iShares Inc iShares MSCI Spain ETF (ARCA: EWP)

에 대한 최신 뉴스 iShares Inc iShares MSCI Spain ETF (ARCA:EWP)

iShares Inc iShares MSCI Spain ETF

iShares MSCI Spain Capped Index Fund

Financial Services

Utilities

Industrials

Communication Services

Consumer Cyclical

Energy

Technology

Other

Healthcare

The fund will at all times invest at least 80% of its assets in the securities of its underlying index and in depositary receipts representing securities in its underlying index. The underlying index is a free float-adjusted market capitalization-weighted index with a capping methodology applied to issuer weights so that no single issuer exceeds 25% of the underlying index weight, and all issuers with a weight above 5% do not cumulatively exceed 50% of the underlying index weight. The fund is non-diversified.

Iberdrola, S.A

Ferrovial Se

iShares MSCI Spain ETF

Sector ETFs

Broad U.S. Equity ETFs

Eurozone

Global

ETFs

EDEN

iShares MSCI Ireland Capped Investable Market Index Fund

EIRL

투자자들은 이미 유럽 주식보다 높은 가격에서 거래되고 있는 미국 주식에 대한 투자를 대폭 늘리고 있다. 설문조사에 따르면 펀드매니저들의 포트폴리오가 유럽 기업에 비해 미국 기업에 대한 비중을 크게 초과하는 것으로 나타났다.

미국 주식에 돈 쏟아붓는 투자자들, 유럽은 꺼려

Equities

ACSAY

IBDRY

스페인 동부와 남부에서 계속되는 홍수로 인해 수십 년 만에 이 지역에서 최악의 인도주의적 재난 중 하나가 발생했다. 무슨 일이 (What Happened): 화요일 밤과 수요일에 내린 폭우로 인해 홍수로 최소 158명이 사망했다고 BBC가 보도했다. 이번 피해는 발렌시아 지역에 집중되어 있으며, 일부 지역에서는 8시간의 강수량이 일반적인 연간 강수량에 해당한다.

스페인을 강타한 치명적인 홍수: 총리가 &#39;재건&#39;을 다짐하며 주목해야 할 5가지 주식

EMERGING WORLD PHARMA INC by Emerging World Pharma, Inc.

Emerging World Pharma Inc

EAST WEST PETE ORD by East West Petroleum Corp.

East West Petroleum Corp

WIIM

Shares of Europe-related ETFs are trading higher amid reports Trump and Putin will "start negotiations immediately" over Russia and Ukraine, resulting in greater optimism toward equities in the region

Shares of Europe-related ETFs are trading higher following Trump's inauguration as global investors weigh the new administration's economic policies.

<a href="https://www.reuters.com/world/europe/spain-probes-unidentified-holiday-home-renting-platform-listings-without-2024-12-18/" title="https://www.reuters.com/world/europe/spain-probes-unidentified-holiday-home-renting-platform-listings-without-2024-12-18/">https://www.reuters.com/world/europe/spain-probes-unidentified-holiday-home-renting-platform-listings-without-2024-12-18/</a>

Government

News

Regulations

ABNB

Reuters Earlier Reported 'Spain Probes Holiday Home Platform In Crackdown On Tourism Rentals'

Investors on <a href="https://www.benzinga.com/topic/wall-street">Wall Street</a> are bleeding red, white and blue, pouring money into American equities already trading higher than their European counterparts. 
The Data: A <a href="https://x.com/MikeZaccardi/status/1869029356884078993">post</a> on X from Mike Zaccardi relayed data from the Bank of America fund manager survey.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">BofA FMS: 4th biggest overweight of US relative to Eurozone equities since 2001 <a href="https://t.co/zouKCD0Zxb">pic.twitter.com/zouKCD0Zxb</a>
&mdash; Mike Zaccardi, CFA, CMT &#x1f356; (@MikeZaccardi) <a href="https://twitter.com/MikeZaccardi/status/1869029356884078993?ref_src=twsrc%5Etfw">December 17, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<figcaption class="wp-element-caption">The survey found fund managers&#8217; portfolios are significantly overweight American companies compared to European companies at a rarely seen mark. The last time such a pattern was observed was in the aftermath of the <a href="https://www.benzinga.com/topic/european-debt-crisis">European debt crisis</a> in the early 2010s.</figcaption></figure>
Meanwhile, the valuations of American companies are several standard deviations higher than European equities, <a href="https://x.com/porterstansb/status/1863619200037634296">according</a> to Bank of America.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The last time U.S. stocks were this overvalued versus the rest of the world was&#8230; well, never. <a href="https://t.co/tozSaNizrp">pic.twitter.com/tozSaNizrp</a>
&mdash; Porter Stansberry (@porterstansb) <a href="https://twitter.com/porterstansb/status/1863619200037634296?ref_src=twsrc%5Etfw">December 2, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<figcaption class="wp-element-caption">American exceptionalism in equity pricing has never been higher; positive market sentiment in American companies relative to Europe accelerated in the mid-to-late 2010s and continued to the present day. </figcaption></figure>
Country Data: American companies have yielded hefty gains in recent years. The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), which tracks the 500 largest American companies, added more than 200% to its market value in the past 10 years, an annualized return of nearly 12%.
Meanwhile, European indices — and respective economies — have struggled.
The France-tracking iShares MSCI France ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWQ#NYSE">EWQ</a>) returned 46% in that time period, good for an annualized return of under 4%. The German-tracking iShares MSCI Germany ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWG#NYSE">EWG</a>) returned 18%, an annualized return of 1.68%. The Italian iShares MSCI Italy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWI#NYSE">EWI</a>) has returned around 24%, an annualized return of about 2.12%.
Other countries have fared worse. The Britain-tracking iShares MSCI United Kingdom ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWU#NYSE">EWU</a>) has shed over 9% since 2014. The Spanish iShares MSCI Spain ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWP#NYSE">EWP</a>) has lost over 12% of its market value in that time span. Both countries&#8217; annualized returns are close to zero percent. 
European Outliers: A few countries have far outperformed the rest of the European continent in recent years.
iShares MSCI Denmark ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/EDEN#BATS">EDEN</a>) returned over 138% since 2014, an annualized return of over 9%. The Danish economy has apparently benefitted from its exposure to the pharmaceutical industry.
iShares MSCI Ireland ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EIRL#NYSE">EIRL</a>) is up 70% in that period, an annualized return of about 5.43%. Ireland boasts a low corporate tax rate of 12.5% and high levels of foreign investment.
Why it Matters: It is unclear whether the trend of American exceptionalism in equities pricing will continue into the next decade. As their respective economies ease back into moderate economic growth, European countries may benefit from leadership changes.
Also Read:
<ul>
<li><a href="https://www.benzinga.com/news/retail-sales/24/12/42535296/stocks-slip-as-strong-november-retail-sales-raise-concerns-over-2025-fed-rate-cuts">Stocks Slip As Strong November Retail Sales Raise Concerns Over 2025 Fed Rate Cuts</a></li>
</ul>
Photo: Varavin88 via Shutterstock

