Banco Santander SA
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Why the Banking Industry Appeals To IBM’s Cloud Business
According to IDC estimates cited by The Wall Street Journal, banks worldwide will spend $12 billion on public cloud services per year by 2021, compared with $4.0 billion in 2017.
No Tapering, No Extension: ECB Avoids Future Talk on QE
ECB chief Mario Draghi had nothing to say about either tapering or extension of the bond buying program.
Why Have European Bonds Been Jittery?
In this series, we’ll analyze why this talk of tapering has come about and discuss the implications for investors.
Johnson & Johnson Gets FDA Approval for Type 2 Diabetes Drug
On September 21, 2016, the FDA approved Jannsen Pharmaceuticals’ Invokamet XR for the treatment of adults suffering from Type 2 diabetes.
JPMorgan European Fund’s Performance Shaping Up to Be Forgettable
The JPMorgan Intrepid European Fund Class A has fallen 7.6% year-to-date, making it the worst performer in the group of 12 funds chosen for this review.
Which Sector Provided the Most Support to UEPIX in 1Q16?
The Europe 30 ProFund – Investor Class (UEPIX) fell 1.5% in 1Q16, ranking it fourth among the 12 funds in this review. In the past one year, the fund has fallen 10.5%.
Brazilian Stocks on a Roll: Should You Be Part of the Action?
Brazilian stocks have had a great 2016 so far. But the year began on a somber note for Brazil with stock markets around the world gripped by volatility.
What Should We Think About the Passive Offering of VEURX?
VEURX is a passively managed index fund. So its fund manager can’t take active bets and has to follow the allocation of the underlying benchmark.
The Vanguard European Stock Index Fund: A Forgettable Year?
The Vanguard European Stock Index Fund (VEURX) is by far the largest fund in this review by asset size.
Should You Look to European Stocks for Growth?
European stocks began the year with a lot of hope pinned on them for providing capital appreciation in the year.
EUFN Is Trending Downwards on Global Growth Worries
The iShares MSCI Europe Financial Sector ETF (EUFN) seeks to track the performance of an index composed of developed market European (FEZ) equities in the financials sector.
Changing Dynamics in the Eurozone: The Global Effect
The euro was first introduced at midnight on January 1, 1999, in non-physical form. The aim of the Eurozone was to have a common currency for 19 of the 28 participating EU nations.
Philips Topped FEZ, Rose 6% as It Posted Strong Earnings
Philips posted strong quarter earnings, with a profit rise of 55%. In 2015, it posted sales of 24.2 billion euros, compared to 21.4 billion euros in 2014.
UniCredit Fell 6.4%, Emerged as FEZ’s Biggest Loser
On Monday, January 25, 2016, the stocks at the bottom of the SPDR Euro STOXX 50 ETF (FEZ) were UniCredit, Deutsche Bank, Banco Santander, and Daimler.
Carrefour Rose 6.3%, Performing in Line with Expectations
Carrefour (CRRFY) emerged as one of FEZ’s top performers on January 22, 2016. It came in behind Repsol and ahead of Telefonica (TEF), Orange (ORAN), Banco Santander (SAN), and Total (TOT).
Eurozone Flash Composite PMI Fell 53.5, Business Activity Cools
With the reading above neutral, the Eurozone continued its upturn in business activity. Though at a 12-month low, the services PMI rose to 53.6 in January
Portuguese Bond Spreads Have Been Rising
Portuguese bond yields have been rising, especially since the end of December. The spreads between Portuguese bonds have been rising as well.
Portugal’s Bond Yields Are Diverging from the Rest of Europe
Portugal’s bond yields have been diverging from the rest of Europe. The Bank of Portugal reassigned five of Novo Banco’s senior bonds to Banco Espirito Santo.
Bank of Portugal Defied Pari Passu: What Does It Mean?
By assigning five of Novo Banco’s 52 senior bonds to Banco Espirito Santo, the Bank of Portugal defied the principle of pari passu.
Why Novo Banco Isn’t as Good as It Looked
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.
Bank of Portugal’s Bail-In Novo Banco SA Made Debt Riskier
The Bank of Portugal took a step towards fixing its banking industry. It reassigned five of Novo Banco’s senior bonds to Banco Espirito Santo.
Spain’s Manufacturing Activity Hit 2-Month Low in December
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.
Moving Average Analysis of FEZ’s Banking Industry
The continuous fall in commodity and crude oil prices was one of the major factors behind the banking industry’s poor performance in 2015.
Greek Debt Crisis Impacted the Eurozone in 2015
Greece’s debt was ~250 billion euros. The Greek debt crisis left the EU in a difficult situation. It can allow Greece to exit or it can accept Greece’s soaring debt.
Why Did Volkswagen Emerge as FEZ’s Biggest Loser in 2015?
