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US market volatility

Markets 5th July 2017

Record Low Volatility; Too Much Complacency Or Is The Economy Under Control?

There are various ways of measuring the volatility of equities, but for me the most representative are: a) what is known in the Anglo-Saxon world as the fear index, VIX, and b) the ample range formed by the intra-day movement of an asset price. In other words the difference between the maximum and minimum level of a share price or index within the same day. As Víctor Peiro from GVC Gaesco points, if we look at the performance of this volatility index, both for the US and European indices, we can see we are close to record lows.

Bankia

Markets, Spanish Small & Mid Caps 4th July 2017

Bankia: A Tale Of Successful Restructuring Leading To Growth

Fernando Rodríguez |Bankia’s integration of BMN has transformed the stock in the eyes of analysts and fund managers: the restructuring period is over and now it’s time for growth. If the execution of the merger avoids the limited risks which it would seem to involve, the macroeconomic scenario in Spain, and interest rates on the rise in Europe, should favour the bank’s business and boost Bankia’s share price, which has already heated up of its own accord.

Ibex35

Ibex, Markets 3rd July 2017

The Ibex 35 firms boosted their treasury stock again 2016

The 29 firms listed on the Ibex 35 which published their treasury stock figures at end-2016 accounted for a total of 678.127.762 own shares, representing 0.87% of social capital, with a market value of 4.372 billion euros. Despite the fact the treasury stock figures registered at end-2016 were higher than those in December 2015, this is not the case if we add to these figures the share redemptions made by these same listed companies during the year

Telefonica

Ibex, Markets 30th June 2017

Telefonica Continues Cutting Debt Via O2 listing, Argentina Business Sale

Telefónica is continuing with its plans for cutting group debt – estimated at 50 billion euros – by divesting stakes in some of its subsidiaries and ruling out any major new acquisitions. On the one hand, the company is still preparing to list a minority stake in its UK mobile subsidiary O2 towards year-end, on the other they are considering to sell Telefonica Argentina.

 

nestle

Markets 30th June 2017

Buy-Backs Do Not Matter In Europe

Like any unaware retail investor, CEOs buy high and sell low. So now that markets are up and, even though big European corporates have been flush with cash over the last 5-7 years, “the buzz word is about buy-backs again,” says Carax-Alphavalue’s analysts.

Bankinter's profits increased by 7% in the first nine months of the year

Ibex, Markets 30th June 2017

What if they had all been just a little bit more like Bankinter?

Bankinter, the best Spanish bank, amazed us with its spectacular results during the crisis and continues to do so now. It’s proof that things can be done with maximum prudence, security and moderation, without being pulled along by prevailing bubbles. Bankinter was always cautious about adventures. In the years prior to the eruption of the crisis it established the bases to prevent it from being carried away by what was a catastrophe.

Abengoa's sale of Atlantico Yield

Markets, Spanish Small & Mid Caps 29th June 2017

Abengoa finalises details of the sale of its Atlantica Yield subsidiary

Abengoa is trying to finalise the details which will allow it to go ahead with the sale of Atlantica Yield (Nasdaq:ABY) which manages electricity assets and has an approximate market value of $2.16 billion (around 1.93 billion euros). Abengoa has two options for closing the sale: Firstly, the direct handover of its 41% stake in ABY to the funds, including Brookfield, secondly placing blocks of its shares on the market.

Popolare and Veneto

In Europe, Markets 28th June 2017

Popolare And Veneto: Banking Rescue Italian Style

The recent rescue of two ailing Italian banks -Popolare di Vicenza and Veneto Banca-broke away from the standard bail-in procedures introduced by the EU. The trick used for implementing that circumvention was based on the official guarantee that the two lame ducks did not represent a systemic danger.