Investors Pour Money Into US Stocks, Shun Europe In Historic Fashion

Shares of Europe-related ETFs are trading lower after Donald Trump wins the 2024 presidential election.

Ongoing flooding in Eastern and Southern Spain has caused one of the<a href="https://www.benzinga.com/topic/climate-change"> worst humanitarian disasters</a> in the region in decades.
What Happened: At least 158 people have been killed by flooding caused by torrential rain on Tuesday night and Wednesday, <a href="https://www.bbc.com/news/live/ckmgmdxg254t">according</a> to the BBC. The damage is concentrated around the Valencia region. In some areas, the eight-hour rainfall matched a typical year&#8217;s worth of rain.
<a href="https://www.businessinsider.com/spain-flooding-51-dead-in-valencia-region-economic-hub-2024-10">According</a> to Business Insider, an early insurer estimate of economic damage caused by the storm &#8220;easily&#8221; exceeds 1 billion euros.
Spanish Prime Minister Pedro Sánchez told residents to stay at home as more rain is expected to fall on Friday.
&#8220;To the villages and cities destroyed by this tragedy, I say the same: Together, we will rebuild your streets, your squares, your bridges," Sánchez said in a televised address, <a href="https://www.nbcnews.com/news/world/spain-flash-floods-people-killed-valencia-rcna177979">according</a> to NBC.
Why it Matters: Increases in the frequency of extreme weather events are widely attributed to climate change.
The automotive industry is prominent in Valencia. 
Ford Motor Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) has a large manufacturing plant in Almussafes, just south of Valencia. This facility is one of Ford&#8217;s key production sites in Europe. Significant flooding or infrastructure damage in this region could disrupt operations or logistics, potentially affecting Ford's production timelines.
Iberdrola SA (OTC:<a class="ticker" href="https://www.benzinga.com/stock/IBDRY#OTC">IBDRY</a>) is a large utility provider in Spain. <a href="https://www.nytimes.com/2024/10/30/world/europe/spain-floods-valencia.html?smid=tw-nytimes&amp;smtyp=cur">According</a> to the New York Times, the flood left 155,000 customers without power. General Electric Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GE#NYSE">GE</a>) does not have a manufacturing facility in the vicinity, though its partnership with Iberdrola and projects in Spain could cause some disruption.
Construction companies could stand to benefit from investment in the region following the cessation of the storm. Ferrovial SE (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FER#NASDAQ">FER</a>) and ACS Actividades De Construccion Y Servicios ADR (OTC:<a class="ticker" href="https://www.benzinga.com/stock/ACSAY#OTC">ACSAY</a>) are among Spain&#8217;s largest publicly traded construction companies.
Investors should also pay close attention to the Spain-tracking iShares Msci Spain ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWP#NYSE">EWP</a>) for any volatility in the coming days.
Also Read:
<ul>
<li><a href="https://www.benzinga.com/news/24/10/41262664/how-did-hurricanes-milton-helene-intensify-so-quickly-exxonmobils-scientists-warned-us-in-1977">How Did Hurricanes Milton, Helene Intensify So Quickly? ExxonMobil&#8217;s Scientists Warned Us&#8230; In 1977</a></li>
</ul>
Photo: Fernando Astasio Avila/Shutterstock.com

Deadly Floods Strike Spain: 5 Stocks To Watch As Prime Minister Vows To 'Rebuild'

