Fernando Rodríguez | The announced merger between SASB and IIRC, two institutions which set non-financial reporting standards, is a step forward in the convergence towards a single standard. This process began at the end of 2019 when framework- and standard-setting institutions of international significance like SASB and IIRC together with GRI, CPD and CDSB joined efforts and signed: Statement of Intent to Work Together Towards Comprehensive Corporate Reporting.
Behind this worse performance is the elevated weight of the banking sector in the Ibex-35, being one of the sectors with the worse performance – the Euro Stoxx Banks has risen 0.76% this year – as well as the country´s political instability, which keeps many investors on the side-lines of our market.
José Benito de Vega | Following the sharp fall compared to the Ibex 35 in the last two months of 2018 (-26% in November/December 2018 compared to the -4% of the Ibex 35), NH has performed relatively positively so far in 2019, with a rise of 22% compared to the 12% of the Ibex 35.
Banc Sabadell | We analyse the strategic plan for 2018-19, concluding that its target of average ROE 19-20 of 20% is achievable, given that it would imply post tax profits of around 940 million euros and we forecast that it could best this.
Bankinter | We are revising our recommendation for BBVA to Neutral from Buy because of the deterioration of the situation in Turkey.
Cristina Martín (GVC Gaesco) |With most investors on holiday in the month of August, stock market volumes are traditionally low. This factor, combined with the effect of specific economic and political events can fuel a rise in volatility and huge fluctuations in prices.
Market commentators tell us that the price of Brent crude is dropping and indices like the S&P 500 and the Ibex 35 are falling. The reverse should be the case. Have we not been told that Spain has benefited from the decline in raw material prices? This cuts import prices, increases export margins, reduces pressure on wages etc. But it’s not the case. Oil prices have been tumbling for the last year, and whenever these begin start to tremble so do the stock markets.
MADRID | April 8, 2015 | By Fernando G. Urbaneja | Earlier this year, Santander announced a capital increase of €7 billion through an accelerated book building offer to institutional investors at a 12% discount on the traded share price, which was between €6-€7. Within hours, the new shares were sold and existing shareholders were left as bystanders once they had authorised the board to waive their preferential subscription rights.
The Corner | March 26, 2015 | The German economy is leading the way in yet more positive news for the eurozone, as consumer confidence reaches its highest level for 14 years. In Spain, business confidence is at it’s highest level for eight years, while concern about weak GDP figures in France may be offset by a recent improvement in consumption and exports.