August 09, 2007 at 3:09 pm by Tom Lydon
As the market rides the waves, a few exchange traded funds (ETFs) stand out against the rest. One such ETF is the iShares MSCI Spain Index (EWP). It’s up 13.6% year-to-date and is above its trend line. One of the reasons for EWP’s success comes from its neighbors’ prosperity. Also, according to the Bank of Spain, the country’s GDP grew 4% in the second quarter. Some of the factors in the second-quarter rise include a smaller trade deficit, a rapid slowdown in the growth of housing prices and a 5% increase in construction investments, the Associated Press reports. In addition, tax revenue appears to be growing above expectations despite tax cuts this year, which is likely to create a 2007 budget surplus that is higher than expected.
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