IBERIAN DAILY 18 JULY + 2Q’25 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: AENA, CELLNEX, 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 2Q’25 results to be released over the coming days in Spain.
Quality cyclicals leading the rally
European stock markets rallied, driven by gains in companies linked to data centre development, in view of the strong demand in the US. Thus, in the STOXX 600, cyclicals like Industrials and Technology led the gains, whereas Media and Consumer Goods suffered the biggest losses. On the macro side, in the UK the ILO unemployment rate rose unexpectedly in May, although job creation was surprisingly strong. In the euro zone, June’s final inflation confirmed the 2.0% YoY for the general figure and 2.3% for the core figure. In the US, weekly jobless claims fell unexpectedly, while June’s retail sales and July’s Philadelphia Fed index rose much more than expected. July’s NAHB residential sector confidence index rose in line with expectations. On another note, the House of Representatives approved the US$ 9 Bn cut in advertising and external aid, as well as the regulatory framework for cryptocurrencies linked to the dollar (stablecoins). In Japan, June’s core and general inflation moderated in line with expectations to 3.3% YoY. In US business results, US Bancorp, GE, Netflix and PepsiCo beat expectations, Abbott Laboratories and Fifth Third Bancorp were in line.
What we expect for today
European stock markets would open with gains of less than +0.5%. Currently, S&P futures are up +0.2% (the S&P 500 ended up +0.2% vs. the European closing bell). Asian markets are mixed (China’s CSI 300 +0.3% and Japan’s Nikkei -0.2%).
Today in the US we will learn June’s housing starts and building permits, as well as July’s University of Michigan consumer confidence. In US business results, American Express, Schlumberger and 3M, among others, will release their earnings.
Aena SME SA, formerly Aena SA, is a Spain-based company primarily engaged in the airports operation. Its activities are divided into four segments: Airports, which comprises Aeronautical subdivision, responsible for the management of airports, jetways, security, handling, cargo and fuel services, among others, as well as Commercial subdivision, including duty-free and specialty stores, restaurant services, car rental, as well as banking services and advertising; Services outside the terminal, which manages real estate assets, such as parking lots, warehouses and lands; International, which comprises operations of Company's subsidiary, Aena Desarrollo Internacional SA, that invests in other airport owners principally in Mexico, Colombia and the United Kingdom; and Others, encompassing corporate activities. It manages tourism, hub and regional airports, as well as heliports and general aviation areas. Furthermore, its destination range comprises Europe, the Americas, Asia and Africa.
Cellnex Telecom SA is a Spain-based company engaged in the wireless telecommunications (telecom) business. Its activities are divided into three segments: Broadcasting infrastructure, Telecom site rental, as well as Network services and other. The Broadcasting infrastructure division comprises distribution and transmission of television (TV) and frequency modulation (FM) radio signals, operation and maintenance (O&M) of radio broadcasting network, as well as over-the-top (OTT) radio services, among others. The Telecom site rental division provides access to wireless infrastructure, primarily through infrastructure hosting and telecom equipment co-location, mainly for mobile network operators and other wireless and broadband telecom network operators. The Network services and other division offers connectivity services for a variety of telecom operators and radio communication, among others. The Company also develops 5th generation mobile networks (5G) through Alticom BV.
Indra Sistemas is engaged in the design, development, manufacture, assembly, repair, and installation of computer software and applications. Through its subsidiaries, Co. is engaged in consulting, graphic design and multimedia, web design and marketing, internet development and electronic trade, systems integration and hosting geared business to business and business to consumer, as well as in internet financing and electronic marketing. Co. serves defense and security, transport and traffic, energy and industry, telecom and media, finance and insurance, and public administration and healthcare markets. Co. operates primarily in Europe, the United States, Canada, and Latin America.
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