Today’s Talk Of The Market In Spain

This is what market markers in Spain are talking about this Friday:

LINK. Russian military moves, the eventual economic sanctions to Moscow and Crimea’s Sunday referendum keep stock markets scared and downwards. U.S. retail sales rose in February for first time in three months and the requests for unemployment benefits were reduced to the lowest level since late November. The American consumer sentiment index won’t make up for the fear about havoc in Ukraine.

BANKINTER. China and Ukraine keep on bringing about losses in listed equities. Investors will tend to sell securities (in a preventive way) in the last beats of a negative week. In the current situation there’s increasing short-term risk.

CORTAL CONSORS. Chinese PM has said corporate default are likely to keep coming as the country’s financial deregulation moves forward. This is also affecting the value of raw materials like copper since it has been used as a warranty in loans.

ACF. Vodafone completed the ONO acquisition for €7.3bn – conditions have turned out to be pretty favourable for the Spanish company (10,3- 10,6xEV/EBITDA13e). The ongoing consolidation process in this industry moves forward in Europe. Jazztel buying Orange might be the next step to see.