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IBERIAN DAILY 13 JANUARY (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: ARCELORMITTAL, LOGISTA, SANTANDER.

DAX continues to lead the gains in Europe
It was another session of gains on European stock markets thanks to the German DAX (+0.7%), which pulled away from the rest (which ended flatter), whereas in the US financial stocks were dragged down by the idea of Trump limiting interest rates on personal loans. With all this in mind, in the STOXX 600, the best-performing sectors were Basic Materials (underpinned by the rally in precious metals) and Construction, whereas Travel&Leisure and Autos once again fell the most. On the macro side, in the euro zone, January’s Sentix index recovered more than expected, back to July’25 highs. From the Fed, the last three governors have condemned the current criminal investigation by the Trump administration on J. Powell. In Japan, it is increasingly likely that the Lower House will be dissolved and a snap election will be held in early February, where the current PM could be strengthened, and with it his fiscal and economic boost plan. On the geopolitical and trade front, Trump announced a 25% tariff for any countries trading with Iran (this mainly affects China, India and Turkey).
What we expect for today
European stock markets would open with gains of around +0.3%. Currently, S&P futures are down -0.12% (the S&P 500 ended flat vs. the European closing bell). Asian markets are mixed (China’s CSI 300 -0.3%, Japan’s Nikkei +3.3% and Kospi +1.1%).
Today in the US we will learn December’s inflation, December’s SME confidence (NFIB) and September’s new home sales.