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In Europe 13th November 2013

Spanish and Italian inflation wrap-up: Services and food driving inflation down

LONDON | By Barclays analysts | Taking into account today’s downward revision in Spanish HICP, we now revise our October French HICP forecast from -0.2% m/m (0.6% y/y) to -0.1% m/m (0.7% y/y). The Italian final October HICP inflation rate was revised up by 9bps to 0.76% y/y. We note that historical subcomponents indices have been revised since the beginning of the year (although not the headline index). This nonetheless does not alter our view that euro area HICP inflation rate should come in unchanged at 0.7% y/y. If anything, we see slight downside risk to our 116.99 HICP ex tobacco projection.

spain corruption

In Europe 11th November 2013

Why is Spain Under Suspicion- A Foreign Correspondent’s View

MADRID | By Stefanie Claudia Müller | Foreign media is astonished by how rarely Spaniards seem to protest against corruption within their own state. Although the correspondents try to sell these stories, at home no one seems to be much interested in publishing them, because the fact of a corrupt Spain is according to many European newspapers “old news.” This highlights the fact that Spain’s image problems are not recent.

Tenerelli fund manager investing in Spain

In Europe, Spanish economy 11th November 2013

Tenerelli, the fund manager who ‘discovered’ Spain in the midst of the crisis

WASHINGTON | By Pablo Pardo | Dean Tenerelli started investing in Spain one year ago. At the time, many of his colleagues thought that he was going too far. Certainly, he went further than anyone else. But, so far, his bet is rendering excellent yields. Tenerelli manages the T. Rowe Price European Stock, a SICAV with more than $900 million (approximately 700 million euros) in assets, of which around $150 million are in Spanish companies shares. Now, others, such as Bill Gates, Warren Buffett and Carlos Slim, have followed this manager’s example and have started to pour money into Spain. Tenerelli has talked with The Corner over the phone about his experience.

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Markets 7th November 2013

Spain’s banks dealt dose of loan reality

MADRID | By Ilan Brat and Christopher Bjork at The Wall Street Journal via Presseurop | It has puzzled Spanish bank analysts for years: Why did the country’s mortgage delinquency rate rise so slowly even as unemployment soared above 26%? A big part of the answer—revealed by a spate of bank earnings reports in recent days—is that Spanish lenders had been making their loan books look healthier than they really were by refinancing big numbers of loans to struggling homeowners and businesses.

Greeces budget deficit No one is listening

In Europe 6th November 2013

Greece’s budget deficit… no one is listening

ATHENS | By Ilias Makris via Preseurop | “Help!” Arriving in Athens on November 5, representatives of the EU-ECB-IMF troika met with the Greek Minister of Finance, Yannis Stournaras. Their meeting focused on the the question of the country’s budget deficit in 2014 along with measures to ensure its compliance.

Spain A mild recovery arrived along with international investors

In Europe, Spanish economy 4th November 2013

Spain: A mild recovery arrived, along with international investors

LONDON | By Barclays analysts | Several data releases over the past few days confirm that the Spanish economy has left behind a very long recession. The data confirm our view of a very gradual recovery in economic activity starting in Q3 2013 (seeEuropean Economics Quarterly, October 2013, for details). The economy grew at +0.1% q/q in Q3 13 after nine consecutive quarters of negative prints.

In Europe 29th October 2013

The Cliché of Working Longer Hours in Spain

MADRID | By Fernando G Urbaneja | Jeroen Dijsselbloem is happy because Spain is doing its homework, but he warns that there is still a lot to do. “Working harder and longer” is his motto, although he doesn’t seem to know how eager the Spanish unemployed are to find a job. And extending the age of retirement doesn’t look like the best option.

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Spanish economy 14th October 2013

Ibex 35 (and all Southern stock exchanges) goes upwards

MADRID | By Fernando G Urbaneja | The Spanish stock exchange has regained interest for both domestic and international investors. Despite the uncertainties, the South European markets look now more attractive and have shown a positive behaviour in the last months.

Spanish banking sector

Markets 9th October 2013

Spanish Banking Sector, the Most Tested in the World

MADRID | By Francisco López | In recent times there has not been any other banking sector as closely tested as the Spanish. However, despite the continuing ‘streap-tease’ of different financial institutions, the big international investors do not fully trust in the health of the Spanish banking sector.