EUR 100.00 For Business Accounts Only

IBERIAN DAILY 04 MARCH (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: NATURGY, REPSOL.

Sales prevailed with the exception of crude oil
Most global indices saw significant corrections (to a slightly lesser extent in the US) amid fears about a greater conflict in the Middle East. Corrections in Europe exceeded -4%, with the Ibex ending below 17,000 points. In the STOXX 600, all sectors ended with drops, led by Banks and Insurance vs. the better relative performance of Energy (the only industry not falling last Monday) and Telecoms. On the macro side, in the euro zone February’s inflation speeded up unexpectedly to 1.9% YoY, with the core data also climbing to 2.2% YoY. In Brazil, the 4Q’25 GDP remained at 1.8% YoY, as expected. In China, February’s official manufacturing and services PMIs fell slightly more than expected, approaching 40, whereas the RatingDog indices rose more than expected to 52.1 (manufacturing) and 56.7 (services). In geopolitics, with the Israeli attacks on Iran and Lebanon continuing, the US announced that it will “protect” the passing of ships through the Strait of Hormuz and threatened to break commercial relations with Spain after the country refused to allow US use of the Morón and Rota military bases. In US 4Q’25 results Target and Best Buy beat expectations.
What we expect for today
European stock markets would open with slight drops and lacking definition. Currently, S&P futures are down -0.70% (the S&P 500 ended +0.76% higher vs. the European closing bell). Asian markets are sliding (China’s CSI 300 -1.4%, Japan’s Nikkei -3.8% and South Korea’s Kospi -12.24%).
Today in the euro zone we will learn February’s unemployment rate and final services PMI, in Spain February’s services PMI and in the US February’s non-manufacturing ISM and ADP private employment.