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IBERIAN DAILY 10 FEBRUARY + 4Q’25 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: AEDAS HOMES, INDRA.

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.

Markets recover
European stock markets rose, benefiting from the global rally and the improved results being released. With 27% of the STOXX companies having released their results, 56% of these have beaten expectations (in line with the historical average). In the STOXX 600, Basic Materials led the gains, followed by Industrials, whereas defensive sectors like Household Goods and Food suffered the biggest corrections. On the macro side, in the euro zone February’s Sentix index recovered more than expected, returning to positive territory and a high since July’25. From the ECB, P. Kazimir stated that a significant change in inflation is necessary for the current monetary policy to be altered, whereas J. Nagel does not see the need to act immediately if inflation is below 2%. In Mexico, January’s inflation rose slightly less than expected. In trade talks, the Trump administration expects to exempt companies like Amazon, Google and Microsoft from the next round of tariffs in order to foster the construction of data centres. In US business results, Waters and ON Semiconductors released earnings in line with expectations.
What we expect for today
European stock markets would open relatively flat, consolidating the levels reached yesterday. Currently, S&P futures are down -0.05% (the S&P 500 ended flat vs. the European closing bell). Asian markets are rising (China’s CSI 300 +0.12%, Japan’s Nikkei +2.33% and South Korea’s Kospi +0.23%).
Today in the US we will learn January’s SME confidence index, December’s retail sales and December’s import prices and in Brazil January’s inflation. In 4Q’25 US business results Hasbro, Coca-Cola, Marriot International and Ford Motor, among others, will release their earnings.