EUR 100.00 For Business Accounts Only

IBERIAN DAILY 01 APRIL (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: GRIFOLS, INDRA.


Anxious about D. Trump’s tariffs
European stock markets fell significantly, awaiting the clarification of tariffs (D. Trump’s harder position with a generalised 20% vs. studying exemptions). Thus, in the STOXX 600, Energy waws the only sector ending in positive territory (Brent crude rose around +1.5% due to the possibility of tougher restrictions to Russian crude oil imports) whereas cyclical sectors such as Basic Resources and Travel&Leisure posted the biggest drops (near -2.5%). On the macro side, in Germany February’s retail sales rose more than expected and March’s inflation moderated in line with expectations to 2.2% YoY. In France, M. Le Pen was convicted of embezzlement and barred from running for president in 2027 (her party RN was leading the opinion polls with 32% vs. 26% New Popular Front and 23% Ensemble, E. Macron’s party). In the US, March’s Chicago PMI improved more than expected but remained at slowdown zone. Separately, the Trade Office made public a list of tariffs and non-tariff barriers by country and D. Trump announced that reciprocal tariffs will remain below those imposed to US products. According to FOX, E. Musk would step down from his position in DOGE at the end of May. In Japan, February’s unemployment rate dropped unexpectedly whereas the 1Q’25 manufacturing Tankan index fell, as expected, and the non-manufacturing index rose slightly more than expected. In China, Caixin final manufacturing PMI was raised slightly more than expected.
What we expect for today
Stock markets would open with slight gains of up to +0.4%, but still driven by the strong performance by defensive stocks. Currently, S&P futures are down -0.30% (the S&P 500 ended +1.0% higher vs. the European closing bell). Asian markets are climbing (China’s CSI 300 +0.1% and Japan’s Nikkei +0.3%).
Today in the euro zone we will learn March’s final manufacturing PMI, February’s unemployment rate and March’s inflation, in the US March’s manufacturing ISM, February’s (JOLTs) job openings and February’s construction spending, and in Brazil February’s industrial output.