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.
The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.