UBS | Pro-independence parties in Catalonia have won a majority of seats – but not of the total of votes cast. As a result, we would advise investors to remain cautious about buying Spanish sovereign debt until some clarity emerges over the next steps of the new regional government.
Parties staunchly supporting independence have won the elections to the regional Parliament only in terms of seats, not votes.
The Organization for Economic Cooperation and Development (OECD) recently said Spain’s tax system and the “strict” labour laws do not help the country to deal with a black economy accounting for around 18% of GDP. This piece of advice is not new.
In the seven months to July, Spain’s trade balance registered a new record high since registers began in 1971.
Spain, along with the UK and Ireland have been the most active portfolio transaction markets in Europe given that banks locally have been very active in cleaning up their balance sheets, a report by PwC points out.
Spanish public administration debt fell by €12.7 billion in July to €1.040 trillion
Deutsche AWM | Capital is moving beyond Madrid and Barcelona. Yields continue to fall and are now close to historical lows. Positive yield impact is to have run its course mostly by end-2016.
The recovery in Spain’s property market is good news for the country’s banks as it will provide a boost for the economy as a whole, while helping reduce the “toxic” real estate assets on the lenders’ balance sheets, says the rating agency.
Cheaper oil and electricity pushed prices down by 0.3% in August compared to the previous month. In year-on-year terms, prices dropped by 5 basis points or 0.4%.
BBVA Research maintains its assessment on the recovery of activity in 2015, with expected growth of 3.2%, slowing to 2.7% in 2016.