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Spain

Unicredit, Santander and Lloyds are Morgan Stanley's top picks to invest in the European banking sector again

In Europe 21st January 2016

A New ECB Provisioning Plan, Reclassification Of NPLs Doesn’t Make Much Sense

The Italian banks’ share prices have taken a beating recently on rumours – partially confirmed – that the ECB has contacted some of them regarding their bad loans. And now some of Spain’s domestically-focused lenders are suffering from a contagion effect, posting losses and underperforming as the scepticism spreads to their own NPLs situation. Banc Sabadell analysts highlight that “the risk of the ECB introducing new provisions or reclassifying NPLs would, in general, not make a lot of sense.”

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In Europe 7th December 2015

Good NGDP News From Spain And Even Italy

James Alexander via Historinhas | While we firmly believe NGDP expectations are the best guide to monetary policy we are still some way from having a proper market measure of those expectations. However, two of the peripheral countries, Spain and Italy have now produced their first estimate of NGDP for 3Q.

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In Europe 6th November 2015

Brussels gives Spain a pass mark on growth, but fails it on deficit

The Spanish economy is in the “champions league” in terms of GDP growth, but has failed the deficit, unemployment and debt exams. The autumn forecasts from the European Commission raised the deficit non-compliance to 4.7% of GDP for this year and 3.6% for 2016, well off the levels of 4.2% and 2.8%, respectively, previously agreed with Brussels.

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World economy 5th October 2015

3% GDP Growth: Good For Spain, Bad For The World

Fernando Barciela | The IMF and other international organisations including the OECD are very worried these days that the global economy will only grow 3.3% or less this year. On the other hand, they are very happy about Spain achieving the same level. Why? What makes the diference?

Spanish banks profitability

Markets 9th September 2015

It’s Not Draghi’s Fault If Spanish Banks’ Profitability Is Low

Confusing costs with revenues, or assets with liabilities, is lethal if you are analysing the situation of the banks. It now appears that, according to some so-called experts, the ECB and its low interest rate policy is to blame for the weakness and lack of profitability amongst Spanish banks.