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iShares MSCI Spain Capped ETF (EWP)

  • Feb. 28, 2012, 7:23 AM
    The EC pledges to do what it can, but warns it will not bend fiscal rules for Spain, which failed to meet its budget deficit target in 2011 (and 2012 isn't looking so hot either). New regulations passed late last year pledges automatic sanctions for states not hitting deficit reduction targets. This time they really mean it?
    | Feb. 28, 2012, 7:23 AM | Comment!
  • Feb. 27, 2012, 2:47 PM
    Spain misses its already revised higher budget deficit goal for 2011, coming in at 8.51% of GDP against December's estimate of 8% and the government's goal of 6%. The finmin is seeking EU approval to raise the 4.4% 2012 target, saying 2011's result combined with the recession make hitting that figure difficult.
    | Feb. 27, 2012, 2:47 PM | 3 Comments
  • Feb. 23, 2012, 5:57 AM
    The European Commission now forecasts a mild recession for the eurozone, with the region shrinking 0.3% this year. As recently as November, the EC had expected 0.5% growth this year. One of the sharpest country revisions is for Spain, now expected to contract 1% vs. prior forecast of +0.7%. Stocks give back gains after the report: London +0.2%. Paris -0.1%. Frankfurt -0.3%. Euro +0.5% to $1.3314.
    | Feb. 23, 2012, 5:57 AM | 2 Comments
  • Feb. 23, 2012, 4:48 AM
    Spanish PM Rajoy has reportedly asked European officials to raise Spain's debt reduction target to 5%, arguing the current 4.4% target will be impossible to meet. Sources say the EC is preparing to cut its eurozone growth forecasts, and Spain may latch on to the downward revision to argue its target needs adjustment.
    | Feb. 23, 2012, 4:48 AM | Comment!
  • Feb. 21, 2012, 3:02 AM
    Spain's debt load is set to nearly double, rising from 40% of GDP before the eurozone's crisis began to 78% by next year. The ballooning debt is erasing some of the economic advantages that differentiated Spain from the periphery and that helped shield the country from Greek contagion.
    | Feb. 21, 2012, 3:02 AM | 1 Comment
  • Feb. 17, 2012, 7:30 AM
    The bad-debt ratio of Spain's banking sector rises for the 9th straight month - 7.61% of loans are 90 days or more overdue in December (7.51% previously). It's a 17-year high for the figure, which was below 1% prior to 2008. Overall credit continues to shirk, down 3.3% Y/Y in December.
    | Feb. 17, 2012, 7:30 AM | Comment!
  • Feb. 16, 2012, 11:05 AM
    Spain sells €4.07B in 3 and 7-year notes, the average yield on the 3-year paper coming in at 3.33% vs. 2.86% at an auction 2 weeks ago. The country has raised nearly €30B YTD, about 34% of its funding needs, but the higher yield suggests the ECB's liquidity measures are not a long-term solution.
    | Feb. 16, 2012, 11:05 AM | Comment!
  • Feb. 16, 2012, 8:08 AM
    Spanish Q4 GDP fell 0.3%, matching a preliminary reading from January. GDP rose 0.3% on a Y/Y basis. It's the first quarterly contraction in 2 years for the economy, which has managed to continue barely growing despite the fallout from the real estate bubble and debt crisis.
    | Feb. 16, 2012, 8:08 AM | Comment!
  • Feb. 16, 2012, 4:04 AM
    Yields on 10-year Spanish and Italian govenment bonds shoot higher, although yields on Greek and Portuguese paper are barely moving. Spain +13 bps to 5.57%, Italy +11 bps to 5.85%, Belgium +9 bps to 3.64%.
    | Feb. 16, 2012, 4:04 AM | Comment!
  • Feb. 14, 2012, 8:21 AM
    The ECB's cheap LTRO financing - AKA back-door bond-purchases - continues to weave its magic, enabling Italy, Spain, Belgium and even Greece to hold successful bond auctions. Italy sold €6B of bonds, bringing its issuance this year to €35.4B, or over a third of the €90B it needs to repay or roll over in 2012.
    | Feb. 14, 2012, 8:21 AM | 2 Comments
  • Feb. 14, 2012, 7:22 AM
    The EU will likely impose sanctions on Spain's new government, according to sources, accusing it of overstating the 2011 deficit to make 2012 look better. The government has also delayed implementing austerity measures until after a regional election next month.
    | Feb. 14, 2012, 7:22 AM | Comment!
  • Feb. 13, 2012, 12:39 PM
    Fitch downgrades a number of Spanish banks, including BBVA (from A+ to A), a move made necessary by the downgrade of Spain last month. "Fitch believes there is a close link between bank and sovereign credit risk ... and it is unusual for banks to be rated above their domestic sovereigns."
    | Feb. 13, 2012, 12:39 PM | Comment!
  • Feb. 13, 2012, 5:45 AM
    Yields on GIIPS 10-year bonds diverge following the Greek vote. Portugal in particular is benefiting and is -31 bps at 12.17%, continuing falls that began last week. Spain is -5 bps at 5.25% and Italy is -8 bps at 5.53%. Greece, though, is +3bps at 32.93%, while Ireland is +47 bps at 8.21%.
    | Feb. 13, 2012, 5:45 AM | Comment!
  • Feb. 13, 2012, 4:01 AM
    Spain's biggest unions call for mass protests on Feb. 19 in response to labor-market reforms announced last week, though they stop short of declaring a general strike. The reforms include measures to make it easier for companies to cut workers' wages or fire them en masse.
    | Feb. 13, 2012, 4:01 AM | Comment!
  • Feb. 10, 2012, 9:25 AM
    Spanish PM Rajoy takes aim at loosening up the county's famously rigid labor laws, pushing through a reform cutting severance pay to 33 days pay per year worked (was as much as 45 previously). This follows last month's union agreement to remove the automatic tie between wages and prices. Baby steps for sure, but steps.
    | Feb. 10, 2012, 9:25 AM | 1 Comment
  • Feb. 8, 2012, 12:07 PM
    Feeling its oats with the wave of liquidity washing over the continent, Spain launches a surprise issue of 10-year bonds, reportedly hoping to raise between €2-3B. The sale has supposedly drawn bids of more than €4.5B. Spain has now completed about 25% of its needed €86B 2012 bond issuance.
    | Feb. 8, 2012, 12:07 PM | 1 Comment
EWP vs. ETF Alternatives
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”).
See more details on sponsor's website
Country: Spain
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