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IBERIAN DAILY 09 JANUARY (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: IBERDROLA, SACYR.

Ibex continues at record-setting pace
It was a mixed session on European stock markets, where geopolitical tensions kept markets cautious. In the STOXX 600, Consumer Goods and Food led the gains, whereas Technology (after rising more than 7.0% YtD) and Energy ended with the biggest corrections. On the macro side, in the euro zone December’s economic confidence index fell unexpectedly due to worse retail business expectations. Meanwhile, November’s unemployment rate fell slightly to 6.3%. In the US, weekly jobless claims rose in line with expectations. From the Fed, S. Miran stated he expects -150bps of rate cuts to spur employment. The Atlanta Fed leading indicator (GDPNow) suggests annualised 4Q’25 GDP growth of 5.4%. In Brazil, November’s industrial output fell more than expected. In Mexico, December’s inflation fell more than expected. In China, December’s inflation rose, as expected, to 0.8% YoY, while production prices slowed their drop. In Japan, household spending for November rose more than expected. In trade matters, E. Macron warned that France will vote against the Mercosur agreement.
What we expect for today
European stock markets would open with gains of around +0.4%, with cyclicals rallying, especially the Energy sector. Currently, S&P futures are flat (the S&P 500 ended +0.12% higher vs. the European closing bell). Asian markets are rising (China’s CSI 300 +0.12%, Japan’s Nikkei +1.55% and Kospi +0.75%).
Today in the euro zone we will learn November’s retail sales, in Spain and Germany November’s industrial output, in the US December’s employment data and January’s U. Michigan consumer confidence and in Brazil December’s inflation.