The FAST (Financial Analyst’s Survey Trends) Indicator, which combines macroeconomic and sector expectations over the next six months, rose both in Spain and in Portugal after the summer break. In Spain the indicator stopped the downward trend by jumping from 9.3 points to 19.4. In Portugal the evolution was less dramatic as the indicator rose from 23.6 points to 28. We expect this jump to be only temporary as new austerity measures have been announced both in Portugal and in Spain, while, at the same time, fears grow that Spain may require a fully-fledged bailout.
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