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IBERIAN DAILY 27 APRIL + 1Q’26 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: SANTANDER.

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 1Q’26 results to be released over the coming days in Spain.

IBEX the worst-performing index last week
European stock markets ended the week in the red, with the IBEX dropping more than -4.0%, while the US managed to weather the storm thanks to the solid results campaign. In the STOXX 600, the best-performing sectors were defensive ones like Energy and Utilities, whereas the worst performers were Banks, Travel & Leisure and Autos, all falling more than -5.0%. On the macro side, in Germany April’s IFO fell more than expected to a low since May’20. In the UK, March’s retail sales rose more than expected, driven by energy, whereas the GfK consumer confidence fell to a low since Oct’23. In the US, the U. Michigan consumer confidence was raised unexpectedly. The Department of Justice withdrew its investigation into J. Powell and has paved the way for K. Warsh’s candidacy to be approved. In China, industrial profits rose in March to 15.8% YoY vs. 15.2% in Jan/Feb. In geopolitics, Trump cancelled the forecast visit by Witkoff and Kushner to Pakistan to negotiate with Iran, although this morning it was learned that Iran sent a new proposal to negotiate the opening of the Strait of Hormuz. In US business results, Procter&Gamble beat expectations.
What we expect for today
European stock markets would open with a slightly positive slant despite the high crude oil prices. Currently, S&P futures are flat (the S&P 500 ended -0.15% lower vs. the European closing bell). Asian markets are rising (China’s CSI 300 +0.18%, Japan’s Nikkei +1.68% and South Korea’s Kospi +2.55%).
Today there are no noteworthy macro data releases. In US 1Q’26 business results, Verizon, among others, will release its earnings.