Now that the Spanish economy is growing at its fastest clip since 2007, investors should consider buying some Spanish banks and consumer stocks, according to one market analyst. Spain reported a 1% gain in GDP for the second quarter, and BGC Partner’s Michael Ingram said there’s plenty of room for further growth in the economy. But he cautions that the Spanish stock market overall isn’t brimming over with good buys. ‘I have to say overall even though we have actually bullish macro news in Spain, the earnings performance thus far in the broader market in Madrid has actually been quite disappointing,’ said Ingram. He pointed out that earnings estimates have been cut by about 5% year-to-date for Spanish companies. However, there are pockets of opportunity. He said Spanish banks look interesting and he prefers financial institutions with a domestic focus, rather than banks with a large international business.
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