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.
MADRID | By Tania Suárez | After 38 months of consecutive losses, the Spanish Retail Trade Index increased by 2.2% on September as compared with September 2012. There is increasing evidence of a slight recovery in consumption, which opens the door of hope to merchants and tradesmen.
MADRID | By Tania Suárez | European markets seem more optimistic lately, their benchmarks being on green numbers, especially the Ibex 35. The Spanish Index benefited from the US administration fuss (painful shutdown, possible delay of the FED’s plans…) and has performed better than its European colleagues. But not only the Ibex is on the rise: Spanish turnover keeps well above maximum levels.
MADRID | By Tania Suárez | The Spanish consumer prices index (CPI) dropped to +0.3% from August to September, its lowest level in 45 months, due to the statistical effect of the increase in VAT of the same month of 2012.
MADRID | By Tania Suárez | Spanish SMEs have an alternative financing channel: the new Alternative Market of Fixed-Income (MARF for its Spanish initials) for SMEs became a reality on Monday. The government is trying to avoid dependence on bank credit.
WASHINGTON | By Pablo Pardo | In 10 months, the T. Rowe Price European Stock has invested 15% of its $944 million (700 million euros) in Spanish assets. Possibly because, as its manager, Dean Penerelli, explained in Barron’s last week’s issue, he knows Spain. Penerelli is not an idealist, neither a gambler. He speaks Spanish, received an MBA at Barcelona’s ESADE, and worked at Spanish bank Banesto (now part of Banco Santander) in the early Nineties. Another important factor may be that, according to Barron’s, Penerelli “likes to buy on the cheap”.
MADRID | By Francisco López via Consenso del Mercado | Relief in Spain after good second-quarter GDP data (- 0.1%) and August inflation (1.5%). Exports, investment in capital goods and domestic demand have performed better than expected, experts say.
BARCELONA | By CaixaBank | Exports to countries outside the euro area rise by 14.5% year-on-year. Spain’s net debt position with the rest of the world falls to 93.7% of GDP.
Morgan Stanley explained that its “strategy advisers have highlighted Spain as one of the potential surprises in 2013, along other peripheral euro country members.”