EUR 100.00 For Business Accounts Only

IBERIAN DAILY 14 JANUARY (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: MAPFRE.

US results season kicks off
European stock markets remained stable at the start of the results season in the US, with Trump calling for continued protests in Iran. In the STOXX 600, the best-performing sectors were Energy (driven by the rising Brent prices) and Basic Materials, whereas Construction (dragged down by recommendation downgrade by a broker) and Telecoms saw the biggest corrections. On the macro side, in the US December’s inflation remained, as expected, at the 2.7% YoY from the previous month, whereas the core figure was a low-end surprise (repeating at the previous 2.6%). October’s new home sales beat expectations. In China, the trade deficit hit record levels of US$ 1.2 Trillion in 2026 despite Trump’s tariffs. In US business results, Bank of New York Mellon and JP Morgan beat expectations, Delta Airlines was in line. On the geopolitical front, the military tension intensified in the Black Sea after a drone attack to oil tankers linked to Kazakhstan whereas D. Trump warned Iran’s government to act humanely or to face harsh consequences. On another note, the US Senate proposed a law to ban the military territory occupation of NATO countries.
What we expect for today
European stock markets would open with slight losses of up to -0.3% amidst the rising geopolitical risk, with the Basic Materials sector underpinned by the new rally in metals. Currently, S&P futures are down -0.31% (the S&P 500 ended up +0.15% vs. the European closing bell). Asian markets are mixed (China’s CSI 300 -0.25%, Japan’s Nikkei +1.39% and Kospi +0.65%).
Today in the US we will learn November’s retail sales and December’s second-hand home sales. In 4Q’25 business results, Bank of America, Wells Fargo and Citigroup, among others, will release their earnings.