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IBERIAN DAILY 23 JANUARY + 4Q’25 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: EBRO FOODS.

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 4Q’25 results to be released over the coming days in Spain.

Europe recovers from geopolitical doubts
European stock markets recovered significantly as the tariff threat eased after D. Trump’s announcement of a “framework agreement” with NATO on Greenland’s future where the US would have ensured total and permanent access to the island. Subsequently, Greenland’s PM, J.F. Nielsen, said he was unaware of the agreement. The STOXX 600 saw gains, led by Construction and Autos while Basic Resources and Energy were the only sectors ending with losses. On the macro side, in the euro zone, January’s consumer confidence improved slightly more than expected although remaining in negative territory. In the US, the second reading of the 3Q’25 GDP improved to 4.4% q/qa growth thanks to better exports and investments although robust consumption continues to be the growth driver. Weekly jobless claims rose less than expected and personal spending, as expected, climbed significantly in November whereas the core consumption deflator was not surprising after increasing to 2.8% YoY. In Japan, the BoJ meeting kept rates at 0.75%, as expected, and raised inflation expectations, suggesting new increases after the election on 08/02. December’s inflation fell more than expected (2.1%), but the core figure remains high (2.9%). In US 4Q’25 Results Procter&Gamble and Abbot Laboratories in line, while Intel released disappointing earnings with worse guidance for 1Q’26 due to the short supply.
What we expect for today
European stock markets would open with drops after yesterday’s rally although with basic resources companies benefiting again from the rise in commodities. Currently, S&P futures are up +0.24% (the S&P 500 ended -0.15% lower vs. the European closing bell). Asian markets are mixed (China’s CSI 300 -0.34%, Japan’s Nikkei +0.27% and South Korea’s Kospi +0.72%).
Today in Japan BoJ meeting and December’s inflation. In the UK we will learn December’s retail sales, in the euro zone January’s preliminary manufacturing and services PMI, in Mexico November’s IGAE activity index and in the US January’s final University of Michigan consumer confidence. In 4Q’25 business results, SLB,, among others, will release their earnings.