Morgan Stanley | Earnings momentum has increased and comments on dividends are encouraging. As for Spanish banks, BBVA announced a 10% buyback after completing the sale of its US subsidiary, with a payout of 35-40% by 2021. Santander has said it intends to return to 40-50% cash payouts when regulators allow. Caixabank will hold a dividend per share of €0.0268 subject to a 15% payout required by the ECB. Bankinter’s DPS will reach €0.10. Unicaja and Sabadell have not proposed dividends for 2020.