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IBERIAN DAILY 06 FEBRUARY + 4Q’25 RESULTS. HIGHLIGHTS (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: ENCE, INDRA, RESULTS HIGHLIGHTS, TELEFÓNICA.

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.

Doubts remain present
It was a session of drops for European stock markets, dragged down by corrections in the US and Asia and where the sell-off in software and data services companies continues. In the STOXX 600, all sectors with the exception of Technology (second worst industry on the week) ended with losses, led by Autos and banks. On the macro side, the ECB kept rates unchanged at 2% unanimously for the fifth consecutive meeting. C. Lagarde maintained the “data dependant” approach to monetary policy, although she admitted that an excessive appreciation of the euro could force the institution to cut rates. In the euro zone, December’s retail sales slowed down more than expected. In the UK, the BoE, as expected, kept rates unchanged at 3.75% in a tight vote (5-4). In the US weekly jobless claims rose more than expected. From the Fed, R. Bostic stated that inflation has been very high for a long time, stressing the importance of maintaining a moderately restrictive economic policy. In US business results, Estee Lauder and Ralph Lauren beat expectations, and Amazon released worse earnings than expected.
What we expect for today
European stock markets would open with slight drops, dragged down by technology once again. Currently, S&P futures are down -0.20% (the S&P 500 ended practically flat vs. the European closing bell). Asian markets are mixed (China’s CSI 300 -0.20%, Japan’s Nikkei +0.75% and South Korea’s Kospi -1.44%).
Today in Germany and Spain we will learn December’s industrial output, in the US the University of Michigan consumer confidence. In 4Q’25 US business results Philip Morris and Biogen, among others, will release their earnings.



COMPANY NEWS

4Q’25 Results highlights
Of the stocks releasing their results over the coming days we highlight on the negative side Mapfre (12/02), where despite the fact that we expect strong operating performance in almost all regions, regulatory and fiscal changes in Mexico and Colombia will have a significant effect on 4Q’25 Net Profit, an aspect we believe is not priced in to consensus expectations, which we also believe are overly ambitious in the final DPS’25.