DNUT

Krispy Kreme Announces Joint Venture With Glaseadas Originales To Bring Iconic Doughnuts To Spain In 2025; Plans To Open Hot Light Theater Shop In Madrid And Create Over 500 Points Of Access In Key Cities Including Madrid, Barcelona, Valencia, And Malaga

<a href="https://www.cnmc.es/prensa/incoacion-apple-20240724" title="https://www.cnmc.es/prensa/incoacion-apple-20240724">https://www.cnmc.es/prensa/incoacion-apple-20240724</a>

Legal

Tech

AAPL

Spain's CNMC Earlier Announced Investigation Of Apple For Possible Anti-Competitive Practices Related To App Store

<a href="https://www.oracle.com/news/announcement/oracle-to-invest-in-ai-and-cloud-computing-in-spain-2024-06-20/" title="https://www.oracle.com/news/announcement/oracle-to-invest-in-ai-and-cloud-computing-in-spain-2024-06-20/">https://www.oracle.com/news/announcement/oracle-to-invest-in-ai-and-cloud-computing-in-spain-2024-06-20/</a>

ORCL

Oracle to Invest More Than $1 Billion in AI and Cloud Computing in Spain

UBER

Stack Capital Group Announces Omio Extends Strategic Partnership With Uber Into Spain

Ferrovial SE (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FER#NASDAQ">FER</a>) shares are trading lower after the company divested a 5% stake in Indian firm IRB Infrastructure Developers (IRB) through its subsidiary <a target="_blank" href="https://static.ferrovial.com/wp-content/uploads/2024/06/11155408/pr-ferrovial-sells-5-stake-in-irb-infrastructure-developers.pdf" rel="noreferrer noopener">Cintra</a>.
The transaction amounted to EUR214 million, based on a EUR/INR exchange rate of 89.72.
The sale was conducted as a block deal or placement of 301.9 million shares with institutional investors on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) at an average price of INR63.60.
The estimated pre-tax capital gain from this transaction amounts to EUR130 million.
This move aligns with Ferrovial&#8217;s strategy in India, complementing its recent acquisition of a 24% stake in IRB Infrastructure Trust and capitalizing on the significant long-term growth prospects in the Indian market.
This sale will bolster the liquidity of IRB Infrastructure Developers shares. Ferrovial will retain its position as the second-largest shareholder, holding a 19.9% stake, and maintain representation on the Board of Directors.
Ferrovial concluded the first quarter with high liquidity levels of €4.9 billion and consolidated net debt of €(667) <a target="_blank" href="https://static.ferrovial.com/wp-content/uploads/2024/05/13231811/20240513-q1-2024-results.pdf" rel="noreferrer noopener">million</a>.
Investors can gain exposure to the stock via IShares Inc IShares MSCI Spain ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWP#NYSE">EWP</a>) and, ClearBridge Sustainable Infrastructure ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INFR#NASDAQ">INFR</a>).
Price Action: FER shares are down 3.31% at $40.02 at the last check Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock

