EUR 100.00 For Business Accounts Only

IBERIAN DAILY 17 FEBRUARY + 4Q’24 RESULTS. PREVIEWS (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: ELECTRICITY SECTOR, GRIFOLS, TALGO, 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’24 results to be released over the coming days in Spain.

Peace expectations and tariffs marked last week’s performance
European equity markets rose last week, fuelled by expectations of a peace agreement in Ukraine (with tough speeches from both the US vice-president Vance and from Zelenski in Munich), which partially alleviated the impact from the implementation of new reciprocal tariffs by D. Trump on the 1st of April. Thus, in the STOXX 600, Autos and Chemicals ended last week with the best relative performance vs. Household and Travel & Leisure that were the worst relative performers. On the macro side, in the euro zone, the 4Q’24 GDP confirmed, as expected, the preliminary data (0.9% YoY). On another note, the EU would be working on a new package to bolster defence spending and back Ukraine whereas Merz was open to the joint financing of defence spending . In the US, January’s retail sales slowed down more than expected and January’s industrial output came in slightly better. In Japan, the 4Q’25 GDP grew more than expected thanks to private consumption. In US business results, Moderna came in below expectations.
What we expect for today
European stock markets would open with slight profit taking, with all eyes on the peace talks. Currently, S&P futures are up +0.15% (the S&P 500 ended down -0.1% vs. the European closing bell). Asian markets are sliding (China’s CSI 300 -0.07% and Japan’s Nikkei -0.10%).
Today in the euro zone we will learn December’s trade balance. The US will be closed today for holiday. In US business results, Bridgestone, among others, will release its earnings.