IBERIAN DAILY 16 JULY + 2Q’25 RESULTS. PREVIEWS (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: TALGO.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 2Q’25 results to be released over the coming days in Spain.
High rates worry the market
European stock markets ended in the red following the release of the US inflation data. In the STOXX 600, Technology (NVIDIA received guarantees from the Trump administration that it can resume selling its H20 AI chip in China) and Autos led the gains, while defensive sectors like Telecoms and Retail ended with the biggest losses. On the macro side, in Spain June’s inflation was raised unexpectedly to 2.3% YoY, whereas the core figure remained at 2.2%. In Germany, July’s ZEW index beat expectations and improved for the third straight month to above March levels (pre-Liberation Day). In the euro zone, industrial output rallied much more than expected in May. In France, the Govt. has proposed eliminating two holidays, freezing pensions, raising taxes on the richest and selling companies in order to reduce the deficit in 2026 to 4.6%. In the US, June’s inflation rose more than expected (2.7% YoY vs. 2.4% previously), whereas the core figure rose +0.1% (2.9%), with the market pricing in a second rate cut in 2025 with only 76% probability. July’s Empire manufacturing index improved much more than expected, returning to positive territory for the first time since Feb’25. On the trade front, Trump warned that tariffs on pharma and semiconductors will be announced at the end of the month and agreed a 19% tariff with Indonesia in exchange for the latter not to impose tariffs on the US, as well as the purchase of US$ 15 Bn of energy, US$ 4.5 Bn of food and 50 Boeing planes. In US business results, BlackRock, JP Morgan, Wells Fargo and Citigroup all beat expectations.
What we expect for today
European stock markets would open with slight losses of around -0.3%. Currently, S&P futures are down -0.2% (the S&P 500 ended down -0.4% vs. the European closing bell). Asian markets are mixed (China’s CSI 300 -0.3% and Japan’s Nikkei +0.2%).
Today in the UK we will learn June’s inflation, in the euro zone May’s trade balance and in the US June’s industrial output, June’s production prices and the Fed’s Beige Book. In US business results, Goldman Sachs, Morgan Stanley, BofA, J&J and Prologis, among others, will release their earnings.
COMPANY NEWS
2Q’25 results previews
Along with our daily report, we include 2Q’25 results forecasts with all the previews for the coming days in Spain with our qualitative opinion and the expected impact on the market. Puig and Logista will release their earnings in the coming days.
Talgo is engaged in designing, manufacturing, repairing and maintaining the railway rolling stock, as well as the manufacturing, assembling, repairing and maintaining the engines, machinery and parts of the railway systems. Co. has an industrial presence in seven countries: Spain, Germany, Kazakhstan, Uzbekistan, Russia, Saudi Arabia and U.S.A. Co. has an active fleet in Europe, Asia and North America that comprises of 94 high-speed trains and more than 1,400 Talgo tilting passenger cars. Also, Co. purchases, redesigns, constructs, leases and sells all types of real estate.
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