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IBERIAN DAILY 11 FEBRUARY + 4Q’25 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: ENDESA, INDRA, INSURANCE SECTOR, SANTANDER, TELEFÓNICA.

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.

Ibex remains at 18,100 points
Stock markets fell in a transition session, waiting the employment data to be released today in the US. In the STOXX 600, the best-performing sectors were Chemicals and Autos, whereas Insurance and Energy suffered the biggest corrections. On the macro side, in the US, retail sales stagnated in December, as opposed to expectations, although still showing dynamic private consumption in 4Q’25. January’s NFIB SME confidence index fell unexpectedly, whereas import prices for December rose in line with expectations. On another note, D. Trump outlined that the US should have the lowest interest rates in the world, adding that the goal of the new chair Warsh will be to cut them. In Brazil, January’s inflation rose to 4.4%, in line with the consensus. In China, January’s inflation slowed down more than expected to 0.2% YoY. In US business results, Hasbro beat expectations, Marriot and Ford worse than expected and Coca-Cola in line.
What we expect for today
European stock markets would open with gains of around +0.1% following the slight drops yesterday. Currently, S&P futures are up +0.18% (the S&P 500 ended -0.39% lower vs. the European closing bell). Asian markets are mixed (China’s CSI 300 -0.12%, Japan’s Nikkei +2.28% and South Korea’s Kospi +1.00%).
Today in the US we will learn job creation, unemployment rate and wage gains (all for January) and in Mexico December’s industrial output. In 4Q’25 US business results Kraft Heinz, Hilton, Welltower, Cisco Systems, McDonald’s and Motorola Solutions, among others, will release their earnings.