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Spanish economy

Spanish economy 24th December 2013

Banesco challenges hard Spanish banks’ market share

MADRID| By Fernando González Urbaneja| The Spanish banking industry has a very solid position and it is not easy to win market share from it. Citi, Barclays, BNP, all of them with commercial experience and financial muscle failed in the attempt. Now it is the turn of Venezuelan Banesco, which has just acquired Spanish bank NovaCaixaGalicia (NCG), stemmed from the country’s financial system restructuring and intervened by the state since October 2011, at €1.000 million.

Spanish economy 19th December 2013

Some sort of green shoots grow in the Spanish housing market

MADRID | By Carlos Díaz Güell | Despite the Spanish residencial housing market weakness, main offer and demand variables are seemingly beginning to stabilize, pointing that real state starts and sales will reach a minimum level in 2013.

Spanish economy 11th December 2013

Will Spain’s risk premium let the government sleep at last?

MADRID| By Julia Pastor | Spain’s credit quality and solvency is increasingly improving. The country’s risk premium closed at 219 basis points on Tuesday to its lowest level since June of 2012, and under Italy’s. Also Spanish 10-years bonds neared 4% yield, more than double than the German ones. Public debt investors do not have much better options.

Spanish economy 6th December 2013

Corruption ranks second in Spaniards’ worries

MADRID| Fernando G. Urbaneja| Spanish leaders try to diminish the importance of corruption in the country’s political sphere. They say it is not a general practice, that cases in the public eye are manageable exceptions. But citizens do not seem to agree.

Spanish economy 5th December 2013

Moody’s Changes Outlook on Spain’s Rating to Stable from Negative

LONDON | By Moody’s Investors Service | Moody’s changed the outlook on Spain’s Baa3 government bond rating to stable from negative last Wednesday. Concurrently, Moody’s has affirmed Spain’s Baa3 government bond and (P)Prime-3 short-term rating.

Spanish economy 5th December 2013

Spanish November Jobless Claims Fall for First Time in 17 Years

MADRID | By Ben Sills at Reuters | Spain posted the first decline in November jobless claims since at least 1996 as economic activity stabilized after a five-year slump.

Spanish economy 4th December 2013

SPECIAL: Sovereign Funds’ Scope Reaches Spain

MADRID | By Julia Pastor | Sovereign funds’ bet on Spanish companies continued to be strong during 2012-13. Spain and its brands were these global investors’ favourite picks in the euro zone, overcoming English, German or French firms. The trend is to be renowed in 2014 because of their strong presence in the emerging markets of Latin America.

Spanish economy 3rd December 2013

Spain new car sales rise 15.1% in November year on year

MADRID | By Reuters | Spain new car sales jumped 15.1 pct in November from a year earlier, car manufacturers’ association Anfac said on Monday, the third straight month of rising sales which have been boosted by subsidies.

Spanish economy 27th November 2013

Oil (and Repsol), Always a State Affair

MADRID | By Fernando G. Urbaneja and Julia Pastor | Repsol is a “rara avis”, a private and listed firm, with public shareholders and indirectly supported by the Spanish government.

Spanish economy 26th November 2013

A nasty surprise for Spanish banks

MADRID | By J.P. Marín Arrese | As credit institutions gathered in Frankfurt to meet top ECB officials for a first-hand appraisal of the forthcoming common supervision, the Spanish banks proved utterly misinformed. They had taken for granted that domestic sovereign bonds held in their balance sheets could be accounted at their nominal value. Yet Draghi failed to provide any assurance to that effect, hinting the issue being subject to review next year.

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