Today A diabolic loop of stagnation

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The Corner contextualizes the EU’s economy from Spain with exclusive analysis from market leaders.

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Market chatter: Spain’s Caixabank misses expectations but sees NPL ratio go down


MADRID | By Jaime Santisteban | Caixabank’s net profit dropped by 54.6% to €152M in the first quarter. Analysts highlight the positive impact of integrating Banco de Valencia and Banca Cívica. Spain’s third biggest bank by market value improved its margins and reduced its NPL rate for the first time since the crisis started. 


In Europe

Greek 2013 primary surplus confirmed at 1.5 bln euros

ATHENS | By Macropolis | Greece’s 2013 general government (gg) deficit reached 23.11 billion euros (12.7 percent of GDP), while debt stood at 318.7 billion (175.1 percent of GDP), according to first notification released by the Eurostat on Wednesday.


If only Citi was right and QE came…

MADRID | By The Corner | When Autumn comes, so will QE. At least that’s what economists at Citigroup are predicting. “We believe that the chances of unsterilized large-scale asset purchases (LSAPs) of public and private assets being launched this year have (…) increased to more than 50:50,” they said in a note on Tuesday. How much of a stimulus shot are we talking about? To have any effect it should be of at least 1,000 billion euros ($1,381 billion), they note, which would lift the inflation rate toward the ECB’s “below, but close to 2% target”.  It could always be a decaffeinated step as some market makers are warning, but the truth is many on both sides of the Atlantic are hoping for Mr Draghi to make a move.


Bankinter results cause mixed feelings; Moody’s points to a sexier Spain

MADRID | By Jaime Santisteban | Bankinter, the Spanish bank with highest credit rating announced results under expectations, according to Santander. Analysts look optimistic on Spanish equities profitability and expect a 15% growth in Ibex 35. Spain walks on a firm and positive trend, points out Moody’s.


car market
In Europe

Spain thrives in EU car market rebound

MADRID | By The Corner | A good gauge to measure EU consumer’s confidence, the regional car industry points to its recovery. Car sales increased by 8.4% in 1Q14 to 3.24 million of vehicles, while number plate registrations grew by double digits 10.6% in March to 1.44 million.

In Spain

Bad debt in Spain decreased by €2bn after 3 years rising

MADRID | By The Corner | NPLs in Spain’s banking sector fell by 9 basis points to 13.6% in February. This means just a slight contraction, but it’s still the first drop in terms of standardization since the crisis began. Indeed, the rate has not been affected this time by the transferral of real assets to the bad bank Sareb of 2012 and 2013 or the methodology changes fixed in at the beginning of present year.


Today’s market chatter in Spain

MADRID | By Jaime Santisteban | As European stock markets remain closed today for Easter Monday, attention is focused on Wall Street. Both Europe and the U.S. face a  week full of corporate results. Today, Hasbro, Halliburton and Netflix report for 1Q.