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IBERIAN DAILY 22 APRIL + 1Q’26 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: CAIXABANK.

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.

Awaiting talks
The gains of European stock markets faded away, awaiting talks between Iran and the US. The STOXX 600 saw corrections, where Energy, Insurance, Technology and Utilities were the only sectors ending in positive territory, whereas defensive industries such as Pharma and Food fell around -2.0%. In geopolitics, Trump has maintained the US blockade of the Strait of Hormuz, but he extended the ceasefire awaiting a proposal from Iran, which continues to have strong internal divisions and with no intention of resuming dialogue. Thus, Vice-president JD Vance suspended his trip to Pakistan. Meanwhile, Israel has accused Hezbollah of violating the agreed truce. On the macro side, in the UK, we saw mixed job data, February’s ILO unemployment rate fell unexpectedly whereas March’s number of unemployed rose more than expected. In Germany, April’s ZEW index dropped much more than expected, returning to Dec’22 lows. In the US, March’s retail sales rose more than expected, particularly without the more volatile components, depicting dynamic private consumption in the 1Q’26. Before the Senate K. Warsh pledged to maintain the Fed’s independence but bet on a change of regime that would include a new formula to “control” inflation and communicate the monetary policy. In US results United Health, Equifax, Halliburton and 3M beat expectations whereas DR Horton and MSCI were in line.
What we expect for today
European stock markets would see a slightly bearish opening in view of the limited upside, with the Strait of Hormuz closed and despite the truce extension. Currently, S&P futures are up +0.6% (the S&P 500 ended -0.6% lower vs. the European closing bell). Asian markets are climbing (China’s CSI 300 +0.3%, Japan’s Nikkei +0.2% and South Korea’s Kospi +0.3%).
Today in the UK we will learn March’s inflation and in the euro zone April’s consumer confidence. In US 1Q’26 business results AT&T, Moody’s, Philip Morris, The Boeing, United Airlines, CSX and Tesla among others, will release their earnings.

COMPANY NEWS

1Q’26 Results highlights and rest of previews
Of the stocks releasing their results over the coming days, we highlight on the negative side Ence (29/04), where we expect poor results hit by the strike and maintenance shutdown in Navia, and by the rains in Jan/Feb, with a negative impact on the Renewables business. These are circumstantial effects that would not jeopardise the annual targets/estimates, against a backdrop of rising pulp prices.