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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.
Stock markets resume rally in light of new concessions from Trump
Trump’s announcement of temporary exemptions from tariffs on some electronic components and the possibility of a temporary suspension of tariffs on the auto sector allowed the rally to continue on stock markets (despite also confirming that he still aims to place tariffs on chips and pharmaceutical products, as well as considering possible tariffs on strategic minerals). In any event, investor sentiment remains highly negative, and with the trend of reducing positions in equity markets in favour of cash, as indicated by the latest Bank of America poll. In the STOXX 600, almost all sectors ended with gains, led by Banks, Real Estate and Construction. In general, defensive sectors rose more slightly, but only Consumer Goods ended in the red, dragged down by the poor sales released by LVMH and the fear of Trump’s measures having an impact on consumption. On the macro side, in the euro zone, February’s industrial output recovered unexpectedly. In Germany, the ZEW investor sentiment index for April fell much more than expected, dragged down by the expectation subindex (current conditions were slightly better than expected), hit hard by the uncertainty generated by US trade policy. In the US, March’s import prices rose slightly less than expected (although still not including the impact from tariffs), and separately the NY Fed 1Y inflation expectations rose, with the 3Y expectations remaining rooted to 3%. In China, the 1Q’25 GDP reached 5.4% vs. 5.2% expected, with retail sales and industrial output beating expectations. In US business results, Bank of America, Citigroup, United Airlines and Johnson & Johnson released better earnings than expected.
What we expect for today
Stock markets would open with losses, with Asian markets falling despite the better GDP growth in China. Currently, S&P futures are down -1.5% (the S&P 500 ended flat vs. the European closing bell). Asian markets are falling (China’s CSI 300 -1.5% and Japan’s Nikkei -0.75%).
Today in the euro zone we will learn March’s final inflation and in the US industrial output, retail sales and capacity utilisation for March.
IBERIAN DAILY 16 APRIL + 1Q’25 RESULTS. PREVIEWS (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: N/A.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.
Stock markets resume rally in light of new concessions from Trump
Trump’s announcement of temporary exemptions from tariffs on some electronic components and the possibility of a temporary suspension of tariffs on the auto sector allowed the rally to continue on stock markets (despite also confirming that he still aims to place tariffs on chips and pharmaceutical products, as well as considering possible tariffs on strategic minerals). In any event, investor sentiment remains highly negative, and with the trend of reducing positions in equity markets in favour of cash, as indicated by the latest Bank of America poll. In the STOXX 600, almost all sectors ended with gains, led by Banks, Real Estate and Construction. In general, defensive sectors rose more slightly, but only Consumer Goods ended in the red, dragged down by the poor sales released by LVMH and the fear of Trump’s measures having an impact on consumption. On the macro side, in the euro zone, February’s industrial output recovered unexpectedly. In Germany, the ZEW investor sentiment index for April fell much more than expected, dragged down by the expectation subindex (current conditions were slightly better than expected), hit hard by the uncertainty generated by US trade policy. In the US, March’s import prices rose slightly less than expected (although still not including the impact from tariffs), and separately the NY Fed 1Y inflation expectations rose, with the 3Y expectations remaining rooted to 3%. In China, the 1Q’25 GDP reached 5.4% vs. 5.2% expected, with retail sales and industrial output beating expectations. In US business results, Bank of America, Citigroup, United Airlines and Johnson & Johnson released better earnings than expected.
What we expect for today
Stock markets would open with losses, with Asian markets falling despite the better GDP growth in China. Currently, S&P futures are down -1.5% (the S&P 500 ended flat vs. the European closing bell). Asian markets are falling (China’s CSI 300 -1.5% and Japan’s Nikkei -0.75%).
Today in the euro zone we will learn March’s final inflation and in the US industrial output, retail sales and capacity utilisation for March.
Provider
Sabadell
Research Department
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