EUR 100.00 For Business Accounts Only

IBERIAN DAILY 13 MARCH (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: BBVA, IAG, TELEFÓNICA.

Crude oil and private credit drag down stock market confidence
European stock markets fell further, with the S&P 500 on the verge of falling below the 6,700 point support. The Euro STOXX 50 hit 5,750 due to the tension in the Middle East (Brent returned to US$ 99/barrel) and the concerns on private credit. In the STOXX 600, the best-performing sectors were Chemicals and Utilities, whereas Travel & Leisure and Banks suffered the biggest corrections. On the macro side, in the US, weekly jobless claims remained at practically the same levels as expected, whereas the trade deficit unexpectedly fell sharply in January. In real estate, building permits fell more than expected, while housing starts rose more than expected. In geopolitics, Iran’s new supreme leader, M. Khamenei, suggested that the Strait of Hormuz will remain closed, threatening to set the region on fire if US attacks persist. Meanwhile the US will allow the temporary purchase of Russian crude oil.
What we expect for today
European stock markets would open with drops of around -0.2%, with all eyes on the banking and insurance sector in view of the doubts in private credit. Currently, S&P futures are up +0.1% (the S&P 500 ended -0.4% lower vs. the European closing bell). Asian markets are falling (China’s CSI 300 -0.1%, Japan’s Nikkei -1.1% and South Korea’s Kospi -1.7%).
Today in Spain we will learn February’s inflation, in the euro zone January’s industrial output and in the US the second reading of the 4Q’25 GDP, January’s personal outlays, January’s preliminary durable goods orders, job openings (JOLTS) for January and U. Michigan consumer confidence for March.