EXANE BNP Paribas | A weakening demand environment, US shale’s c ontinued resilience and conventional supply benefiting from cost reductions have changed the picture for Petrobras and Brazil. Nevertheless, the pre-salt ranks among the lowest cost assets in the world.
Citi Research | Telefonica reported a 1.7% (ex -pre -reported entities) beat on underlying OIBDA driven by the Spanish business and other. Guidance for 2016 is unchanged and the focus of the call is likely to be company’s deleveraging strategy.
Banco Santander S.A. (SAN) stock reached year maximums (+2.5% to €4.69) after the bank reported its Q1 results on Wednesday. Despite a 5% net profit decline in Q1 to €1.63bn (mostly due to the depreciation of various currencies against the euro), Spain’s largest bank by market value beat expectations.Read More
It’s unheard of Spain’s tourism sector, which many experts said was stagnant and mature ten years ago, has not only massively recovered but continues to beat records from one year to the next in terms of numbers of international tourist arrivals. Since it touched bottom in 2009, with 52.2 million foreign tourists, the sector has not stopped growing any year. In 2015, numbers reached 65 million, up 31% in comparative terms.Read More