Asset Sales

Movers

INFR

Why Infrastructure Company Ferrovial Shares Are Falling Today

European equities ended Monday broadly positive, while the U.S. market was closed for <a href="https://www.benzinga.com/24/05/39027079/is-the-us-stock-market-open-on-memorial-day-why-the-s-p-500-could-end-the-year-on-a-high-note">the Memorial Day holiday. </a>
Traders maintained an overall positive risk sentiment on European assets, driven by near-total certainty that the European Central Bank (ECB) will deliver a rate cut at its June meeting.
Three key ECB members — chief economist Philip Lane, Finland Central Bank governor Olli Rehn and France Central Bank governor François Villeroy de Galhau — made reassuring statements indicating a rate cut is imminent.
<ul>
<li>&#8220;A June rate cut is appropriate if the inflation outlook holds,&#8221; Lane said. </li>
<li>&#8220;Inflation is converging to our 2% target in a sustained way, making it the right time in June to ease the monetary policy stance and start cutting rates,&#8221; Rehn said. </li>
<li>&#8220;Barring a surprise, a June rate cut is a done deal,&#8221; Villeroy said. </li>
</ul>
Traders now almost fully price in a June rate cut and expect a total of 65 basis points in cuts (more than two cuts but less than three) by the end of the year.
The euro, as tracked by the Invesco CurrencyShares Euro Currency Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FXE#NYSE">FXE</a>), inched 0.1% higher to 1.0840. 
<h3 class="wp-block-heading">Monday&#8217;s Performance In Major European Indices</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<thead>
<tr>
<th class="has-text-align-center" data-align="center">Country</th>
<th>US-Based ETF</th>
<th>Price</th>
<th>1-day %chg</th>
</tr>
</thead>
<tbody>
<tr>
<td class="has-text-align-center" data-align="center">Spain – IBEX 35</td>
<td>iShares MSCI Spain ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWP#NYSE">EWP</a>)</td>
<td>11,335</td>
<td>0.79%</td>
</tr>
<tr>
<td class="has-text-align-center" data-align="center">Italy – FTSE MIB </td>
<td>iShares MSCI Italy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWI#NYSE">EWI</a>)</td>
<td>34,751</td>
<td>0.75%</td>
</tr>
<tr>
<td class="has-text-align-center" data-align="center">France – CAC 40</td>
<td>iShares MSCI France Index Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWQ#NYSE">EWQ</a>)</td>
<td>8,142</td>
<td>0.62%</td>
</tr>
<tr>
<td class="has-text-align-center" data-align="center">EU – Euro Stoxx 50</td>
<td>iShares Europe ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IEV#NYSE">IEV</a>)</td>
<td>5,065</td>
<td>0.58%</td>
</tr>
<tr>
<td class="has-text-align-center" data-align="center">Germany – DAX </td>
<td>Global X Dax Germany ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DAX#NYSE">DAX</a>)</td>
<td>18,793</td>
<td>0.53%</td>
</tr>
</tbody>
</table>
</figure>
<h3 class="wp-block-heading">Monday&#8217;s Stock Movers In Europe</h3>
Monday&#8217;s top performers on the Euro Stoxx 50 index included:
<ul>
<li>RWE AG (OTCPK: RWEOY) +2.55%</li>
<li>Bayer AG (OTCPK: BAYRY) +2.32%</li>
<li>Volkswagen AG (OTCPK: VWAGY) +1.65%</li>
<li>Enel Società per Azioni (OTCPK: ENLAY) +1.6%</li>
<li>Iberdrola S.A. (OTCPK: IBRDY) +1.5%</li>
<li>Eni S.p.A. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/E#NYSE">E</a>) +1.38%</li>
</ul>
European pharma giant Novo Nordisk A/S (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVO#NYSE">NVO</a>) and France luxury powerhouse LVMH-Moet Hennessy Louis Vuitton (OTCPK: LVMUY) closed 0.9% lower and 0.8% higher, respectively. 
Dutch chipmaker firm ASML Holding N.V. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASML#NASDAQ">ASML</a>) closed 0.2% higher, notching the third straight session of gains. 
Among carmakers, Stellantis N.V. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STLA#NYSE">STLA</a>) rose 1.5%. Ferrari N.V. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RACE#NYSE">RACE</a>) closed up 0.7%, positively reacting to its victory in Sunday's Formula 1 Grand Prix in Monte Carlo.
Among major banks, UBS Group AG (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBS#NYSE">UBS</a>) outperformed, up 1%. 
Read now: <a href="https://www.benzinga.com/news/24/05/39028061/alibaba-signs-david-beckham-as-global-brand-ambassador-for-e-commerce-platform">Alibaba Signs David Beckham As Global Brand Ambassador For E-Commerce Platform</a>
Photo via Shutterstock.

Large Cap

Macro Notification

Market Summary

Mid Cap

Currency ETFs

Econ #s

Economics

ASML

BAYRY

ENLAY

LVMUY

RACE

Rwe Ag Ord Bearer Dm5 American Depository Receipt

RWEOY

STLA

VWAGY

European Equities Close Higher As Traders Bank On Imminent ECB Rate Cut: What's Driving Markets Monday?

AMZN

GOOG

GOOGL

PINS

SNAP

EU Commission Opens Proceedings Against TikTok Under DSA Regarding Launch Of TikTok Lite In France And Spain; EU Says TikTok Has Until April 23 To Submit Risk Assessment

Immutep Limited ((ASX: IMM, NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IMMP#NASDAQ">IMMP</a>) (&quot;Immutep&rdquo; or &ldquo;the Company&rdquo;), a clinical-stage biotechnology company developing novel LAG-3 immunotherapies for cancer and autoimmune &nbsp;disease, today &nbsp;announces it &nbsp;has received positive &nbsp;feedback &nbsp;from &nbsp;the &nbsp;Spanish &nbsp;Agency &nbsp;for Medicines and Health Products (AEMPS) Competent Authority regarding the Company&rsquo;s upcoming TACTI-004 Phase III trial of eftilagimod alpha (&ldquo;efti&rdquo;) for first line treatment of metastatic non-small cell lung cancer (1L NSCLC).

IMMP

Immutep Announced Tuesday, Positive Feedback From  Spanish Medicines Agency For Upcoming TACTI-004 Registrational Trial In Metastatic Non-Small Cell Lung Cancer

Europe-related ETFs are trading lower amid overall market weakness on US rate cut uncertainty.

Shares of Europe-related ETFs are trading lower amid weakness in US markets following hotter-than-expected March inflation data, which has weighed on global markets.

