IBERIAN DAILY 28 JANUARY + 4Q’25 RESULTS. PREVIEWS (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: IBERDROLA.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.
Tariffs pressure the dollar
European stock markets closed with gains, while the renewed trade risk depreciated the dollar to above 1.1900 against the euro, which is not a source of concern for D. Trump. Thus, the €/US$ exchange rate hit 1.20 (4-year lows) and gold US$ 5,560/oz (new record highs). In the STOXX 600, Banks and Telecoms led the gains, whereas Media and Autos ended with the biggest corrections. On the macro side, in Spain the unemployment rate slowed more than expected, with 605,000 jobs created in 2025. In the euro zone, vehicle sales grew in 2025 for the third straight year, with consumers looking for more affordable electric and hybrid vehicles. In the US, November’s Conference Board consumer confidence deteriorated sharply and unexpectedly. From Japan, the finance minister, S. Katayama, warned that the Govt. would take the necessary steps in currency matters if needed while M. Kocher considers that the ECB should cut rates further if the euro levels affect inflation forecasts. On the geopolitical front, the US would be linking Ukraine’s security guarantees to territorial concessions to Russia, which would possibly affect Donbas. In US business results, General Motors, Invesco and Boeing beat expectations, UnitedHealth, Sysco and PACCAR were in line and Union Pacific released disappointing earnings.
What we expect for today
European stock markets would open with sharp gains, driven by the Technology sector and poor evolution in the Luxury sector (due to the solid results from ASML and the poor results from LVMH). Currently, S&P futures are up +0.42% (the S&P 500 ended flat vs. the European closing bell). Asian markets are mixed (China’s CSI 300 +0.57%, Japan’s Nikkei -0.10% and South Korea’s Kospi +1.69%).
Today in the US the Fed will meet and in Brazil the Central Bank will meet. In 4Q’25 business results, PPG, Starbucks, AT&T, MSCI and Meta, among others, will release their earnings.
Iberdrola is a holding company. Through its subsidiaries, Co. operates in four segments: network business, which includes all the energy transmission and distribution activities, and other regulated activity originated in Spain, the U.K., the U.S. and Brazil; deregulated business, which includes electricity generation and sales businesses as well as gas trading and storage businesses carried on by Co. in Spain, Portugal, the U.K. and North America; renewable business, with activities related to renewable energies in Spain, the U.K., the U.S. and the rest of the world; and other businesses, including the engineering and construction businesses and the non-power businesses.
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