U.S. opens tariff probe targeting Germany's drug pricing policies
The U.S. said the probe will examine whether "persistent underpayment" for medicines by Germany is discriminatory. "President Trump has made clear that American patients should not be shouldering a disproportionate share of global pharmaceutical research and development," said U.S. Trade Representative Jamieson Greer.
Portugal to offer fast-track areas for wind, solar projects
Portugal's government on Wednesday launched a process to assign over 1,000 areas for wind and solar projects around existing grid connections, which can be fast-tracked thanks to their low potential for environmental conflicts.
EWP: Spain Steadies Itself After A March Correction, Low-Teens P/E
I have a "Buy" rating on the iShares MSCI Spain ETF due to compelling valuation and favorable seasonality. EWP trades at a low 13.2x P/E with a 10.2% EPS growth rate, yielding a PEG below 1.4x. The ETF is highly concentrated in Financials (42%) and Utilities, making up nearly two-thirds of the portfolio.
Trump Threatens To Cut All Trade With Spain Over Iran War Dispute
President Donald Trump threatened to cut trade with Spain on Tuesday, claiming the country is not giving U.S. troops access to its military bases as the U.S. and Israel trade blows with Iran in the Middle East.
EWP: Spanish Stocks To Benefit From Solid GDP Growth In 2026
The iShares MSCI Spain ETF surged in 2025, driven by attractive valuations, an improved earnings outlook for financial stocks, and a stronger EUR. Looking ahead to 2026, the return outlook for EWP remains robust as Spanish GDP growth continues to outperform European peers, a boost to the ETF's overweight position in cyclical sectors. EWP offers a well-covered dividend of 2.28%, although growth has been erratic due to a sizable allocation to financial stocks.
The S&P is Up 16% This Year. These International ETFs are Up More Than 70%
It's been a turbulent past couple of weeks, but the S&P 500 is poised to finish the year with some historically decent gains intact.
EWP: After The Sunshine Comes The Storm
iShares MSCI Spain ETF has surged nearly 60% YTD, driven by high concentration in top Spanish banks and utilities. EWP's explosive growth appears unsustainable, with cyclical price patterns and macro fundamentals not supporting further upside at current levels. The ETF's extreme concentration and sector exposure create significant correction and diversification risks, outweighing potential short-term gains.
EWP: Long-Term Investors Won't Find Many Good Reasons To Own Spanish Equities
Spanish equities, via EWP, have surged 45% YTD, outperforming European peers and attracting momentum investors. Despite strong performance and economic tailwinds, I believe EWP's sector and stock selection is not optimal for long-term returns. Spanish equity valuations are in line with their historical average, meaning they may be less of a bargain than the low earnings multiple versus peers may suggest.
EWP: Spanish Stocks Are Outpacing Everyone Else
The iShares MSCI Spain ETF offers a 3.46% dividend yield and focuses on financials, utilities, and industrials, with financials comprising 38.21% of the portfolio. Spain's economic indicators, including a 3.4% GDP growth rate and a low 10.61% unemployment rate, support a favorable short-term investment environment. Spain's political landscape, with the PSOE coalition focusing on social democracy and green investments, boosts short-term growth but may pose long-term fiscal risks.
EWP: Another Trump Trade Beneficiary?
The iShares MSCI Spain ETF (EWP) is poised for growth, driven by potential lower energy costs and Spain's robust economic outlook. EWP's top holdings, Iberdrola, Banco Santander, and Banco Bilbao Vizcaya Argentaria, are well-positioned to benefit from a favorable macro environment and technical support. Spain's economy is projected to grow rapidly, and EWP's concentrated portfolio offers exposure to key sectors like Financials, Utilities, and Industrials.
