EUR 100.00 For Business Accounts Only

IBERIAN DAILY 03 APRIL (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: GRIFOLS, IBERDROLA, OHLA.


Liberation Day is not disappointing and triggers stock market sales
With the exception of the Ibex, European stock markets ended with slight corrections ahead of D. Trump’s tariff announcement. Thus, in the STOXX 600, Retail and Travel&Leisure were the best-performing sectors whereas Pharma and Telecommunications posted the biggest drops. On the macro side, in Spain March’s registered unemployment fell much more than expected (-5.4% YoY), whereas the Social Security Affiliation reported 161,491 new affiliations (2.2% YoY). In the US March’s ADP private employment report rose above expectations. In China, March’s Caixin services PMI rose more than expected. The 25% tariffs to cars, steel and aluminium will come into force today and D. Trump announced reciprocal tariffs to 57 countries (20% to the EU, 31% to Switzerland, additional 34% to China and 32% to Taiwan, among others) and a minimum 10% tariff to the UK and the rest of countries not affected by reciprocity (that will come into force on the 5th of April). Separately, Bessent recommended countries not to take retaliations and negotiate, with the EU showing willingness to adopt this position although it is also preparing a countermeasure package.
What we expect for today
Stock markets would open with losses of around -2.0%, with worse performance by cyclicals like Technology, Basic Materials, Industrials and Cyclical Consumption (Autos, Travel & Leisure). Currently, S&P futures are down -0.3% (the S&P 500 ended +0.43% higher vs. the European closing bell). Asian markets are sliding (China’s CSI 300 -0.7% and Japan’s Nikkei -3.2%).
Today in the euro zone we will learn March’s final services PMI and in the US weekly jobless claims and March’s non-manufacturing ISM.