Strategic collaboration will strengthen Spain's open and ethical AI initiatives to stimulate economic and technical efforts
MADRID, April 5, 2024 /PRNewswire/ -- The President of the Government, Pedro Sánchez, and the Senior Vice President of IBM&nbsp;(NYSE:&nbsp;<a href="https://www.ibm.com/investor">IBM</a>) and Director of IBM Research, Darío Gil, met this afternoon at the Moncloa Complex, where they celebrated the new agreement reached between the Executive and IBM that will allow the development of foundational models for Artificial Intelligence, native in Spanish and co-official languages. During the meeting, which was also attended by the Minister for Digital Transformation and the Civil Service, José Luis Escrivá; the director of the Office of Economic Affairs of the Presidency of the Government, Manuel de la Rocha, and the president of IBM Spain, Portugal, Greece and Israel, Horacio Morell, they shared challenges and initiatives that are opening up in the field of artificial intelligence and supercomputing.&nbsp;&nbsp;
Afterwards, the Government of Spain, through its Ministry for Digital Transformation, the Civil Service, and IBM&nbsp;today signed a Memorandum of Understanding (MoU) to promote their collaboration in the field of Artificial Intelligence (AI) and AI supercomputing, advance the development and practical deployment of open, ethical and responsible generative AI in Spain, and sharing the vision to create a leading suite of foundation models including both large language models (LLMs) and small language models (SLMs), proficient in the Spanish language and co-official languages.
During the meeting at La Moncloa, the President stressed that agreements such as this one demonstrate Spain's commitment to accelerate the ethical and responsible use of AI, particularly in the public sector, with great impact on productivity for many sectors of the economy and on Europe's strategic autonomy.
The document was signed today in Madrid by Darío Gil, Senior Vice President and Director of IBM Research, and José Luis Escrivá, Minister for Digital Transformation and Civil Service of the Government of Spain. Tapping into IBM's open-source AI framework, communities will be able to shape and contribute to the Spanish LLM, that will also include co-official languages (Catalan, Basque, Galician and Valencian) increasing innovation, transparency and safety while ensuring a more cost-efficient yet technologically competitive position in the market. The collaboration also reflects the intention to develop AI-enhanced techniques to accelerate the discovery, development, and validation of new materials to increase the sustainability of the semiconductors value chain.
"AI positions us at the threshold of a new industrial revolution, with a very significant potential impact in terms of productivity gains for a large number of economic sectors and in providing better public services to our citizens," said the minister José Luis Escrivá. "The Government of Spain is promoting a useful and ethical development of the opportunities offered by this technology. IBM, with its experience, knowledge, and resources, is an excellent partner to accompany us in our vision."
"IBM shares this bold vision to accelerate the Government of Spain's AI strategy and to be the national AI partner for Spain," said Darío Gil, IBM SVP and Director of IBM Research. "We will leverage IBM's deep investments across the entire AI stack, from compute to models, we will enable an open community to drive the full potential of AI technologies.&nbsp;Together, we will work to foster the responsible use of AI to drive sustainable growth in Spain, and all Spanish speaking countries worldwide."
Spanish is the second leading spoken language in the world (6.2% of the world's population1). One of the priority areas under this MoU is to collaborate in a leading suite of foundation models, including both large language models (LLMs) and small language models (SLMs), proficient in the Spanish language and co-official languages. Creating models that are entirely designed in Spanish will enhance AI sustainability by reducing biases and providing competitive alternatives for the Spanish industry. These models will be refined using advanced tuning and alignment techniques, encompassing innovative methods that facilitate direct community enhancements and foster an ecosystem of AI creators and builders, utilizing assets developed through this collaboration.
Recent advances in generative AI and AI supercomputing hold tremendous promise for governments and economies who can realize the productivity gains enabled by these technologies. With this collaboration, the Government of Spain is taking decisive action to seize this opportunity with timely and transformative commitments to invest in the AI revolution.
The coordination within the government institutions in this field will facilitate both widespread use of AI across national, regional, and local economies, as well as the timely and sufficient resources needed to build competitive advantages within a rapidly evolving AI-driven commercial landscape. This includes investment in human capital (upskilling and tooling) and community-driven adoption of AI to ensure that the productivity benefits and economic gains can positively impact across the economy of Spain, from small-medium sized businesses (SMBs) to large enterprises and the public sector.
Taking this into account, the Memorandum of Understanding is based on five principles;
<ol>
<li>Promote the development of a suite of foundation models, including both large language models (LLMs) and small language models (SLMs), proficient in the Spanish language and co-official languages.</li>
<li>Collaborate on the research and development of a full stack generative AI platform, including software built on open-source frameworks and tools as well as infrastructure enabling hardware diversity.</li>
<li>Promote national and regional AI strategies through a cooperative approach that promotes a responsible use of the foundation models and the associated generative AI platform. This collaborative effort aims to benefit the public sector and&nbsp;SMEs throughout Spain.</li>
<li>Foster an ecosystem of AI creators and builders, utilizing assets developed through this collaboration, to establish Spain as a global leader in AI.&nbsp;</li>
<li>Develop AI-enhanced techniques to accelerate the discovery, development, and validation of new materials to advance the sustainability of the semiconductor industry value chain.&nbsp;</li>
</ol>
An additional priority described under this memorandum is to collaborate on the research and development of AI technology for supercomputing applications.

Contracts

IBM And The Government Of Spain Collaborate To Advance National AI Strategy And Build The World's Leading Spanish Language AI Models

European stock ETFs are higher following the ECB's meeting and rate decision.

https://www.reuters.com/technology/spains-high-court-suspends-209-mln-fines-apple-amazon-amid-appeal-2024-02-08/#:~:text=MADRID%2C%20Feb%208%20(Reuters),Amazon%20spokesperson%20said%20on%20Thursday.

