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at MarketWatch.com (Jan 9, 2012)
at MarketWatch.com (Dec 2, 2011)
at MarketWatch.com (Jan 25, 2011)
at MarketWatch.com (Jan 12, 2011)
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EWP vs. ETF Alternatives
The iShares MSCI Spain Capped Index Fund (the “Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Spain 25/50 Index (the “Underlying Index”).
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Friday, Apr 113:16 AM|Friday, Apr 113:16 AM| Comment!
Friday, Apr 48:14 AM
Friday, Apr 48:14 AM| 2 Comments
- Yesterday Jim Chanos said he was stunned and scared by the round-trip in Greek borrowing rates which have returned to pre-crisis levels. Perhaps an analyst at Kynikos is pinging him this morning with this one: Spanish 5-year borrowing costs have dipped below those in the U.S., with Spain's 5-year notes yielding 1.78% this morning vs. 1.80% for comparable Treasurys.
- It may be less bubble and more monetary policy. As the Fed tapers and talks rate hikes in a year, the ECB is threatening to launch its own QE. Still, it's at least stunning, and maybe scary.
- Two-year paper in Spain yields 0.61% and the country can borrow for 10-years at 3.21% vs. the U.S. at 2.80%.
- EWP +48% Y/Y
Wednesday, Apr 23:47 AM
Wednesday, Apr 23:47 AM| Comment!
- The number of unemployed people in Spain fell 16,620 in March, the largest drop for the month since 2006. The decline was much greater than February's fall of 1,900 and consensus of -5,300.
- However, the number of unemployed remains high at 4.8M. Still, the falling trend adds to other data indicating that Spain's economy may be slowly recovering.
- ETF: EWP (PR)
Thursday, Mar 134:11 AM|Thursday, Mar 134:11 AM| Comment!
Monday, Mar 104:40 AM|Monday, Mar 104:40 AM| Comment!
Friday, Feb 286:54 AM
Friday, Feb 286:54 AM| Comment!
- Spain has started the privatization of its holding in Bankia (BNKXF) by selling a 7.5% stake for €1.3B ($1.78B) to institutional investors at a price of €1.51 per share.
- Bankia was nationalized in 2012 after receiving €22.4B in EU bailout funds following massive losses on real-estate loans.
- The state still owns 60.89% in the bank.
- ETF: EWP
Friday, Feb 143:48 AM
Friday, Feb 143:48 AM| 1 Comment
- Spanish CPI tumbled 1.3% on month in January, as expected, after rising 0.1% in December.
- On year, inflation +0.2% last month vs +0.3% previously.
- Harmonized CPI -1.8% on month vs unchanged; on year, HICP held steady at +0.3%.
- While the monthly drop is largely seasonal, the sizeof the fall may add to concerns about deflation in the eurozone (See German CPI)
- The IBEX 35 is -0.1%.
- ETF: EWP
Tuesday, Feb 43:44 AM
Tuesday, Feb 43:44 AM| Comment!
- The number of unemployed people in Spain unexpectedly rose by 113,100 in January to 4.81M after a fall of 107,600 in December. Consensus was for a drop of 21,300.
- However, the seasonally adjusted unemployment fell by 3,907 people, while the non-SA figure was the smallest in January since 2007.
- The IBEX 35 (EWP) is -0.6%. (PR)
Monday, Feb 34:25 AM
Monday, Feb 34:25 AM| 12 Comments
- Eurozone manufacturing PMI increased to a 32-month high of 54 (flash 53.9) in January from 52.7 in December.
- Germany led the expansion and Greek PMI returned to growth for the first time since August 2009, while Spain hit a 45-month high and France showed signs of stabilization
- Improving new orders inflows and rising backlogs supported renewed job creation.
- The data is consistent with GDP growth of 0.4-0.5% in Q1.
- The euro is +0.1% vs the dollar. (PR)
- ETFs: FXE, VGK, EUO, FEZ, EWP, GREK, ERO, IEV, EPV, EZU, HEDJ, DRR, FEU, EUFX, UPV, ULE, FEP, ADRU, URR, FEEU, DBEU, EURZ, EURL, FIEU
Thursday, Jan 303:09 AM
Thursday, Jan 97:07 AM
Thursday, Jan 97:07 AM| 1 Comment
- Stock index futures are all ahead about 0.25%, with a sizable rally in the European periphery the notable positive mover across the globe today.