The stocks at the bottom of the SPDR Euro Stoxx 50 ETF (FEZ) were Banco Santander (SAN), Volkswagen (VLKAY), Repsol, Telefonica (TEF), and Deutsche Bank (DB).
Disappointment Continues: Spanish Inflation Dips in December
Spanish inflation is expected to fall 0.3% in December, following a rise of 0.4% in the previous month.
Net Trade Contributed -1.0% to UK Gross Domestic Product
The only negative contribution to UK gross domestic product came from net trade, which contributed -1.0% in 3Q15 compared to an estimated -1.5%.
Turkish Lira Fell as the Central Bank Holds Rates
The Turkish lira fell against the US dollar on December 22. It fell after an unexpected move by the Turkish central bank to keep interest rates steady at 7.5%.
How Does the Greek Debt Crisis Impact the Eurozone?
Greece’s debt was around 250 billion euros. It’s nearly 175% of its 2013 GDP figures. The GDP could fall more in 2016. The debt crisis started in 2010.
How Did the Eurozone Perform in the Past Year?
The Eurozone’s economy provided a modest GDP (gross domestic product) growth rate of 0.4% in 2015. It was below the consensus estimate.
Euro Strengthens after Spain’s Election Results
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.
Oil and Gas Industry Emerged as FEZ’s Biggest Loser
After the outcome of OPEC’s meeting on December 4, 2015, oil prices followed the downtrend. OPEC didn’t agree to reduce the production.
Banking Stocks Were FEZ’s Biggest Losers
On Tuesday, December 8, 2015, All of FEZ’s major losers belonged to the banking industry. All the banking stocks were trading below their respective moving averages.
What Can You Do in Regards to Your Europe-Focused Mutual Funds?
Europe-focused mutual fund investors should continue to watch developments on inflation in the region.
Rise in Household Spending Provided Respite for UK Economic Growth
With household spending gathering pace, it could be an important growth driver for the United Kingdom’s economic growth.
GDP Growth May Influence December Election Results in Spain
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.
Anheuser-Busch Rose 1.5% and Pushed FEZ Up
Anheuser-Busch pushed the SPDR Euro Stoxx 50 ETF (FEZ) up with a 1.5% gain. Currently, the stock is trading at 118.10 euro. Its 52-week high is 119.65 euro.
What’s Driving Consumer Confidence in the Eurozone?
The rise in the consumer confidence highlights consumers’ growing optimism. With the holiday season ahead, an additional rise is expected.
FEZ: Why Are Most Portfolio Holdings Moving towards an Uptrend?
On November 17, 68% of the portfolio holdings of the SPDR Euro STOXX 50 ETF (FEZ) closed above their 100-day moving averages, up from 46% on November 16.
Eurozone Annual Inflation Remained Muted in October 2015
According to Eurostat, the Eurozone’s annual inflation stood at 0.1% in October, compared to -0.1% in September 2015.
How Geopolitical Issues Are Affecting the Market: FEZ Falls 1.0%
The SPDR EURO STOXX 50 ETF (FEZ), which tracks the performances of European equities, fell 1.0% on November 13 and closed at $35.19.
Commodities and Oil Prices Tumble as FEZ Falls 1.3%
The bottom five industries that underperformed FEZ were banks, pharmaceuticals, oil and gas, real estate investment trusts, and electronics.
FEZ Traded Below Its 100-Day Moving Average on November 10
Although FEZ has been moving below its 100-day and 20-day moving averages in the last three trading sessions, it didn’t fall below its 50-day moving average.
Macro Indicators Suggest Mixed Signals for the Eurozone
As of November 10, FEZ, a Eurozone equity-tracking ETF, had fallen in the last five trading sessions. That day, it closed at $35.91, a 0.42% fall from the previous trading session.
76% of FEZ’s Holdings Were Trading above 100-Day Moving Averages
On November 11, 76% of the portfolio holdings of the SPDR Euro Stoxx 50 ETF (FEZ) closed above their 100-day moving average as compared to 73% on November 10.
Why FEZ Gained Strength after Mario Draghi’s Statement
The SPDR Euro Stoxx 50 ETF (FEZ) is an important gauge of the European equity market. On November 11, the fund closed at $36.01, up by 0.28% from the previous trading session.
83% of FEZ Portfolio Was above 20-Day Moving Average
On November 3, 2015, 93% of the portfolio holdings of the SPDR Euro Stoxx 50 ETF (FEZ) closed above the 50-day moving averages, and 83% closed above the 20-day moving averages.
FEZ Closed at $36.93 on November 3, Down 0.32%
The SPDR Euro Stoxx 50 ETF (FEZ) reflects the performance of the 50 largest companies in the Eurozone. On November 3, the fund closed at $36.93, down by 0.32% from the previous trading session.
Decline in Services Increases Spain’s Unemployment in October
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.