Spain's High Court Suspended $209M Fines On Apple, Amazon Pending Appeal

Grifols S.A. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GRFS#NASDAQ">GRFS</a>), the Barcelona, Spain-based pharmaceutical company, saw its shares plummet by 24% on Tuesday. This marked the company&#8217;s most significant single-day drop since <a href="https://www.benzinga.com/general/biotech/24/01/36553854/grifols-stock-tanks-short-seller-accuses-of-overstating-profits-concerning-allegations-about-fina">its initial public offering. </a>
The cause? A bombshell short report released by Gotham City Research that accused Grifols of serious accounting irregularities, bringing into question its stock value.
Gotham City Research, known for its forensic financial analysis, had been scrutinizing the operations of Grifols SA since last spring. Over nine months, the firm dug deep into the company&#8217;s financials, uncovering what they describe as a troublesome &#8220;pattern of behavior.&#8221;
&#8220;We believe shares are uninvestable, likely zero,&#8221; the report affirmed. 
The Grifols debacle has cast a shadow over the wider Spanish stock market. The company, known for blood-related medicines, significantly underperformed compared to European peers during today&#8217;s session. 
The iShares MSCI Spain ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWP#NYSE">EWP</a>) has seen a decline of 1.9% as of this writing. 
Chart 1: Grifols&#8217; Share Price Movement After Gotham City&#8217;s Short Report
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="495" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/01/09112843/GRFS_2024-01-09_15-28-26_db594-1024x495.png" alt="" class="wp-image-177420" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/01/09112843/GRFS_2024-01-09_15-28-26_db594-1024x495.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/01/09112843/GRFS_2024-01-09_15-28-26_db594-300x145.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/01/09112843/GRFS_2024-01-09_15-28-26_db594-768x372.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/01/09112843/GRFS_2024-01-09_15-28-26_db594-1536x743.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/01/09112843/GRFS_2024-01-09_15-28-26_db594.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h2 class="wp-block-heading">Grifols Chart Reveals Further Downside Ahead</h2>
The Gotham report triggered a significant sell-off in Grifols&#8217; shares as investors grappled with the potential implications.
Tuesday&#8217;s downturn marked a significant deviation in Grifols&#8217; share price trajectory, halting the steady upward channel it had maintained since mid-October 2022. 
The stock has now dropped to a low not seen since April 2023. Notably, previous dips to similar levels have typically aligned with a deeply oversold condition on the Relative Strength Index (RSI), an indicator that has yet to signal such a state in this instance. 
Moving forward, the $6.50 price point stands out as the critical support level to monitor closely.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="495" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/01/09130758/GRFS_2024-01-09_17-07-44_32f17-1024x495.png" alt="" class="wp-image-177488" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/01/09130758/GRFS_2024-01-09_17-07-44_32f17-1024x495.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/01/09130758/GRFS_2024-01-09_17-07-44_32f17-300x145.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/01/09130758/GRFS_2024-01-09_17-07-44_32f17-768x372.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/01/09130758/GRFS_2024-01-09_17-07-44_32f17-1536x743.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/01/09130758/GRFS_2024-01-09_17-07-44_32f17.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h2 class="wp-block-heading">Gotham&#8217;s Allegations</h2>
The report accuses Grifols of inflating its EBITDA, manipulating debt levels, and engaging in tunneling transactions — a process where assets and profits are siphoned out for the benefit of insiders, at the expense of the company and its shareholders. 
They allege that Grifols, together with related family entities like Scranton Enterprises NV, has been involved in undisclosed loans and share pledges, which have been used to paint a misleadingly robust picture of the company&#8217;s leverage, suggesting it may be understated by as much as 46%.
&#8220;Both GRF and Scranton Enterprises (a Grifols family vehicle) fully consolidate BPC + Haema onto their financial statements. This treatment is materially deceptive and incorrect,&#8221; Gotham City Research wrote. 
<h3 class="wp-block-heading">The Numbers</h3>
According to Gotham City Research &#8220;Grifols understates its debt burden and is, therefore, materially more levered than the company indicates.&#8221;
Gotham&#8217;s investigation suggests that Grifols&#8217; actual debt could be closer to EUR 8.9 billion, significantly higher than the reported EUR 8 billion. 
They estimate that the company&#8217;s leverage is not the reported 6x, but could be alarmingly between 10x to 13x. 
If these claims are substantiated, Grifols could face drastically higher financing costs, potentially pushing the company into an unsustainable financial position.
<h3 class="wp-block-heading">Shares Are Potentially &#8216;Worthless&#8217;</h3>
Despite 20 buy ratings from analysts, Gotham City Research paints a dire picture of a company whose EBITDA margins have been in decline for the past 11 years, even as its net debt has quadrupled since 2012.
They draw parallels with NMC Health plc, a company that also went on a debt-fueled acquisition spree before accounting scandals led to its bankruptcy.
The report concludes that Grifols&#8217; shares may be uninvestable and potentially worthless. 
Furthermore, it warns that if Grifols were to pay interest rates commensurate with the actual level of leverage, its cash flows would be insufficient to cover the debt, hinting at a possibility of insolvency or severe dilution of equity.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Grifols SA: Scranton and the Undisclosed Debts for the full report &#8211; <a href="https://t.co/0Cp9za9Svx">https://t.co/0Cp9za9Svx</a> <a href="https://t.co/HDPPQxtU5q">pic.twitter.com/HDPPQxtU5q</a>
&mdash; Gotham City Research (@GothamResearch) <a href="https://twitter.com/GothamResearch/status/1744611322900500931?ref_src=twsrc%5Etfw">January 9, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
<h2 class="wp-block-heading">Grifols Refutes Gotham City Research Claims</h2>
Grifols S.A. responded to allegations made by Gotham City Research in a Tuesday&#8217;s press release, firmly stating their awareness of what they consider to be false information and speculations circulating about their accounting and financial disclosure practices. 
The pharmaceutical giant has actively engaged with the Spanish regulatory authorities, submitting two formal statements to clarify its position. 
Grifols also expressed perplexity over Gotham City Research&#8217;s interpretation of their financial data, suggesting that the research firm&#8217;s motive, as a fund focused on short-selling, might be to manipulate the market for profit. 
This accusation points to a contentious section on page 2 of Gotham City Research&#8217;s report, where the firm seemingly acknowledges a vested interest in the decline of Grifols&#8217; share price. This development adds a new layer of complexity to the unfolding narrative, indicating a potential conflict of interest that could be influencing the public perception of Grifols&#8217; financial health.
Now Read: <a href="https://www.benzinga.com/general/biotech/24/01/36553854/grifols-stock-tanks-short-seller-accuses-of-overstating-profits-concerning-allegations-about-fina">Grifols Stock Tanks, Short Seller Accuses Of Overstating Profits, Concerning Allegations About Financial Health</a>
Image: Shutterstock

