IBERIAN DAILY 08 JANUARY (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: BANKING SECTOR, REPSOL.DAX stands out with new record high
There was some profit taking in a market that continues to await the outcome of the geopolitical events and the US employment data on Friday. In the STOXX 600, the gains were led by Real Estate and Industrials (thanks to the boost from defence companies), whereas Energy (hit by the rout in Brent prices) and Insurance ended with the biggest losses. On the macro side, in Germany December’s number of unemployed rose less than expected, whereas retail sales contracted unexpectedly in November. In the euro zone, December’s inflation fell by -0.1%, in line with expectations, to 2.0% YoY, while the core figure fell more than expected to 2.3%. In the US the job market data was somewhat fragile, with advances in the employment and new orders headings. Separately, Trump announced that he will ask Congress to raise the defence budget by +50% to US$ 1.5 Tn by 2027. At the same time, the Govt. announced that it will ban residential housing purchases for large investment groups and called for an oil price around US$ 50/barrel. In trade matters, China announced that it will halt purchases of H200 chips from Nvidia.
What we expect for today
European stock markets would open with losses of up to -0.5%, with cyclicals performing worse, although the industrial sector should be underpinned by the defence subsector. Currently, S&P futures are down -0.43% (the S&P 500 ended -0.49% lower vs. the European closing bell). Asian markets are falling (China’s CSI 300 -1.13%, Japan’s Nikkei -1.12% and Kospi -0.02%).
Today in Germany we will learn November’s industrial orders, in the euro zone December’s economic confidence index and November’s unemployment rate, in the US weekly jobless claims, October’s trade balance and 3Q’25 productivity, in Brazil November’s industrial output and in Mexico December’s inflation.
Repsol is an oil and gas company. Co. is engaged in all the activities relating to the oil and gas industry, including exploration, development and production of crude oil and natural gas, transportation of oil products, liquefied petroleum gas (LPG) and natural gas, refining, the production of a wide range of oil products and the retailing of oil products, oil derivatives, petrochemicals, LPG and natural gas, as well as the generation, transportation, distribution and supply of electricity. Co. operates in more than 40 countries. Co.'s operations are divided into four segments: Upstream, Downstream, LNG and Gas Natural Fenosa.
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