- Spain (EWP) +1.2%, Italy (EWI) +1.3%.
- In Asia, the Nikkei lost 1.5% and Shanghai fell 0.8%.
- The 10-year Treasury yield is flat at 2.99% and gold is up $2 per ounce to $1,2227.
- Index ETFs: SPY, QQQ, IVE, SH, DIA, SSO, SDS, PSQ, IVV, SPXU, UPRO, VOO, QID, TQQQ, RSP, DOG, SQQQ, QLD, DXD, RWL, EPS, UDOW, SDOW, IVW, DDM, SPYG, RPG, SPYV, RPV, BXUB, VOOG, QQEW, QQQE, VOOV, TRND, BXUC, SFLA, QQXT, FTA, BXDB, TNDQ
Friday, Jan 33:19 AM
Friday, Jan 33:19 AM| 1 Comment
- Spanish jobless claims dropped by 107,600 to 4.7M in December, the second-largest fall ever recorded after the June figure plummeted by over 127,000.
- The decline in December was far greater than the drop of 2,500 in November and consensus of 24,300.
- The improvement in unemployment adds to evidence that Spain is slowly digging itself out of its massive recession.
- The IBEX 35 (EWP) is -0.15%, while the euro is -0.1% at $1.3653. (PR)
Thursday, Jan 24:19 AM
Thursday, Jan 24:19 AM| Comment!
- Eurozone manufacturing PMI increased to a 31-month high of 52.7 (as in the flash estimate) in December from 51.6 in November.
- Rising output and fuller order books encouraged manufacturers to hold off from further job cuts, while new export orders again rose at a solid pace.
- “A strengthening upturn in the manufacturing sector is helping the euro area recovery become firmly established," says Markit, adding that the latest data suggests Q4 production growth of 1%.
- "The stage is set for a good start to 2014, during which it seems likely that the manufacturing sector will help drive a meaningful, albeit still modest recovery in the wider economy," Markit says.
- Germany, Italy and Spain are seeing the strongest output growth since early 2011, although France "remains a concern" and is looking uncompetitive.
- Euro Stoxx 50 index is -0.3%, while the euro is -0.2% at $1.3731. (PR)
- ETFs: FXE, VGK, EUO, FEZ, EWP, EWI, ERO, EU, EPV, IEV, EZU, HEDJ, DRR, FEU, EUFX, UPV, ITLY, ULE, FEP, ADRU, URR, ITLT, FEEU, FIEU, DBEU
Friday, Dec 132013, 8:49 AM
Friday, Dec 132013, 8:49 AM| Comment!
- Spanish stocks are off the highs but remain ahead by 0.4% on the session following Las Vegas Sands' reported decision to drop its massive project for suburban Madrid. The 10-12 year, $35B project was to include 12 casino resorts with 36K rooms, and was a key spoke in the government's plan to pull the economy out of its slump and lower the 26% unemployment rate.
- The MSCI Spain Capped ETF (EWP) is up 26% Y/Y.
Friday, Dec 62013, 2:55 AM
Friday, Dec 62013, 2:55 AM| Comment!
- France's trade deficit narrowed to €4.7B in October from €5.6B in September and came in below consensus of €5B.
- Exports slipped to €36.5B from €36.7B.
- Imports declined to €41.2B from €42.5B.
- The budget deficit widened to €86.05B from €80.80B.
- CAC 40 futures (EWP) +0.5%.
Thursday, Dec 52013, 2:27 AM
Thursday, Dec 52013, 2:27 AM| Comment!
- Moody's has joined S&P and lifted its outlook on Spain to stable from negative.
- Moody's cited three reasons for its decision: indications of a "sustained rebuilding" of the economy and an improved outlook for the medium term; a "material decrease" in risks to Spain's market access and to contagion from other parts of the eurozone; and a significant fall in contingent liabilities in the banking sector.
- The agency affirmed its rating on Spain at Baa3.
- S&P increased its outlook on Spain to stable from negative last week and reiterated the country's rating at BBB-, the lowest investment grade. (PR)
- ETF: EWP
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