Biotech

Short Sellers

GRFS

Short Seller's Bombshell Report Rattles Grifols: Stock Chart Points To Potential Further Decline

투자자들은 이미 유럽 주식보다 높은 가격에서 거래되고 있는 <a href="//www.benzinga.com/topic/wall-street"" target="_blank" rel="noopener">미국 주식</a>에 대한 투자를 대폭 늘리고 있다.
데이터: 마이크 자카디(Mike Zaccardi)가 소셜 미디어 엑스(X) <a href="//x.com/MikeZaccardi/status/1869029356884078993"" target="_blank" rel="noopener">게시물에서</a> 뱅크오브아메리카 펀드매니저 설문조사 데이터를 공유했다.
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
BofA FMS: 4th biggest overweight of US relative to Eurozone equities since 2001 <a href="https://t.co/zouKCD0Zxb">pic.twitter.com/zouKCD0Zxb</a>
&mdash; Mike Zaccardi, CFA, CMT &#x1f356; (@MikeZaccardi) <a href="https://twitter.com/MikeZaccardi/status/1869029356884078993?ref_src=twsrc%5Etfw">December 17, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
설문조사에 따르면 펀드매니저들의 포트폴리오가 유럽 기업에 비해 미국 기업에 대한 비중을 크게 초과하는 것으로 나타났다. 이러한 패턴이 마지막으로 관찰되었던 시기는 2010년대 초 <a href="https://www.benzinga.com/topic/european-debt-crisis" target="_blank" rel="noopener">유럽 부채 위기</a>의 여파가 남아 있는 때였다.
한편 뱅크오브아메리카에 <a href="https://x.com/porterstansb/status/1863619200037634296" target="_blank" rel="noopener">따르면</a> 미국 기업의 밸류에이션은 유럽 주식보다 몇 표준편차가 더 높다.
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
The last time U.S. stocks were this overvalued versus the rest of the world was&#8230; well, never. <a href="https://t.co/tozSaNizrp">pic.twitter.com/tozSaNizrp</a>
&mdash; Porter Stansberry (@porterstansb) <a href="https://twitter.com/porterstansb/status/1863619200037634296?ref_src=twsrc%5Etfw">December 2, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><figcaption class="wp-element-caption">주식에 있어서 미국 예외주의는 그 어느 때보다 높다. 유럽 대비 미국 기업에 대한 긍정적인 시장 심리는 2010년대 중후반에 가속화되어 현재까지도 이어지고 있다.
국가별 데이터: 미국 기업은 최근 몇 년 동안 큰 수익을 올렸다. 미국 500대 기업을 추종하는 SPDR S&amp;P 500 ETF Trust(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)는 지난 10년 동안 시장 가치가 200% 이상 상승하여 연간 수익률이 12%에 육박했다.
반면 유럽 지수와 각국 경제는 고전했다.
프랑스 증시를 추종하는 iShares MSCI France ETF(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWQ#NYSE">EWQ</a>)는 해당 기간 동안 46%의 수익률을 기록했고 연평균 수익률은 4% 미만이다. 독일 증시를 추종하는 iShares MSCI Germany ETF(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWG#NYSE">EWG</a>)는 18%의 수익률, 연평균 1.68%의 수익률을 기록했다. 이탈리아 증시를 추종하는 iShares MSCI Italy ETF(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWI#NYSE">EWI</a>)는 약 24%의 수익률, 연평균 약 2.12%의 수익률을 기록했다.
다른 국가들은 더 심각한 상황이다. 영국 증시를 추종하는 iShares MSCI United Kingdom ETF(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWU#NYSE">EWU</a>)는 2014년 이후 9% 이상 하락했다. 스페인 증시를 추종하는 iShares MSCI Spain ETF(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWP#NYSE">EWP</a>)는 시장 가치가 12% 이상 감소했다. 두 나라의 연평균 수익률은 0%에 가까운 수준이다.
유럽 국가 중 예외: 최근 몇 년 동안 몇몇 국가는 다른 유럽 대륙을 훨씬 능가하는 성과를 냈다.
