Labour Ministry)
-Acerinox goes ex-div for 0.12 eur
-Gas Natural goes ex-div for 0.53 eur
-BME fixed maximum price range for IPO
TODAY'S PRESS
-Endesa files suit before EU against France, Italy's Edison pact (Cinco Dias)
-Italy's Perfetti Van Melle buys Spain's Chupa Chups for some 400 mln eur (La Vanguardia)
-Telefonica to take further 4.9 pct stake in China Netcom (Shanghai Securities News)
-Telefonica improves network to launch high-definition TV in 2007 (Expansion)
WEEKEND PRESS
-Philip Morris creates internatioanal headquarters in Madrid, launches cheap tobacco brand (Expansion)
-Spain's Supreme Court rejects Gas Natural, Iberdrola's appeals over Endesa ruling (Expanion, Cinco Dias)
-Iberia studies taking pilots' strike to court as illegal (Cinco Dias)
LATE CORPORATE NEWS
-Abertis approves Autostrade merger at AGM; La Caixa may boost Abertis stake
MARKET SENTIMENT
-The broad market is expected to open little changed, as overnight gains in Asia and the firmer US futures offset Wall Street's losses Friday, though trading is likely to be quiet, with many US investors absent for a long 4th of July weekend.
US market close early today, and will remain closed tomorrow.
'The market's had a good run and there's not much to go for today, but trading will be quiet,' a Madrid-based trader said.
-BBVA could underperform after uncertain election results in Mexico, with an apparent tie between leftist candidate Andres Manuel Lopez Obrador and Felipe Calderon, of the ruling party.
'A tie is the worst possible result,' a trader at a leading Portuguese bank said.
On a more positive note, however, Cheuvreux upgraded BBVA to its selected list from 'outperform', with a raised 19.5 eur price target.
-Endesa could suffer after going ex-dividend today for 2.095 eur. The dividend payment automatically reduces E.ON and Gas Natural's takeover bids to 25.4 eur and 19.6 eur respectively.
-Antena 3 could benefit after Cheuvreux upgraded its recommendation to 'outperform' from 'underperform'.
-Abertis could recover from Friday's underperformance after chairman Isidre Faine told reporters Friday that La Caixa is planning to raise its stake in the motorway company, following completion of the merger with Autostrade.
-Fadesa will be in focus as it enters the selective IBEX-35 index today to replace NH Hoteles.
-Elsewhere, Ferrovial will be eyed ahead of a conference call with analysts this morning. afxmadrid@afxnews.com tr/vs COPYRIGHT Copyright AFX News Limited 2005. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
© 2006 AFX News
