iShares MSCI Spain ETF

According to a report by Markit Economics, the final Spain Services PMI showed a weaker improvement in June than in May.

The final Spain Services PMI showed a weaker rise in April than in March. It was 55.6 in April compared to 56.2 in March.

Spain’s manufacturing PMI has been falling gradually since February. It stood at 54.4 in April compared to 54.8 in March.

The ECB (European Central Bank) made no changes to its APP (asset purchase program) at its April meeting, maintaining that its purchase rate of 30 billion euros in debt securities per month will continue until the end of September 2018 or beyond if necessary.

According to Markit Economics, the final Spain services PMI showed a weaker rise in March as compared to February 2018.

According to a report by Markit Economics, Spain’s manufacturing PMI stood at 54.8 in March as compared to 56 in February 2018.

Spain’s final services PMI showed a strong rise in February 2018. The PMI stood at 57.3 in February—compared to 56.9 in January.

The Spain Manufacturing PMI (Purchasing Manufacturers’ Index) rose to 56 in February compared to 55.2 in January 2018.

The final Spain Services PMI (Purchasing Managers’ Index) showed solid improvement in January 2018, coming in at 56.9.

The Spain Manufacturing PMI rose to 55.2 in January 2018 compared to 55.8 in December 2017. The figure didn’t beat the preliminary market estimate of 55.7.

According to a report by Markit Economics, the final Spain services PMI stood at 54.6 in December 2017 as compared to 54.4 in November.

Eurozone manufacturing activity in December According to Markit Economics, the Eurozone’s manufacturing PMI (purchasing managers’ index) rose strongly in December 2017, to 60.6 from 60.1 in November 2017. It beat the market expectation of 60.4 and marked the strongest expansion in manufacturing activity since 1997. Major Eurozone members Germany (EWG) (DAX-INDEX), France (EWQ), Spain (EWP), and Italy […]

Spain’s manufacturing activity in December According to Markit Economics, Spain’s manufacturing PMI (purchasing managers’ index) rose to 55.8 in December 2017 from 56.1 in November. Whereas the index had reached an 11-year high in November, in December, it missed the market estimate of 56.4. Despite the lower PMI figure, manufacturing activity remained strong. Spain’s manufacturing PMI performance in […]

The final Eurozone Services PMI stood at 56.2 in November compared to 55.0 in October. It met the preliminary market estimate of 56.2.

The final Spain Services PMI stood at 56.1 in November compared to 55.8 in October. It didn’t beat the preliminary market estimate of 56.5.

Spain’s manufacturing data According to Markit Economics, Spain’s manufacturing PMI (purchasing managers’ index) score rose to 56.1 in November 2017 from 55.8 in October 2017. Although the PMI figure didn’t beat the preliminary estimate of 56.5, it marked the fastest expansion seen since February 2007. Spain’s stronger manufacturing PMI performance was mainly due to increases in the following: improved […]

According to a report from the European Commission, the Eurozone Consumer Confidence Index stands at 0.1 so far in November compared to -1.1 in October 2017.

According to a report by Markit Economics, the final Spain services PMI stood at 54.6 in October 2017 compared to 56.7 in September 2017.

The final Eurozone services PMI (purchasing managers’ index) stood at 55.0 in October 2017 compared to 55.8 in September 2017.

The International Monetary Fund (or IMF) has upgraded its growth projections for Eurozone countries, including France, Germany, Italy, and Spain.

The Eurozone’s final manufacturing PMI showed solid improvement in October 2017, coming in at 58.5, compared with 58.1 in September.

Spain’s manufacturing PMI rose to 55.8 in October 2017, compared with 54.3 in September 2017. The PMI figure beat the preliminary market estimation of 54.9.

The reduction to the ECB’s bond-buying program will likely have a mixed impact on the bond markets of countries in the European Union.

Economic growth has picked up in recent quarters. According to data from Eurostat, the European economy (VGK) grew 2.3% in the recent quarter.

According to a report by Markit Economics, the final Spain services PMI stood at 56.7 in September 2017 compared to 56.0 in August.

According to a report by Markit Economics, the final Eurozone manufacturing PMI (purchasing managers’ index) improved strongly in September 2017.

According to a report by Markit Economics, Spain’s manufacturing PMI rose to 54.3 in September 2017, compared to 52.4 in August.

According to a report by Markit Economics, the Eurozone services PMI (purchasing managers’ index) stood at 54.7 in August as compared to 55.4 in July 2017.

According to a report by Markit Economics, the Spain Services PMI (purchasing managers’ index) stood at 56 in August compared with 57.6 in July.

