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IBERIAN DAILY 28 OCTOBER + 3Q’25 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 3Q’25 results to be released over the coming days in Spain.

Ibex 35 hits new record highs
European stock markets welcomed the memorandum of understanding on trade between the US and China and the strong start to the 3Q’25 earnings season. Against this backdrop, the Ibex35 hit new record highs at 16,029 points although ended at 16,000 points. In the STOXX 600, Banks and Technology (in the US QUALCOMM rallied 18% after the announcement of a new AI chip for data centres competing with Nvidia and AMD) led the gains, whereas Chemicals and Media saw the biggest drops. On the macro side, in the euro zone, September’s M3 moderated less than expected, with consumer credit speeding up. In Germany, October’s IFO climbed more than expected by the consensus although the current situation heading deteriorated more than expected. In Spain, the Junts per Catalunya party withdrew its support for Pedro Sanchez’s government, although it will not call for a no-confidence vote. In France, the National Assembly has proposed a tax increase on large companies (more than € 3 Bn billing) to collect € 6 Bn in 2026. In the US October’s Dallas Fed manufacturing index improved but remains in negative territory. From OPEC+, ahead of the next meeting 8 countries would be betting on a new “contained” increase in production (around 137,000 b/d) starting in December. In US business results, Revvity released disappointing figures.
What we expect for today
European stock markets would open with slight drops of around -0.2%. Currently, S&P futures are down -0.1% (the S&P 500 ended +0.26% higher vs. the European closing bell). Asian markets are sliding (China’s CSI 300 -0.5% and Japan’s Nikkei -0.6%).
Today in the US we will learn October’s regional leading indicators and the Conference Board consumer confidence and August’s (FHFA) home price index, and in Mexico the unemployment rate. In US business results PayPal, UnitedHealth, Invesco, Welltower, Sysco, Booking and Electronic Arts, among others, will release their earnings.