Today’s Talk Of The Market In Spain

BANKIA: As expected, the ECB kept interest rates in the historic mininum of 0.25 %, cooling expectations. Thursday’s press conference showed an unusual optimism that justifies the lack of action. The likelihood of lower interest rates in the next months goes down.

AFI: Market begins to assimilate that the ECB is not taking any action unless inflation falls below 0.5% or recovery is threatened. In contrast, specific programs to reinforce liquidity or foster SMEs credit are expected.

CORTAL CONSORS: Employment figures in the US are positive as regards the widening of business margins. Today, non-agricultural jobs rate will be released: increase of 150,000 people expected.

SABADELL: Analysts favor the government’s new measure of overhauling loan refinancing rules for struggling companies, which will make it easier for companies to arrange debt-for-equity swaps with creditors. Also, Daimler sold 68.7 % more Mercedes in China in February. Compare it to Europe, where sales increased by just 3.8 %.

BANKINTER: bolsters its recomendation about Gamesa, from sell to neutral and believes that after sound reestructuring process, the company remains underestimated even under conservative estimates.