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iShares MSCI Spain Capped ETF (EWP)

  • Feb. 8, 2012, 7:57 AM
    It's getting real in Spain, where unions and business associations - hoping to boost productivity - take aim at puentes, expertly used by workers to turn mid-week government holidays into 5-day weekends. Someone's gain is another's loss however, as a tourism industry built around the practice is sure to suffer.
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  • Feb. 7, 2012, 8:56 AM
    Spain's largest bank - Santander (STD) - will set aside €2.3B in loss provisions to meet new government standards forcing lenders to more realistically value the real estate assets on their books. BBVA - the 2nd largest lender - will set aside €2.8B, but unlike Santander, expects the provisions to result in a large (€1.36B) hit to 2012 earnings.
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  • Feb. 3, 2012, 1:18 PM
    European shares close the week with gains, getting their big boost at 8:30 ET when the payroll report hit. Stoxx 50 +1.5%, Germany +1.6%, France +1.3%, Italy +1.5%, Spain +1.1%, U.K. +1.8%. Euro flat at $1.3140. Stoxx 50 +3.2% for the week, +9.3% YTD. Stolid Germany is up a cool 14.7% YTD.
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  • Feb. 3, 2012, 6:20 AM
    Spanish banks that agree to merge by May could get two years to make provisions against troubled real-estate assets rather than just a year. The merged firms would also be able to tap the state’s bank-bailout facility for funds. In total, the government's tough new rules will force Spanish banks to raise €50B in capital. (previous)
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  • Feb. 2, 2012, 2:47 PM
    Tough new loss-provisioning rules from Madrid will have Spanish banks needing to raise €50B in capital this year. Lenders who present a merger plan by May's end will be given an additional year to raise their share. "It looks to me like a lot of stick and not very much carrot," says an analyst of the rules, which include upping loss assumptions for land from 31% to 80%.
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  • Feb. 2, 2012, 6:58 AM
    The Spanish economy continues to shed jobs at a speedy rate, the number unemployed rising 4% to 4.59M in January. The unemployment rate, calculated off of a separate survey, stood at 22.8% at year's end, meaning it is now likely above 23%.
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  • Feb. 2, 2012, 6:21 AM
    Spain's borrowing costs fell substantially at a €4.56B euro auction of mid-term debt today, as investors apparently backed the ECB's liquidity plan and EU's fresh commitment to budget discipline. Yields on 3-year bonds fell to 2.86% from 3.38% just three weeks ago. A French €8B auction this morning also saw solid demand.
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  • Jan. 30, 2012, 3:39 AM
    Spain's GDP contracted 0.3% in Q4, in line with expectations and down from 0% in Q3. With the highest jobless rate in the EU and credit shrinking by the most on record, Spain is now teetering on the brink of its second recession since 2009.
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  • Jan. 27, 2012, 5:36 AM
    Portuguese bond yields hit fresh euro-era highs on fears the country may need a second bailout, just like Greece, whose talks with creditors are plodding along. The 10-year yield rose to 15.36% before slipping back to 14.88%, while the 5-year note rose to 20.48% but is now at 19.45%. Happily, Spanish yields are -17 bps at 5.04%.
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  • Jan. 27, 2012, 4:43 AM
    Spanish unemployment passes 5M in Q4, rising to 5.3M from 4.9M in Q3. The rate increases to 22.8% from 21.5%, the highest in nearly 17 years. Over half of 16-24 year-olds are out of work. Economy Minister Luis de Guindos calls unemployment Spain's main source of vulnerability.  (PR in Spanish .pdf)
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  • Jan. 24, 2012, 11:30 AM
    A look at the change in the Italian yield curve over the last 7 weeks shows just how dramatic the ECB bazooka has been, writes Mike Riddell. Just because the bank's liquidity gusher doesn't solve any structural issues, doesn't mean it can be ignored (buy stocks, dummy). Bonds yields in the EU core, however, have a lot of room to go higher if economic/financial conditions settle down.
  • Jan. 24, 2012, 7:19 AM
    Spain sells €2.51B of 3 and 6-month bills, hitting the high point of a targeted range for the auction. Demand was strong, with €13.5B in bids for the paper. Yields came in below 2%, continuing to fall from a peak of more than 5% at November's auction.
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  • Jan. 23, 2012, 12:44 PM
    The Bank of Spain drastically lowered its 2012 growth estimate to -1.5%, while the IMF is expected to release a -1.7% estimate for Spain, but these figures appear to be politically driven best-case scenarios. The reality is that Spain’s target deficit of 4.4% of GDP is entirely unachievable and instead will most likely be above the 2011 deficit of 8.3%. (submitted by James Kostohryz)
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  • Jan. 23, 2012, 12:13 PM
    Spain halts plans to privatize its two main airports in Madrid and Barcelona, the proceeds of which could have been used to cut the country's debt. The previous government had hoped to receive at least €5B ($6.46B) from the sales, but the new one is unhappy about the fire-sale prices on offer.
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  • Jan. 23, 2012, 6:27 AM
    The Bank of Spain expects the country's GDP to contract 1.5% this year as a result of "significant contraction in national demand." There should be a "modest recuperation" in 2013 of 0.2% growth. (Bank of Spain report, .pdf)
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  • Jan. 19, 2012, 1:10 PM
    Fitch expects that a ratings review of Belgium, Spain, Slovenia, Italy, Ireland and Cyprus will result in downgrades of 1-2 notches in most of those countries, senior director Ed Parker says. The review should be completed by the end of the month.
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EWP Description
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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Country: Spain
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