FEZ: 93% of the Portfolio above 50-Day Moving Average
On November 2, 93% of the portfolio holdings of the SPDR Euro Stoxx 50 ETF (FEZ) closed above their 50-day moving average.
Positive Manufacturing Reports Drive the FEZ Up
The SPDR Euro Stoxx 50 ETF (FEZ) is a US exchange-traded ETF that tracks the performance of the 50 largest companies across the Eurozone.
Relative Value in Europe: More Stimulus to Boost Corporate Equity
Relative value in Europe has been strengthened by the ECB’s Asset Quality Review, the depreciation of the euro, and the inherent fundamental strength of the European economy and cheaper energy prices.
How High Energy Exposure Hurt the ProFunds Europe 30 Investor Class in September
The ProFund Europe 30 fell by 4.8% in September from the previous month. With over one-fifth of its assets invested in the energy sector, it’s no surprise.
The FEZ ETF Rises After the ECB Statement
The FEZ ETF rose by ~1.4% in the October 22 trading session after the ECB statement. The top performing industries were banking, transportation, and REIT.
Sectors Driving the FEZ ETF’s Performance on October 21
On October 21, the top three performing industries in the SPDR Euro Stoxx 50 ETF were software, miscellaneous manufacturer, and the food industry.
Why the Euro Slumped on Dovish ECB Statement
The euro fell by more than 2% against the US dollar after the ECB (European Central Bank) meeting on October 22, 2015.
Factors behind Key Stock Performances in FEZ
Stock performances of the top three contributors to the SPDR Euro Stoxx 50 ETF were driven by factors such as cloud computing and volume growth.
Spain’s Economy Is Facing a Deleveraging Dilemma
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.
Services Lead the Jump in Spain’s September Unemployment Data
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.
Household Disposable Income Rose and Helped Economic Growth
The Household and Non-Profit Institutions Serving Households saving ratio was estimated to be 4.70% in the second quarter—compared to 4% in the first quarter.
Europe-Focused Mutual Funds and the European Debt Crisis
For our study on the impact of the crisis on Europe-focused mutual funds, we selected three mutual funds that have had a long history and have seen several market cycles.
Sector Underperformance Hurts Vanguard European Stock Index Fund
With 516 holdings, the top three sectors invested in by the Vanguard European Stock Index Fund were financials, healthcare, and consumer staples, with exposures of 23.3%, 13.9%, and 13.6%, respectively.
European Central Bank Hints at Increasing Quantitative Easing
The euro drove downward against the US dollar as Mario Draghi, president of the European Central Bank (or ECB), hinted at increasing the stimulus program to spark growth in the European economy.
Greek Saga Continues: Prime Minister Alexis Tsipras Resigns
Greece made the national headlines again when Prime Minister Alexis Tsipras resigned from office on Thursday, August 20, 2015.
Eurozone Business Activity Seems Undeterred by Greek Crisis
Markit Economics’ Final Eurozone PMI Composite Output Index report for July exceeded expectations despite the Greek crisis.
An Introduction to Brazil’s Largest Banks, Latin America’s Biggest
Since the ’80s and ’90s, Latin American banks have stabilized. Today, the largest banks in Latin America are concentrated in two countries: Brazil and Mexico.
Analyzing Brazilian Banks’ Balance Sheets in 2014–1Q15
The Brazilian banking industry had an average return on equity (ROE) of 13.2% in 2013, falling far below its pre-crisis levels, when it exceeded 15%.
The Financial Markets in Latin America: An Overview
The Dow Jones Latin America Financials Index (DWLAFN) has plunged 20.03% year-to-date. This poor performance is largely due to Brazilian Financials.
Why Latin American Economies May Be in Trouble
Worsening economic conditions in Brazil and Venezuela hit economic growth in Latin America in the first quarter of 2015.
European Banks Seem Well Positioned to Tackle Greek Risk
Better capital adequacy ratios mean that European banks are well equipped to deal with any default from Greece.
Eurozone Displays Muted Reaction to the Greek Referendum Vote
The links between other Eurozone countries and Greece are modest. Exports to Greece—excluding Cyprus—represent less than 0.5% of Eurozone exports.
Greek Debt Crisis: Global Markets Worried but Not Panicked
Market analysts say US investors feel largely protected from Greece’s financial woes, though its troubles have sent jitters through global markets.
Bulls and Bears Make Money, But Do PIIGS or PIIS Get Slaughtered?
The troubled PIIGS countries—Portugal, Italy, Ireland, Greece, and Spain—have been suffering from financial sustainability concerns about large fiscal deficits and stagnated growth.
Amgen has attractive, high-growth assets
The principal products represented 92% of Amgen’s worldwide product sales for the first half of 2014. Total product sales in 3Q14 rose 4% year-over-year, mainly driven by Kyprolis, Prolia, Neulasta, and Xgeva.
