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IBERIAN DAILY 11 APRIL + 1Q’25 RESULTS. PREVIEWS (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: GRIFOLS.

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 1Q’25 results to be released over the coming days in Spain.

European stock markets soar
The markets continue to be extremely volatile, and after the 90-pause to tariffs announced by Trump, European indices rallied close to +5.0%. In any event, the session ended worse than it began, cooled by the losses in the US at the opening bell following the rally on Wednesday (the biggest since Oct’08). In the STOXX 600, all the sectors closed with gains, led by Banks, Technology and Basic Materials, compared to the defensive Household Goods and Food, which posted the smallest gains. On the macro side, in the US both general and core inflation for March slowed more than expected to 2.4% and 2.8%, respectively. Weekly jobless claims rose in line with expectations. Separately, in the end Congress approved the budget draft extending tax cuts and pushing deregulation. In trade news, the EU has suspended tariffs on the US for 90 days (they were to go into force next week), but warned that it could tax tech companies if there is no agreement. Meanwhile, the US has raised tariffs on China to 145%.
What we expect for today
Stock markets would open flat with some positive slant that would ease throughout the session, with the energy sector hit by the drop in Brent crude prices. Currently, S&P futures are up +0.1% (the S&P 500 ended +1.3% higher vs. the European closing bell). Asian markets are mixed (China’s CSI 300 +0.35% and Japan’s Nikkei -4.2%).
Today in the UK we will learn the monthly GDP and February’s industrial output, in Spain and Germany March’s inflation, in Brazil March’s inflation and in the US production prices and U. Michigan consumer confidence.