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1.51 MB
Extraction Summary
0
People
7
Organizations
3
Locations
2
Events
0
Relationships
4
Quotes
Document Information
Type:
Financial market report / investment analysis
File Size:
1.51 MB
Summary
This document is a page from a financial market analysis report, likely dating to around April 2012 based on the charts ending in late March 2012. It analyzes US bank stability compared to European counterparts, S&P 500 P/E multiples driven by Apple, and earnings revisions. The author expresses specific concern regarding the economic stability of Spain, noting its history of defaults and likely need for ECB financing. The document bears a 'HOUSE_OVERSIGHT' stamp, indicating it was part of a document production for a congressional investigation.
Organizations (7)
| Name | Type | Context |
|---|---|---|
| Morgan Stanley |
Cited as source for US bank price to book ratio data and analyst forecasts regarding 2013 margin expansion.
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| Standard & Poor's |
Source for S&P 500 data.
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| Apple |
Mentioned as a significant driver of S&P returns (3% of index, 15% of YTD returns).
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| IBES |
Source for S&P 500 P/E multiple chart.
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| FactSet |
Source for EPS revisions chart.
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| ECB |
European Central Bank, mentioned in context of potential financing needed for Spain.
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| Datastream |
Cited in US bank price to book ratio chart.
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Locations (3)
| Location | Context |
|---|---|
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Context of US banks and S&P 500 data.
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Comparison of bank capital adequacy; mention of structural problems.
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Identified as a major concern due to poor growth outlook and historical defaults.
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Key Quotes (4)
"Most US banks are at or close to Basel 3 funding needs, have considerably fewer capital adequacy questions than their European counterparts"Source
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Quote #1
"The return on the S&P this year has been a function of P/E multiples rising (from 11.3x to 12.9x), a big part of which has been Apple"Source
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Quote #2
"The place that worries me the most: Spain."Source
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Quote #3
"Spain has defaulted 13 times since 1500 AD; it’s probably going to take a lot of bilateral aid and ECB financing to prevent another one."Source
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Quote #4
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