IBERIAN DAILY 19 JANUARY + 4Q’25 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACS, GREENING, INDRA, MAPFRE, MERLIN PROPERTIES, 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.
Between the US results season and geopolitics
European stock markets had a transitional week with mixed performance, marked by the geopolitical situation in Greenland/Iran and the start of the results season in the US. In the STOXX 600, the best-performing sectors were Energy (driven by the Brent rally to near $ 67/barrel) and Basic Materials, whereas Autos and Consumer Goods (luxury) saw the biggest corrections. On the macro side, in Germany December’s final inflation was in line with expectations, confirming the preliminary data of +1.8%. In Brazil, November’s economic activity index beat the consensus (+0.7% vs. +0.3% expected). In the US, December’s industrial output and January’s NAHB residential construction confidence rose more than expected. In China, the 2025 GDP rose, as expected, to 5.0% thanks to the external sector and despite the fact that December’s retail sales slowed more than expected. Furthermore, in 2025 the country recorded the lowest birth rate on record, contributing the to fourth straight drop in population. In geopolitics, Trump announced 10% tariffs starting on 01 February that would rise to 25% starting in June for the eight European counties supporting Greenland, whereas Europe is readying tariffs on US goods totaling € 93 Bn and is considering the idea of halting the signing of the trade agreement with the US. In US business results, M&T Bank and State Street released their earnings.
What we expect for today
European stock markets would open with losses of around -1.0% in view of the threat of tariff, hitting sectors like autos, consumer goods and food. Currently, S&P futures are down -0.85% (the S&P 500 ended flat vs. the European closing bell). Asian markets are mixed (China’s CSI 300 -0.06%, Japan’s Nikkei -0.71% and South Korea’s Kospi +1.46%).
Today is a holiday in the US (Martin Luther Jing Day). In the euro zone we will learn December’s final inflation and final core inflation. In 4Q’25 business results, Bridford and Meritage Hospitality, among others, will release their earnings.
ACS Actividades de Construccion y Servicios is a holding company. Through its subsidiaries, Co.'s activities are divided into the following areas: Construction, engaged in the construction of civil works, and residential and non-residential building construction; industrial services, engaged in the development of applied engineering services, installations and the maintenance of industrial infrastructures in the energy, communications and control systems sectors; services, groups together environmental services, the outsourcing of building maintenance services, logistics and transport services; and concessions, mainly engaged in transport infrastructure concessions.
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.
Mapfre is an insurance company based in Spain. Co. is the parent company of a group engaged in the underwriting and provision of insurance in Spain and abroad. Insurance policies provided include: life, non-life, accident, home-owner, general and health. Through its subsidiaries, Co. is also engaged in the provision of reinsurance, the management of investment funds, pension funds and pension plans, real estate and related services. On the domestic market, Co.'s activities include managing investment funds, pension funds and pension plans, real estate and other service businesses.
Merlin Properties SOCIMI SA is a Spain-based company engaged in the operation of a real estate investment trust (REIT). The Company focuses on the acquisition, management and rental of commercial properties located in the Iberian Peninsula, primarily in Spain. The Company's activities are divided into the following segments: Office buildings, operating a portfolio of office space; High-street retail, engaged in leasing retail stores; Shopping centers, engaged in managing department stores; Logistics, operating logistics warehouses and distribution centers, and Others. The Company's other activities include property management services rendered to third parties.
Telefonica is engaged in the provision of public or private telecommunications services, including ancillary or complementary telecommunications services or related services. Co.'s fixed business includes: traditional fixed telecommunication services, Internet and broadband multimedia services, data and business-aplications services, and wholesale services for telecommunication operators. Co. also provides a range of mobile and related services and products to consumer and business customers, including mobile voice services, value added services, mobile data and Internet services, wholesale services, corporate services, roaming, fixed wireless, and, trunking and paging.
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