EUR 100.00 For Business Accounts Only

IBERIAN DAILY 29 SEPTEMBER (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: BANKINTER, INDRA, MAPFRE.

Surprisingly strong macroeconomic data in the US
It was a transition week for European and US stock markets, with all eyes on the US macroeconomic data (particularly the positive surprise after the 2Q GDP revision) and the comments from the Fed members, cooling the strong rate cuts priced in through Dec’26. Thus, in the STOXX 600, the best-performing sectors were Basic Resources and Energy, whereas Pharma (tariff implementation) and Construction suffered the biggest drops last week. On the macro side, in Spain, the final 2Q’25 GDP rose unexpectedly +0.8% q/q. Following the steps of S&P, Fitch raised its rating from A- to A stable based on its strong growth and lower external risk and Moody’s from Baa1 to A3 stable. In the US personal outlays climbed unexpectedly and August’s personal consumption deflator was in line with expectations, whereas the University of Michigan final consumer confidence for September was cut unexpectedly. In France, the new PM S. Lecornu offers few changes to the fiscal adjustment plan (-4.7% deficit vs. -4.6% Bayrou), with lower spending as priority but increasing pensions and health spending. Lastly, OPEC+ would announce a new production increase for Nov’25 at the meeting to be held next weekend.
What we expect for today
European stock markets would open with gains of +0.5%. Currently, S&P futures are up +0.33% (yesterday the S&P 500 ended up +0.21% vs. the European closing bell). Asian markets are mixed (China’s CSI 300 +0.7% and Japan’s Nikkei -0.9%).
Today in Spain we will learn September’s inflation, in the euro zone September’s economic and consumer confidence, in Mexico August’s unemployment rate and in the US pending home sales.