MADRID | The Corner | Macro figures that Spanish government will send to European Commission next Wednesday will include an upward GDP’s revision of 1.2% and 1.8% for 2014 and 2015, respectively. Spanish Treasury issued €5.5bn of 3, 5 and 10 year-bonds beating expectations. Yields dropped to a record low in the three maturities. Fitch’s will review Spain’s BBB rating with stable outlook on Friday.
MADRID | By Jaime Santisteban | Caixabank’s net profit dropped by 54.6% to €152M in the first quarter. Analysts highlight the positive impact of integrating Banco de Valencia and Banca Cívica. Spain’s third biggest bank by market value improved its margins and reduced its NPL rate for the first time since the crisis started.
MADRID | By Jaime Santisteban | Bankinter, the Spanish bank with highest credit rating announced results under expectations, according to Santander. Analysts look optimistic on Spanish equities profitability and expect a 15% growth in Ibex 35. Spain walks on a firm and positive trend, points out Moody’s.
MADRID | By Jaime Santisteban | European markets are happily back from Easter as Wall Street enjoys its highest gains in 6 months. Spanish Ibex 35 keeps last week’s positive mood. Risk premium drops to 155 basis points. Spanish Treasury will sell up to 3 billion euros in 3-month and 9-month bills today.
MADRID | By Jaime Santisteban | As European stock markets remain closed today for Easter Monday, attention is focused on Wall Street. Both Europe and the U.S. face a week full of corporate results. Today, Hasbro, Halliburton and Netflix report for 1Q.
MADRID | By Jaime Santisteban | Market makers are highlighting the enhanced capital flux in the Eurozone prompted by the QE prospects while Germany Zew Index displayed a slight drop in the business confidence in April. Besides, analysts agree that China’s economic slowdown and Ukraine are going to determine the market mood.
MADRID | By Jaime Santisteban | In a crucial day for the long-awaited banking union in Europe, market makers also chattered about many other issues, like the Bank of Spain -which has denied it plans to subject Spanish lenders to stress tests this month- achieving less tough criteria for Spanish banks in the upcoming EU stress tests.
MADRID | By Jaime Santisteban | Two weeks ago we saw American, European and Spanish markets reach all-time maximums. Mostly prompted by the BCE’s QE action prospects and the FED statements on interest rates. However, last week turned out disastrous, and the same facts were interpreted as indicators of a weaker recovery. BANKIA analysts consider Ukraine to be the hottest market driver right now.
MADRID | By Jaime Santisteban | Business confidence reached an all-time high, encouraging the return of strong productive investment. Moreover, Deoleo complex process resolution, downward market trends and much more…
MADRID | By Jaime Santisteban | Time for EU peripherals’ sovereign debt auctions: Spain, Italy, Ireland and most importantly, Greece, which is back on the market after 4 years. Note that the successful Greek sale pushed down the yields of its neighbors. Besides, Qatar’s sovereign wealth fund has become shareholder of Colonial, following the steps of big finance firms like Fidelity that recently renewed their bet for Spanish listed companies and volatile real estate. Colonial rose by 14.3 % at the closing bell.