0911 GMT - Shares in Spanish banks BBVA and Santander have been supported by their geographical exposure to Mexico and Brazil, which have received relatively lower tariffs from the U.S. compared with Europe, Jefferies says in a note. Latin America isn't isolated from the potential effects of slower global economic growth, but factors such as a weakening dollar and higher starting point in real rates are helpful, analysts write. "[BBVA and Santander] are less dependent on European Central Bank rates direction, and none of the key Latam geographies have seen a credit boom as of late, which reduces credit risk downside going forward," they note. BBVA's shares fall 1.8% and Santander's slip 2.2%. However, both stocks are up 13% and 21% since the start of the year, respectively, against 2.5% for the Stoxx 600 Banks Index. (elena.vardon@wsj.com)
(END) Dow Jones Newswires
April 09, 2025 05:11 ET (09:11 GMT)
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