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iShares MSCI Spain Capped Index ETF

5/20/2013, 4:58 AM ET

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Thursday, May 2, 7:53 AM European stocks and the euro - after some gyrations - are above their levels from just before the ECB rate cut. The Stoxx 50 (FEZ) +0.4%, led by Spain (EWP) +0.7%. ECB President Draghi's press conference is at 8:30 ET where he may (or may not) detail other easing measures, such as an easing in collateral requirements. S&P 500 futures add to gains, +0.5%. 2 Comments [Global & FX]
Friday, April 26, 8:16 AM The Spanish government sharply cuts its hopes for the economy and, as a result, pushes out 2 years to 2016 its plan to hit the EU's budget deficit target. Unemployment is now seen at 27.1% this year and 26.7% in 2014. 2013 GDP growth is seen at -1.3% vs. -0.5% previously. The deficit is expected to hit 6.3% of GDP this year, 5.5% in 2105, and 4.1% in 2015 (vs. 1.9% EU target). Madrid (EWP) leads on the way down in Europe today, off 1.2%. 4 Comments [Global & FX, Breaking News]
Wednesday, April 3, 11:37 AM Surprising approximately no one, Cyprus intends to extend capital controls - imposed last week for one week - another seven days, reports Bloomberg, citing a central bank official. Europe is off sharply today, led by the periphery. Spain (EWP) -2.2%, Italy (EWI) -1.8%. Comment! [Global & FX, Breaking News]
Wednesday, March 27, 7:24 AM Troubling to European shares (which had been higher in early trade) is Italy Democratic Party chief Pier Luigi Bersani saying he will not try to form a coalition government, and labeling as "insane" anyone who would try to govern in the current environment. Stoxx 50 (FEZ) -1.4%, with Italy (EWI) and Spain (EWP) both down a similar amount. S&P futures (SPY) -0.4%. 10 Comments [Global & FX]
Tuesday, March 26, 12:18 PM "Slovenia next," said Tyler Cowen yesterday. As eurocrats come forward to declare than deny Cyprus' bail-in of depositors is the new EU rescue template, traders unload Slovenian paper, with the country's bond due in 2024 climbing 36 bps in yield to 6.26%. Near the close, Europe's about flat, but the periphery sinks: Spain (EWP) -1.7%, Italy (EWI) -1%. 7 Comments [Global & FX]
Monday, March 25, 11:07 AM The Italy (EWI -3.7%) and Spain (EWP -3.1%) ETFs lead a now-tumbling Europe (FEZ -1.8%) as - maybe we're being too simplistic here - Eurogroup President Dijsselbloem has more or less told anybody with greater than €100K in deposits at what could be a troubled bank they need to think about getting their money out. Italy's Unicredit and Intesa Sanpaolo are halted down more than 5%. EUFN -2.4%. 33 Comments [Global & FX, Financials, On the Move]
Tuesday, March 19, 12:12 PM More on Cyprus: The country's finance minister - Michalis Sarris - has submitted his resignation, reports both Bloomberg and CNBC. He looks to be the President's fall guy for accepting Brussels' weekend demand for the bailout to be taken out of the hides of bank depositors. (Previous: The bailout - as currently formulated - looks doomed) Spain (EWP) leads on the downside for Europe, off 2.4%. 4 Comments [Global & FX]
Monday, March 18, 12:41 PM Europe closes lower, but recoups a big chunk of sharp early losses following the weekend plan to confiscate bank depositor money in Cyprus. Stoxx 50 (FEZ) -0.7%, led by Spain (EWP) -1.3%. Germany (EWG) fell 0.5%. The S&P 500 is now lower by just 0.3%. The Nasdaq turned green for a bit, now flat. 1 Comment
Monday, March 11, 10:16 AM Spain's FROB - the country's bank bailout fund - is reportedly hiring advisers to assist with long-term strategy after last week's failed auction for Catalunya Bank. The lack of bids is striking given the state had injected nearly $12B in capital and transferred the worst of property loans off the bank's books. Madrid (EWP) leads Europe lower today, -0.8%. Comment! [Global & FX]
Tuesday, February 26, 4:00 AM Italian 10-year debt yields surge 21 bps to 4.69% following the election result and ahead of a Treasury auction of €8.75B in six-month bonds. Spanish 10-year yields feed off the anxiety to rise 9 bps to 5.26%. Ambrose Evans-Pritchard points out that it's unclear whether the ECB can "can continue to stand behind the Italian debt market...if there is no party able to deliver on austerity cuts and reforms demanded by Berlin and Brussels." Comment! [Global & FX, Top Stories, On the Move]
Friday, February 22, 6:08 AM The euro loses its Ifo-induced bounce after the European Commission cuts its 2013 eurozone growth forecasts and is now -0.1% vs the dollar. The EC also predicts that the recession will cause Spain, France and Portugal to miss their deficit targets, with Spain's shortfall to widen to 6.7% from 6.3% in 2012 rather than drop to the country's goal of 4.5%. (Map of country forecasts) 4 Comments [Global & FX, Top Stories]
Thursday, February 21, 9:17 AM Spain's fiscal consolidation has "gained traction" says Fitch following news the country's deficit/GDP ratio fell below 7% in 2012 (excluding the cost of the bank bailout). Just for the record, the target as per agreement with the EU was 6.3%. The only thing gaining traction may be Rajoy's efforts at lowering expectations. EWP flat YTD. Comment! [Global & FX]
Wednesday, February 13, 11:54 AM Spain is set to take Germany's place as the strongman of Europe, says Morgan Stanley's Joachim Fels. High unemployment means labor costs will remain low for years, he says (doesn't high UE kind of disqualify a country from being another Germany). Fels notes Ford and Renault have both recently moved production to the country. EWP +2.8% YTD. 11 Comments [Global & FX]
Monday, February 11, 7:34 AM Spanish banks and the economy catch a break as EU officials waive a condition of last summer's bailouts which would have forced another wave of loan-loss set-asides. Officials say Spain should be allowed to have the same risk controls as the rest of the EU. In truth, the last thing the economy needs is even more credit tightening. 3 Comments [Global & FX, Financials]
Friday, February 8, 12:15 PM Spain is affirmed a BBB with negative outlook at Fitch. "Spain's investment-grade rating reflects Fitch's opinion that the sovereign maintains some fiscal headroom ... The Spanish sovereign has demonstrated its financing flexibility and resilience during the crisis." Comment! [Global & FX]
Thursday, February 7, 4:02 PM A look beneath the hood of Schwab's (SCHW) recently unveiled lineup of 105 commission-free ETFs shows an impressive breadth of asset class coverage, including currency, physical metals and equal-weight sector ETFs not previously available for commission-free trading. Notably absent: iShares single country funds, 10 of which are available among the 101 ETFs TD Ameritrade (AMTD) offers commission-free. Comment!

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