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IBERIAN DAILY 12 FEBRUARY + 4Q’25 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: N/A.

At the end of today’s report, and during the entire results season, we will include a presentation with positive and negative results highlights and previews for the 4Q’25 results to be released over the coming days in Spain.

US employment data shakes up the markets
The session ended worse than it began in Europe, which after the solid US employment data and possibility of fewer rate hikes by the Fed this year, saw the drops steepen. In the STOXX 600, Household Goods and Energy were the best performers, while Media and Travel & Leisure fell the most. On the macro side, in the US December’s non-farm job creation rose 2x what was expected (although the annual revision showed only 181,000 jobs created in 2025 vs. 584,000 initially estimated), whereas the unemployment rate fell -0.1% to 4.3% and wage gains remained in line with expectations. On another note, the Congressional Budget Office warned of the unsustainability of the fiscal deficit, foreseeing higher debt through 2023 (120% debt/GDP and 4.6% interest payment of GDP). Meanwhile, the House of Representatives voted in favour of reverting tariffs to Canada although D. Trump warned he will veto this decision. From the ECB, vice president Luis de Guindos stressed that the euro’s appreciation should be looked at, at the same time as he affirmed that the current interest rate levels are consistent with forecasts. In Mexico, December’s industrial output rose more than expected. In US business results, Heinz, Motorolla and Hilton beat expectations, T-Mobile and Equinix released worse earnings than expected, McDonalds and Cisco in line.
What we expect for today
European stock markets would open with gains of more than +0.5%, with the technology sector recovering ground. Currently, S&P futures are up +0.21% (the S&P 500 ended flat vs. the European closing bell). Asian markets are rising (China’s CSI 300 +0.08%, Japan’s Nikkei +0.04% and South Korea’s Kospi +3.13%).
Today in the UK we will learn the 4Q’25 GDP and industrial output for December and in the US weekly jobless claims and second-hand home sales for January. In 4Q’25 US business results Airbnb, Zoetis and Coinbase, among others, will release their earnings.