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EUR 100.00
For Business Accounts Only
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.
IBEX falling away from highs
Despite the rally on Thursday, the week ended with losses for European stock markets. In the STOXX 600, Basic Materials and Telecoms stood out, while Insurance and Consumer Goods posted the biggest losses. On the macro side, in the UK, December’s retail sales came in far above expectations. In the euro zone, January’s preliminary manufacturing PMI improved more than expected, while the services PMI deteriorated unexpectedly. On the whole, the composite index remained at December’s level of 51.6. In Mexico, the IGAE activity index contracted unexpectedly in November. In the US, the final U. Michigan consumer confidence rose much more than expected. In geopolitics, peace talks between Ukraine and Russia ended without an agreement after the Russian bombings. Regarding Greenland, NATO Secretary General M. Rutte would have offered Trump a “lease” that would preserve the current sovereignty, which would grant the US territorial control and a broadening of rights for US bases beyond the current one in Pituffik. On the trade front, India will cut tariffs on cars imported from the EU to 40% from 110% while both parties negotiate a free trade agreement. On another note, D. Trump threatened Canada with 100% tariffs if it reaches a trade agreement with China. In Japan, the PM S. Takaichi stated that the government will take the necessary measures against market speculation, hinting at the yen. In US business results, SLB released earnings in line with expectations.
What we expect for today
European stock markets would open with losses, but with better performance from Basic Materials (gold hitting new record highs) and Autos (in view of trade expectations). Currently, S&P futures are down -0.18% (the S&P 500 ended -0.14% lower vs. the European closing bell). Asian markets are mixed (China’s CSI 300 +0.26%, Japan’s Nikkei -1.77% and South Korea’s Kospi -0.67%).
Today in Germany we will learn January’s IFO, in Mexico December’s unemployment rate and in the US November’s capital goods orders. In 4Q’25 business results, Baker Hughes, Steel Dynamics and WR Berkley, among others, will release their earnings.
IBERIAN DAILY 26 JANUARY + 4Q’25 RESULTS. PREVIEWS (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ARCELORMITTAL.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.
IBEX falling away from highs
Despite the rally on Thursday, the week ended with losses for European stock markets. In the STOXX 600, Basic Materials and Telecoms stood out, while Insurance and Consumer Goods posted the biggest losses. On the macro side, in the UK, December’s retail sales came in far above expectations. In the euro zone, January’s preliminary manufacturing PMI improved more than expected, while the services PMI deteriorated unexpectedly. On the whole, the composite index remained at December’s level of 51.6. In Mexico, the IGAE activity index contracted unexpectedly in November. In the US, the final U. Michigan consumer confidence rose much more than expected. In geopolitics, peace talks between Ukraine and Russia ended without an agreement after the Russian bombings. Regarding Greenland, NATO Secretary General M. Rutte would have offered Trump a “lease” that would preserve the current sovereignty, which would grant the US territorial control and a broadening of rights for US bases beyond the current one in Pituffik. On the trade front, India will cut tariffs on cars imported from the EU to 40% from 110% while both parties negotiate a free trade agreement. On another note, D. Trump threatened Canada with 100% tariffs if it reaches a trade agreement with China. In Japan, the PM S. Takaichi stated that the government will take the necessary measures against market speculation, hinting at the yen. In US business results, SLB released earnings in line with expectations.
What we expect for today
European stock markets would open with losses, but with better performance from Basic Materials (gold hitting new record highs) and Autos (in view of trade expectations). Currently, S&P futures are down -0.18% (the S&P 500 ended -0.14% lower vs. the European closing bell). Asian markets are mixed (China’s CSI 300 +0.26%, Japan’s Nikkei -1.77% and South Korea’s Kospi -0.67%).
Today in Germany we will learn January’s IFO, in Mexico December’s unemployment rate and in the US November’s capital goods orders. In 4Q’25 business results, Baker Hughes, Steel Dynamics and WR Berkley, among others, will release their earnings.
Underlying
ArcelorMittal
Provider
Sabadell
Research Department
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