EUR 100.00 For Business Accounts Only

IBERIAN DAILY 20 JANUARY + 4Q’25 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: NATURGY, NEINOR HOMES.

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.

Back to the trade war
European stock markets saw profit taking against the backdrop of Trump’s tariff threats to Denmark, Sweden, France, Germany, the Netherlands and Finland, along with the UK and Norway. In the STOXX 600, the best-performing sectors were Telecoms and Insurance, while Technology and Consumer Goods suffered the biggest losses. On the macro side, in the euro zone December’s final inflation fell -0.1% to 1.9% YoY, whereas the core inflation figure remained at the previous 2.3% (in line). The IFM raised its global growth estimates for 2026 by +0.2% to 3.3%, driven by the US (2.4% vs. previous 2.1%) and China (4.5% vs. previous 4.2%). For Spain the organisation expects 2.3% growth (vs. previous 2.0%) and for the euro zone 1.3% (vs. previous 1.2%). In China, the PBoC kept reference rates unchanged for 1Y and 5Y loans at 3.05% and 3.5%, respectively. The National Development and Reform Commission announced that the Govt. will implement new policies for 2026-30 with the aim of boosting internal consumption and correcting the imbalances between supply and demand. In geopolitics, Trump will meet with global business leaders in Davos on Wednesday.
What we expect for today
European stock markets would open with slight drops of -0.1% amid threats by Trump to impose a tariff of up to 200% on French wine and champagne in view of Macron’s refusal to join his “Board of Peace”. Currently, S&P futures are down -1% (the S&P 500 was closed for the bank holiday). Asian markets are mixed (China’s CSI 300 -0.3%, Japan’s Nikkei -1% and South Korea’s Kospi +0.14%).
Today in the UK we will learn December’s number of unemployed and November’s ILO unemployment rate and in Germany January’s ZEW index. In 4Q’25 business results, KeyCorp, DR Horton, 3M, US Bancorp, Fastenal and Netflix, among others, will release their earnings.