MADRID | April 27, 2015 | By Fernando G. Urbaneja | At his own pace, without giving up to noisy external pressures, Repsol Chairman Antonio Brufau established an executive management model with a clear separation between the chairman of the Board and the executive team –entrusted to a CEO with full authority. That had been a claim of significant shareholders of the Spanish oil firm and some investment funds, although for different reasons.
MADRID | April 24, 2015 | By Fernando G. Urbaneja | Bankia held its general meeting in Valencia (headquarters of one of the integrated in the brand new boxes) this week to approve its 2014 results –the year of the firm’s regeneration– and design its future roadmap. One of its non-explicit goals is to accelerate the partial and progressive privatization of the entity before November general elections in Spain.
The Corner | April 14, 2015 | At first sight the Spanish Ibex multiple does not seem particularly stressed (16.2 x PE 12 months forward with a premium of 15% against historical series). But analysts believe that it is actually being affected by optimistic earnings estimates, especially in the banking sector.
MADRID | April 7, 2015 | By Fernando G. Urbaneja | There are two lingering black marks against the Spanish economy. The first is rampant unemployment, which is second only to Greece in the euro area and the OECD. The second is a large budget deficit-the largest in Europe-which remains stubbornly high and is still some way off the target of 3% of GDP. Against that backdrop, the Spanish economy has returned to stronger growth this year, with forecasts showing the economy could expand by as much as 3%.
The Corner | April 7, 2015 | European markets reopen this morning, with three areas of specific interest likely to dominate events on trading floors. The first, will be the continued wrangling between Greece and its creditors, with hopes for a deal becoming increasingly slim as the acrimony between the various parties seemingly increased over the weekend. On Wall Street, quarterly results presentations will commence, while traders will also be closely monitoring a swathe of data which may offer an insight as to the future direction of the Fed’s monetary policy.
The Corner | April 6, 2015 |Figures released today show that unemployment in Spain has fallen again, with Spanish consumers more confident than ever about the trajectory of the economy.
The Corner | April 2, 2015 | La Caixa Research | Competitiveness gains in the Spanish economy are set to persist as wage increases continue to lag behind other euro zone countries.
MADRID | April 1, 2015 | By Fernando Barciela | The Corner caught up with Luis Iturbe, a board member with Spanish insurance giant, Mapfre. He emphasises the improving health of the Spanish banking sector, but says that the capital increases by lenders, notably Santander, have prevented the Spanish stock market to reach the same revaluations as its peers. He also states that markets in London and New York dished out an unreasonable level of punishment to the euro and Greece.
The Corner | March 30, 2015 | While much of the attention is focused on bonds, it should also be noted that stocks and real estate market are also worth more. How much? Bankinter analysts forecast that Spain’s Ibex will reach 12,878 points (potential + 12%) in 2015; EuroStoxx50, 4,338 (+ 18%); S&P 500, 2,333 (+ 10%). The Japanese Nikkei remains the least attractive option at 20.305 (+ 4%).
The Corner | March 31, 2015 | German and Spanish retail sales have improved markedly compared with this time last year. Unemployment figures for the euro zone are expected to fall slightly, while results of EU inflation figures will be keenly monitored in the wake of the ECB’s sovereign bond purchasing programme, launched earlier this month.