IBERIAN DAILY 31 JULY + 2Q'25 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ARCELOR MITTAL, ELECTRICITY SECTOR, FLUIDRA, MELIA, MERLIN PROPERTIES, NEINOR HOMES, REDEIA, VISCOFAN.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 2Q’25 results to be released over the coming days in Spain.
Growth resisting for now
European stock markets ended with slight gains in view of the signs of resistance in the 2Q’25 GDP and ahead of the Fed meeting, which in the end kept interest rates unchanged with two members voting against (C. Waller and M. Bowman). Even though he did not rule out any measures, J. Powell rejected pressures and showed his concern about a “strong” inflation and the trade uncertainties In a divided STOXX 600, the best-performing sectors were Utilities and Technology, whereas Autos and Chemicals ended with the biggest drops. On the macro side, in Germany June’s retail sales rose more than expected, while the 2Q’25 GDP contracted -0.1% QoQ as expected. In Spain, July’s inflation rose more than expected to 2.7% (vs. 2.3% previously), as did the core figure, which rose to 2.3% (vs. 2.2% previously). In the euro zone, the preliminary 2Q’25 GDP avoided stagnation, rising +0.1% QoQ, whereas the economic confidence index improved slightly in July. In Mexico, the preliminary 2Q’25 GDP rose unexpectedly. In the US, the preliminary 2Q’25 GDP rose +3.0% QoQ, beating expectations despite the stockpile drainage from the resistant private consumption. The ADP employment survey for July rose more than expected and June’s pending home sales contracted unexpectedly. In trade matters, Trump threatened India with a 25% tariff starting on 01 August and threatened greater sanctions if the country continues to buy energy from Russia. Furthermore, he implemented 50% tariffs on copper and suggested a trade agreement with South Korea with 15% general tariffs. In Brazil, the BoB meeting kept the Selic rate at 15% before the US decision of implementing 50% tariffs. In Japan, the BoJ kept the benchmark rate unchanged at 0.5%, suggesting higher growth (0.6%vs. 0.5% previously) and inflation (2.8% vs. 2.3% previously) this year. In China, the manufacturing PMI (
Fluidra is engaged in the manufacture and commercialization of accessories and specific products for swimming pools, irrigation, and water treatment and purification systems.
Melia Hotels International is the parent company of a group engaged in the acquisition, management and operation of hotels. Co. operates its hotel network in Germany, Argentina, Brazil, Bulgaria, Cabo Verde, Chile, China, Costa Rica, Croatia, Cuba, Egypt, Spain, United States, France, Greece, Netherlands, Indonesia, Italy, Luxembourg, Malaysia, Mexico, Panama, Peru, Portugal, Puerto Rico, United Kingdom, Dominican Republic, Singapore, Switzerland, Tunisia, Uruguay, Venezuela and Vietnam under the followings brandnames: Paradisus Resorts®, Melia Hotels & Resorts®, TRYP Hoteles® and Sol Hotels & Resorts®.
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.
Neinor Homes SA, formerly Neinor Homes SLU, is a Spain-based company engaged in the real estate sector. The Company focuses on the design, construction and promotion of residential properties. It develops housing projects in various Spanish cities, such as Malaga, Madrid, Barcelona, Cordoba, Vizcaya, Alicante, Almeria and Gerona.
Viscofan is the parent company of the Viscofan Group. Co. is divided into two major operational subgroups. The companies comprising the Naturin GmbH subgroup are engaged in the manufacture and distribution of artificial casings (small and big diameter collagen and plastics) for the meat industry. Through its wholly-owned subsidiary IAN, S.A., Co. also manufactures and distributes canned vegetables (asparagus, olives and tomato).
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