The European bond market’s reaction to the ECB’s (European Central Bank) September 7 statement has so far been positive.

In its September 7 meeting, the ECB (European Central Bank) governing council sounded optimistic about the strong growth momentum in the EU.

According to a report by Markit Economics, Spain’s manufacturing PMI fell to 52.4 in August 2017 as compared to 54 in July.

According to a report by Markit Economics, the flash Eurozone manufacturing PMI (purchasing managers’ index) improved in August 2017.

According to Eurostat, the Eurozone’s economy posted a growth rate of 0.6% in 2Q17. In 1Q17, the economy posted a growth rate of 0.5%.

The Eurozone Services PMI remained unchanged in July 2017, coming in at 55.4 but missing the preliminary market estimation.

The Spain Services PMI stood at 57.6 in July, compared with 58.3 in June. The PMI figure didn’t meet the preliminary market estimation of 58.3.

According to a report by Markit Economics, the final Spain Manufacturing PMI stood at 54 in July 2017 as compared to 54.7 in June.

Growth projections for Euro area upgraded The International Monetary Fund (or IMF) has revised its growth projections for France, Germany, Italy, and Spain. Growth projections for Germany (FGM), France (EWQ), and Italy (EWI) were upgraded by 0.2% for 2017, and 0.1% for 2018. Spain (EWP) had a higher upgrade to growth expectations, with a change of […]

The World Bank has projected an annual investment by cities of $100.0 billion through 2050 to prevent the harmful impact of climate change.

Economic data from the Eurozone continued to improve.

Europe’s average unemployment has fallen to a four-year low of 9.8% as of 2016. Greece’s seasonally adjusted unemployment rate was 23.5% in January 2017.

Vodacom is a South African mobile communications company that is 65% owned and controlled by Vodafone.

Vodafone Group’s (VOD) revenue in Spain rose ~0.3% YoY to ~2.5 billion euros (about $2.61 billion) in fiscal 1H17.

Donald Trump’s victory in the recently concluded US presidential elections could have a measurable sociopolitical and economic impact on Europe.

Like in September, monetary policy and associated releases were made headlines throughout October.

In this series, we’ll look at how 2016 has panned out for Europe-focused mutual funds so far. We’ll take an in-depth look at the portfolios of 12 funds and conduct attribution analysis to see which sectoral or stock picks helped or hurt these funds.

The ECB (European Central Bank) released its latest monetary policy statement on October 20, 2016.

In its October 2016 WEO report, the IMF forecasts that the Eurozone will grow by 1.7% in 2016 and 1.5% in 2017—up from its prior forecast of 1.6% and 1.4%.

According to IBM, with Promontory’s integration into Watson, Watson’s capabilities will get a significant boost.

Markit published the July services PMI number for European countries (EZU) on August 3. The services activity expanded in Europe.

On Brexit, import restrictions and tariff quotas currently applicable to importers in the UK and foreign businesses that export to the UK are set to change.

Consumer prices in France increased by 0.2% on an annual basis in June—compared to unchanged inflation in the previous month.

On July 6, major European indexes were trading lower for the second day. The fall in the indexes was led by the Italian FTSE MIB and the UK-based FTSE 100.

The composite PMI came out at 53.1—above the flash estimates of 52.8. The rise was primarily due to the rise in manufacturing production.

Key Asian indexes (AAXJ) were trading higher on July 4. This week, the major data release on the Asian front will be Australian monetary policy.

The World Bank has lowered its expected growth rate for the Eurozone to 1.6% in 2016 and in 2017—0.1 percentage point lower than January’s projection.

According to Hewlett-Packard, the HP Elite X3 is a hot category-creating mobile solution that combines mobility and computing in a “truly meaningful way.”

According to a MoffettNathanson report, it is expected that Netflix will make up 14% of total TV viewing by 2020.

Telefónica’s fixed broadband accesses in Germany continued to fall in 4Q15. These connections fell by ~2.1% YoY to ~2.1 million at the end of the quarter.

The Bank of Portugal took control of Banco Espirito Santo’s assets and deposit-taking operations by transferring them to a new company—Novo Banco SA.

According to Markit, Spain’s manufacturing PMI increased to 53.0 in December, a decline of 0.1 points from November’s reading of 53.1.

Spanish inflation is expected to fall 0.3% in December, following a rise of 0.4% in the previous month.

The euro appreciated against the US dollar on December 21. The political parties in Spain are working to form a stable government after historic election results.

Telefonica’s fixed services were responsible for the YoY organic decline in revenue in Germany in 3Q15. On the organic level, the YoY decline was 1.1%.

