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Business FX Blog

Adam Solomon is a specialist in business foreign exchange issues at foreign exchange brokers TORfx.

The idea of this column is to assist businesses in saving money on making or receiving payments in foreign currency. It is developed with all companies in mind from public companies with large and complex operations, to smaller companies and individuals.

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Home Markets Market 2008 Barclays exposure to Spain a worry

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Barclays exposure to Spain a worry PDF Print E-mail
Written by Sam Coventry   
Monday, 08 February 2010 16:04
Financials take a dip as the markets once again focus on European debt.


Barclays (LON:BARC) is lower in afternoon trade as analysts point to the banks exposure to Spain.

Barclays shares are 0.65% lower at 267.

Once again the dominant theme guiding the markets, particularly in afternoon trade on the FTSE, is the issue of European debt.

Despite a strong close on Wall Street on Friday, and a strong opening in London, both markets have slipped back.

Following further worries on eurozone debt last Friday, many analysts made mention of the 800 branches held by Barclays in the Iberian countries, sending the share price falling by over 8 pct - the share price recovered a little today.

Barclays asset allocation specialist, Tim Bond meanwhile recommends a 'bearish' stance on equities adding that their is real danger that Portugal and Spain could default on debt repayments.

"To be sure, such an approach might be overly cautious and premature. There is an obvious risk of missing out on further gains from the liquidity-fuelled portion of the bull run" said Tim Bond.

"Some investors will undoubtedlyu wish to continue dancing on the edge of the volcano and we undoubtedly wish them luck.

"Our inclination is rather more cowardly" he said.

Financial stocks are under further pressure.

Analysts at Matrix Corporate Capital reckon Barclays and Royal Bank of Scotland, down 0.5p at 31.77p, are the two UK banks potentially facing much higher refinancing risks in the near-term due to the sovereign debt crisis.

Insurers are lower, with Legal and General down 3p at 70.65p and Aviva falling 14.9p to 350.2p. Talk that Resolution, supposedly a predator for a UK insurer, had turned its attention to Europe or indeed RBS bank branches instead did not help sentiment in the sector.

Miners are preventing the market taking a bigger dive. Following positive updates Xstrata has added 31p to £20.57 and Randgold Resources has risen 221p to £44.30.
Last Updated ( Monday, 08 February 2010 16:06 )