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IBERIAN DAILY 02 APRIL (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: CELLNEX, GRIFOLS, FLUIDRA.


Liberation Day has come
The main European indices recovered, fuelled by cyclical and financial sectors, awaiting news on D. Trump’s tariffs that should be made public today at 22:00 (CET). Thus, in the STOXX 600, Technology and Banks were the best-performing sectors whereas Media was the only industry ending in negative territory and Household closed practically flat. On the macro side, in the euro zone, March’s final manufacturing PMI was cut one tenth (48.6 worse), with disappointing data in Germany, France, Italy and Spain. March’s inflation continued to moderate near the ECB’s target, with the general data at 2.2% YoY (in line) and the core data at 2.4% (less than expected). In France, the court of appeals will rule on M. Le Pen’s ban on running for PM before the summer of 2026. On another note, February’s unemployment rate fell unexpectedly. In the US, March’s manufacturing ISM dropped more than expected, with significant decreases in orders and employment and increases in inventories and prices. February’s job openings (JOLTs) fell more than expected.
What we expect for today
Stock markets would open with drops of as much as -0.3%, awaiting D. Trump’s announcement, where the worst news would be generalised tariffs of 20% or more and the least negative news would be tariffs by country and product although in all cases with the possibility of negotiations. Currently, S&P futures are down -0.13% (the S&P 500 ended -0.1% lower vs. the European closing bell). Asian markets are mixed (China’s CSI 300 -0.1% and Japan’s Nikkei +0.4%).
Today in the US we will learn D. Trump’s tariffs (22:00 CET), March’s private employment report (ADP) and February’s factory orders.