Mar. 13, 2014, 4:11 AM| Comment!
Mar. 10, 2014, 4:40 AM| Comment!
Feb. 28, 2014, 6:54 AM
- 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
Feb. 14, 2014, 3:48 AM
- 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
Feb. 4, 2014, 3:44 AM
- 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)
Feb. 3, 2014, 4:25 AM
- 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
Jan. 30, 2014, 3:09 AM
Jan. 9, 2014, 7:07 AM
- 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
Jan. 3, 2014, 3:19 AM
- 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)
Jan. 2, 2014, 4:19 AM
- 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
Dec. 13, 2013, 8:49 AM
- 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.
Dec. 6, 2013, 2:55 AM
- 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%.
Dec. 5, 2013, 2:27 AM
- 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
Dec. 4, 2013, 3:26 AM
- Spanish services PMI surprisingly moved into growth territory in November, rising to 51.5 from 49.6 in October and topping consensus that was also 49.6.
- The increase comes after a fall in unemployment last month but is also in contrast to an unexpected contraction in manufacturing PMI.
- The IBEX 35 (EWP) is +0.2%, while the euro is -0.05% at $1.3582. (PR)
Dec. 3, 2013, 3:54 AM
- The number of Spaniards filing for jobless benefits unexpectedly dropped for the first time in November on a monthly basis, falling by 2,475 to 4.81M.
- The decline stands in contrast to a rise of 87,000 in October and consensus for an increase of 44,300 in November.
- On year, the number dropped 98,909.
- The IBEX 35 (EWP) is -0.3%. (PR)
Dec. 2, 2013, 3:29 AM
- Spanish manufacturing PMI returned to contraction territory in November, dropping to 48.6 from 50.9 in October and missing consensus of 51.
- The was a renewed decline in output and new business, while employment continued to fall sharply.
- "The latest PMI survey highlights the current fragility of the Spanish manufacturing sector, with the domestic market the key source of weakness," Markit says. A rise in new export business wasn't enough to compensate.
- The weak PMI figure comes after Spain exited a long recession in Q3 and S&P upgraded the country's outlook to stable.
- The euro takes a dive from an earlier high but is still +0.1% at $1.36, while the IBEX 35 (EWP) is -1%. (PR)
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