iShares MSCI Denmark ETF(BATS:<a class="ticker" href="https://www.benzinga.com/stock/EDEN#BATS">EDEN</a>)는 2014년 이후 138% 이상 상승하여, 연평균 9% 이상의 수익률을 기록했다. 덴마크 경제는 제약 산업에 대한 노출로 혜택을 본 것으로 보인다.
iShares MSCI Ireland ETF(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EIRL#NYSE">EIRL</a>)는 같은 기간 동안 70% 상승하여, 연평균 약 5.43%의 수익률을 기록했다. 아일랜드는 12.5%의 낮은 법인세율과 높은 외국인 투자율을 자랑한다.
왜 중요한가: 주식에 있어서 미국 예외주의 추세가 향후 10년 동안 계속될지는 불분명하다. 각국의 경제가 완만한 경제 성장세로 돌아서면서 유럽 국가들은 리더십 변화의 혜택을 받을 수도 있다.
</figcaption></figure>
사진 출처: Varavin88 via Shutterstock
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스페인 동부와 남부에서 계속되는 홍수로 인해 수십 년 만에 이 지역에서 <a href="https://www.benzinga.com/topic/climate-change" target="_blank" rel="noopener">최악의 인도주의적 재난</a> 중 하나가 발생했다.
무슨 일이 (What Happened): 화요일 밤과 수요일에 내린 폭우로 인해 홍수로 최소 158명이 사망했다고 BBC가 <a href="https://www.bbc.com/news/live/ckmgmdxg254t" target="_blank" rel="noopener">보도</a>했다. 이번 피해는 발렌시아 지역에 집중되어 있으며, 일부 지역에서는 8시간의 강수량이 일반적인 연간 강수량에 해당한다.
<a href="https://www.businessinsider.com/spain-flooding-51-dead-in-valencia-region-economic-hub-2024-10">비즈니스 인사이더</a>에 따르면, 이 폭풍으로 인한 경제적 피해에 대한 초기 보험사 추정치는 &#8220;쉽게&#8221; 10억 유로를 초과한다.
스페인 총리 페드로 산체스는 주민들에게 금요일에 더 많은 비가 내릴 것으로 예상되므로 집에 머물라고 지시했다.
&#8220;이 비극으로 파괴된 마을과 도시들에게도 같은 말을 전한다. 함께, 우리는 여러분의 거리, 광장, 다리를 재건할 것이다&#8221;고 산체스가 텔레비전 연설에서 말했다고 <a href="https://www.nbcnews.com/news/world/spain-flash-floods-people-killed-valencia-rcna177979" target="_blank" rel="noopener">NBC</a>가 전했다.
왜 중요한가 (Why it Matters): 극단적인 기상 현상의 빈도 증가가 기후 변화에 기인한다고 널리 알려져 있다.
발렌시아에는 자동차 산업이 두드러지게 나타난다.
포드 자동차(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>)는 발렌시아 바로 남쪽에 위치한 알무사페스에 대규모 제조 공장을 운영하고 있다. 이 시설은 포드의 주요 유럽 생산 사이트 중 하나이다. 이 지역에서 심각한 홍수나 인프라 피해가 발생하면 운영이나 물류에 지장을 줄 수 있으며, 이는 포드의 생산 일정에 영향을 미칠 수 있다.
이베르드롤라 SA(OTC:<a class="ticker" href="https://www.benzinga.com/stock/IBDRY#OTC">IBDRY</a>)는 스페인에서 큰 유틸리티 제공업체이다. <a href="https://www.nytimes.com/2024/10/30/world/europe/spain-floods-valencia.html?smid=tw-nytimes&amp;smtyp=cur">뉴욕 타임스</a>에 따르면, 홍수로 155,000명의 고객이 정전되었다. 제너럴 모터스(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GE#NYSE">GE</a>)는 인근에 제조 시설이 없지만, 이베르드롤라와의 파트너십 및 스페인 내 프로젝트는 일부 중단을 초래할 수 있다.
건설 회사들은 이 폭풍이 끝난 후 이 지역에 대한 투자로 혜택을 볼 수 있다. 페로비알 SE(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FER#NASDAQ">FER</a>)와 ACS Actividades De Construccion Y Servicios ADR(OTC:<a class="ticker" href="https://www.benzinga.com/stock/ACSAY#OTC">ACSAY</a>)는 스페인에서 가장 큰 상장 건설 회사 중 하나이다.
투자자들은 또한 스페인 추적하는 iShares Msci Spain ETF(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWP#NYSE">EWP</a>)에 주목해야 하며, 향후 며칠 동안의 변동성에 주의해야 한다.
추가 읽기:
<ul>
<li><a href="https://www.benzinga.com/news/24/10/41262664/how-did-hurricanes-milton-helene-intensify-so-quickly-exxonmobils-scientists-warned-us-in-1977">허리케인 밀턴과 헬렌은 어떻게 그렇게 빨리 강해졌나? 엑슨모빌의 과학자들이 1977년에 경고&#8230;</a></li>
</ul>
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