August 2016: assisted recovery
José A. Santos (Patrivalor) | The value of the 60 Spanish companies listed on the stock market stood at 536.499 billion euros at end-July 2016, down 9.0% from end-2015, Patrivalor says.
Markets
CaixaBank maintains interest margin in H1 despite low interest rates
Norbolsa | CaixaBank posted overall solid figures in the first half to 2016, particularly with regard to its net interest margin.
Bankia H1’16 interest margin lower than forecast; provisions contained
Norbolsa | Bankia’s (BKIA) interest margin fell more than expected in the first half of 2016, but the lender’s ability to lower provisions and costs offset this to some extent.
BBVA Q2’16 results beat estimates
Norbolsa | After a disappointing first quarter performance, BBVA’s second quarter 2016 results beat estimates, showing a good performance across the board.
Santander H1’16 results hit by UK uncertainty; Brazil positive surprise
Norbolsa | Santander’s first half 2016 results were overall positive, underpinned by a reduction in the cost of risk across most of the bank’s divisions and a good performance on the costs and commissions side.
Spain banks H1 results reflect positive change in lending trend
Norbolsa | The change in trend in lending has been the most positive element in the Spanish banks’ first half 2016 results.
Japan’s additional budget disappoints
Julius Baer | For the market, the additional budget package is insufficient to stimulate the economy but seemingly too much to leave yields where they are.
ACS H1 results overall in line; disparities in regional sales performance
Citi | ACS’ first half 2016 results were broadly in line with consensus estimates, although net income came in slightly lower at €388 million euros vs consensus of €411 million (-5%).
Tecnicas Reunidas Q2 top line results beat consensus; show robust pipeline
Citi | Tecnicas Reunidas (TRE) reported second quarter 2016 EBIT of €50 million vs consensus of €41 million (+20%), driven by higher revenues. Citi analysts flag that the operating margin of 4% was in-line with the company’s guidance, with the execution progressing as planned on all key projects.
Sabadell, Bankia H1 results prompt different stock market reaction
The banks’ non-performing loans ratio continues to show signs of recovery amid the ongoing deleveraging process on the part of households and companies. The balance of impaired loans fell by 18.3% in May to 121,865 billion euros. Against this backdrop, Banco Sabadell and Bankia were the first banks to present their first half results’ report. And the Spanish stock market reacted in a completely different way to each report.