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Low-multiple financials in Spain bring down the PE for EWP to an attractive level. In particular, Santander, while exposed to some risks in the European economy, is increasingly well-positioned in investment banking. At the moment, NIMs continue to rise, and outside of the financial exposures is the recession resistance of utilities. EWP looks alright.
With softening in inflation, there's a compelling investment case for Europe ETFs.
With Spain continuing to spearhead the wider Eurozone recovery, we take a deeper dive into the country's latest HCOB PMI data, which is compiled by S&P Global. Growth in the Spanish private sector over the past three months has been marked and a stark contrast to the weakness seen in the final quarter of 2022.
The iShares MSCI Spain ETF has been the pick of the Euro area this year, supported by a resilient economic backdrop. Conditions will get a lot more challenging later this year, however, as the impact of monetary tightening and a higher funding cost regime filter through to the real economy.
FAQ
- What is EWP ETF?
- Does EWP pay dividends?
- What stocks are in EWP ETF?
- What is the current assets under management for EWP?
- What is EWP average volume?
- What is EWP expense ratio?
- What is EWP inception date?