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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 halt the rally, with all eyes on the US
Negotiations between the US and Europe stalled due to the demands Trump will impose on Nvidia in order for the company to be able to export its famous H20 chips to China. With this, European stock markets suffered slight losses. Within the STOXX 600, once again defensive sectors like Utilities and Food stood out, while Financials and Technology (dragged down by ASML) were the worst performers. In the US, J. Powell stressed that tariffs jeopardise growth and could lead to inflation, awaiting more clarity before resuming rate cuts. On the macro side, in the US March’s retail sales beat expectations, boosted by car purchases, with industrial output coming in below expectations. In the euro zone, March’s final inflation was unchanged (2.2% general and 2.4% core), which would support rate cuts from the ECB. In Canada, the Central Bank left rates unchanged at 2.75%. In the UK, both general and core inflation for March came in below expectations. In US business results, Citizens Financial, US Bancorp, Abbott Laboratories and Prologis beat expectations.
What we expect for today
Stock markets would open with slight losses following Powell’s warnings in the Economic Club of Chicago, and despite the progressing negotiations with Japan regarding tariffs. Currently, S&P futures are up +0.75% (the S&P 500 ended down -1.5% vs. the European closing bell). Asian markets are mixed (China’s CSI 300 -0.22% and Japan’s Nikkei +0.88%).
Today the ECB will meet (expected depo rate 2.25% vs. 2.50% previously). In Germany we will learn March’s production prices and in the US weekly jobless claims, housing starts and April’s Philadelphia Fed index.
IBERIAN DAILY 17 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 halt the rally, with all eyes on the US
Negotiations between the US and Europe stalled due to the demands Trump will impose on Nvidia in order for the company to be able to export its famous H20 chips to China. With this, European stock markets suffered slight losses. Within the STOXX 600, once again defensive sectors like Utilities and Food stood out, while Financials and Technology (dragged down by ASML) were the worst performers. In the US, J. Powell stressed that tariffs jeopardise growth and could lead to inflation, awaiting more clarity before resuming rate cuts. On the macro side, in the US March’s retail sales beat expectations, boosted by car purchases, with industrial output coming in below expectations. In the euro zone, March’s final inflation was unchanged (2.2% general and 2.4% core), which would support rate cuts from the ECB. In Canada, the Central Bank left rates unchanged at 2.75%. In the UK, both general and core inflation for March came in below expectations. In US business results, Citizens Financial, US Bancorp, Abbott Laboratories and Prologis beat expectations.
What we expect for today
Stock markets would open with slight losses following Powell’s warnings in the Economic Club of Chicago, and despite the progressing negotiations with Japan regarding tariffs. Currently, S&P futures are up +0.75% (the S&P 500 ended down -1.5% vs. the European closing bell). Asian markets are mixed (China’s CSI 300 -0.22% and Japan’s Nikkei +0.88%).
Today the ECB will meet (expected depo rate 2.25% vs. 2.50% previously). In Germany we will learn March’s production prices and in the US weekly jobless claims, housing starts and April’s Philadelphia Fed index.
Provider
Sabadell
Research Department
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