During 3Q15, Telefonica’s mobile revenue declined 2.6% YoY to 1.1 billion euros in Spain. A robust YoY increase in mobile data revenue limited the decline in mobile service revenues.

Telefonica’s revenue from fixed services in Spain increased sharply by 4.6% YoY to 2.2 billion euros in 3Q15, largely due to a YoY increase in the fixed broadband and new services component.

On a yearly basis, GDP growth in 3Q15 for Spain stands at 3.4% compared to 3.2% in the previous quarter. GDP growth was mainly attributed to an increase in domestic demand.

With an easing in the service sector, Spain’s unemployment rose by 82.3 thousand in October against a rise of 26.1 thousand in September. This is the highest since October 2013.

The ratio between government debt and the GDP (gross domestic product) for Spain has been rising at a high rate. It reached 97.7% by the end of 2015.

Spain is one of the fastest-growing regions in the Eurozone. However, its increasing unemployment rate has become the biggest concern for the country’s policymakers.

In its recent update, the International Monetary Fund’s economic growth projections for the Eurozone, including Lithuania, are unchanged at 1.5% for 2015.

Greece is opposed to the austerity and reform agenda. In the past, austerity measures helped reduce Greece’s fiscal deficit, but reduction came at a heavy price: crippling social and economic impacts.

Grexit might not precipitate a financial contagion, but the possibility of a political contagion is very likely. Spain and Italy may decide to follow suit.

Spanish and Italian bonds appear attractive. If Spain (EWP) follows the path of Greece (GREK), by electing leftist government “Podemos”, Spanish bond yields will likely spike.

A “Grexit” (Greek exit) matters, as it could leave the Eurozone in a vulnerable position.

Rising home prices lead to households taking on more debt to fund the purchase. Increased bank lending to fund the purchases drives real estate prices up more.

European Union instability is just one of several negative implications the Eurozone will have to face it Greek exits the monetary union.

Exiting the Eurozone would mean Greece would no longer be bound by the austerity measures that have resulted in massive cuts to public spending.

If the perception was that Spain and Italy might follow the Greek example, yields would rise. But yields are down in both countries.

On Monday, January 26, Alexis Tsipras was sworn in as the new Prime Minister of Greece. His Syriza party advocates against austerity measures.

The Syriza party win ends over four decades of alternating rule by the New Democracy party and the Pasok party.

Two bailouts got Greece up and running. After trending downward until early 2012, the Athens Stock Exchange Composite Index began to show signs of life.

After a year with relatively less drama, European politics are likely to return to center stage next year.

The subdued economic momentum in Greece has had a direct—and negative—impact on its ability to honor its foreign obligations, specifically its bailout loan.

Tourism revenues—a key revenue component for all these countries—declined substantially because foreign tourists stayed away during the aftermath of the Great Recession. Key industries were also affected—notably cyclical industries like shipping.

Spain’s potential rating upgrade rests largely on its debt ratio being brought to a declining trend within the forecast period, which ends in 2015. According to an export performance Organization of Economic Co-operation and Development (or OECD) indicator, Spain has gained market share for the past 20 years.

Mario Draghi, president of the European Central Bank (or ECB) and former Goldman Sachs (GS) managing director, unveiled a suite of stimulus measures on Thursday, June 5 at the ECB’s policy meeting. Initially, bond yields fell. Yields on short and long-term debt in the Eurozone also fell.

Retail sales growth was positive in September. But the rally in Spanish stocks has been sentiment-driven, which poses unique risks.

The Spanish recovery continues to be heavily exports-based, and will likely remain this way as nominal wages continue to fall and the housing market bottoms.

Southern Europe and US equities When researching southern Europe as an investment opportunity, a useful story to compare recent performance to is US equities in 2009 and 2010. Although the US economy had not yet bottomed, stocks were soaring to historical returns. The thing to keep in mind is that equities trade based off future […]

When will the consumer come back to Spain? Consumer confidence is an important indicator to follow, as it measures the pulse of an important driver of the economy, the end consumers whose demand creates businesses. As with other economic indicators discussed in this series, it’s not so much the level of an indicator that’s important […]

Is Spain approaching a bottom in growth? Equities, like all assets, are priced off of future expectations. This concept can be difficult to understand when a stock price jumps after a company reports losses or when Apple stock craters after reporting record profits. In the case of Spain, real GDP growth (the increase in output […]

Spanish stocks have been the clear winner lately. In this series, I’ll walk through the country’s economic data to investigate the drivers of this outperformance.