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Earnings

Earnings growth expected to rebound in Spain and Italy (UBS)

Markets

April 27, 2015 | UBS | After a period of significant negative earnings growth Italy and Spain earnings show a strong rebound in 2015E. Italy is expected to grow at c. 18% and Spain is expected to yield c. 13% earnings growth.  

Companies

Spanish Repsol ratifies its Executive Management team

MADRID | April 27, 2015 | By Fernando G. Urbaneja | At his own pace, without giving up to noisy external pressures, Repsol Chairman Antonio Brufau established an executive management model with a clear separation between the chairman of the Board and the executive team –entrusted to a CEO with full authority. That had been a claim of significant shareholders of the Spanish oil firm and some investment funds, although for different reasons. 

Repsol's Josu Jon Imaz and Antoni Brufau
In Europe

Gambling on Greece

MADRID | April 27, 2015 | By JP Marín Arrese | The Euro-group meeting in Riga ended in bitter acrimony, Greece’s main creditors expressing their dismay at Varoufakis’s refusal to table credible reforms. They voiced deep mistrust on the chances the Hellenic government might escape from a full-fledged bankruptcy. Both Schäuble and Draghi seem ready to throw in the towel, thus triggering speculations on B plans involving a covert Grexit. 

Shcauble and Varoufakis at the Eurogroup
World economy

Central banks are not omnipotent

MADRID | April 26, 2015 | By Luis ArroyoAfter effusively congratulating the progress of the Spanish economy in his last press conference, Draghi said that some labor reforms are missing. Let’s connect the dots: the ECB’s president is attributing himself the merit of recovery with his expansionary monetary policy, while the demerit that this is not stronger is attributed to Madrid, which is not undertaking enough reforms.

Monetary policy and trust
Companies

Bankia’s dividend: Timely or premature?

MADRID | April 24, 2015 | By Fernando G. Urbaneja | Bankia held its general meeting in Valencia (headquarters of one of the integrated in the brand new boxes) this week to approve its 2014 results –the year of the firm’s regeneration– and design its future roadmap. One of its non-explicit goals is to accelerate the partial and progressive privatization of the entity before November general elections in Spain.

Bankia's president J.I. Goirigolzarri
Markets

A lot of Greece worries are already priced

The Corner | April 24, 2015 |  Greek PM Tsipras is expected to meet with Chancellor Merkel on the Eurogroup sidelines on Friday. The next key focuses will be the IMF payment (€200mn) on 1 May and the Eurogroup meeting on 11 May. But as Barclays analysts remind, lot of worry is already priced; Greek spreads tightened  for a second day.

euro Greece
Markets

Average S&P500 firm has grown revenues by 2.9% yoy, while EPS grew by 20.1%

The Corner | April 24, 2015 | The Nasdaq closed on Thursday at an all-time high, surpassing record set 15 years ago, at the very dot com boom. But while US equities have been supported by positive earnings, the current market environment is very different from the late 90s.

Traders at Nasdaq