Consejeros

Writing Counselors

We want to tell what those who manage our capital, our votes, and our rights think, and why. In the large listed companies and in the major institutions that have emerged to defend and represent us, to set the course.

Articles by Writing Counselors

(Towfiqu Barbhuiya, Unsplash)

Wednesday

Spanish assets managed under ESG criteria increase by 14% and reach 271.470 billion euros

National Markets

The Spainsif 2026 Study reveals that ESG assets in Spain reach 271.470 billion euros (44.53% of the market). In a context marked by the simplification of European regulation and the promotion of advanced ESG, the report underscores the growth of financing for the transition and the urgency of standardising reliable data.
(© Ferrovial)

Wednesday

Ferrovial increases its Ebitda by 21.8% thanks to the boost from its business in the United States

Ibex 35

Ferrovial raises its adjusted Ebitda by 21.8% in the first nine months of 2026, reaching 1.210 million euros. The solid performance of its highways in the United States and the construction division drive revenues of 7.402 million.
(© Banco Santander)

Wednesday

Santander's ordinary profit rises to €11.176 billion in the first nine months of 2026

Ibex 35

Santander achieved a record ordinary profit of €11.176 billion in the first nine months of 2026, an increase of 16%. This result was supported by strong customer activity and progress in the execution...
(©Moeve)

27 Oct 2026

There will be no Iberian giant: Galp and Moeve cancel the integration project of their downstream businesses

Continuous Market

The Portuguese and Spanish company have issued a joint statement explaining that "they did not reach definitive terms that met their respective strategic and financial criteria to support a lasting and value-generating alliance".
(Ivan Henao, Unsplash)

27 Oct 2026

A CNMV for bricks

Editorial Opinion

The real estate market, where 80% of the wealth of Spanish households is concentrated, continues to be marked by opacity, illiquidity, informality, and deep information asymmetries. It could issue non-binding recommendations on housing needs in each region, fight against money laundering...
(eskay lim, Unsplash)

27 Oct 2026

The demand for mortgages in Eurozone banks falls by 27% according to the ECB

International Macroeconomics

The main factor behind this decline was the increase in interest rates, followed by lower consumer confidence and the deterioration of housing market prospects.
(Lojwe. CC BY-SA 4.0)

27 Oct 2026

Unemployment rises by 95,900 people in the third quarter, reaching 10.18%

National Macroeconomics

Unemployment rose by 95,900 people, its largest increase in this period since 2020, while employment increased by 73,600 positions
CNMV (cnmv.es)

26 Oct 2026

The CNMV simplifies the obligations to report on treasury shares or share movements in public offers

National Regulation

The issuer of shares will now communicate its final position in own shares that attribute voting rights reaching or crossing, above or below, the thresholds of 3%, 5%, or 10% of the voting rights.
(Matthew Henry, unsplash)

26 Oct 2026

Global insolvencies are expected to increase by 5% in 2026

International Markets

The “Insolvency Outlook” report from Atradius Credit and Collection revises the insolvency forecasts upwards compared to the estimates from April.
Acerinox (Luis García. CC BY-SA 3.0)

26 Oct 2026

The Sainz de Vicuña family bursts onto the scene as a significant shareholder of Acerinox with a 3% stake

Ibex 35

The operation has been carried out through the company Arconas International and has been notified to the CNMV as a significant event after exceeding the 3% participation threshold.
(Jakub Zerdzicki, Unsplash)

26 Oct 2026

Home mortgages rise by 2.3% in August and resume increases after falling in July

National Macroeconomics

The number of mortgages constituted on homes in August was 33,841, 2.3% more than in the same month of 2025, thus resuming the upward trend that was interrupted in July, according to data published th...
(SergeyA-Russia, CC BY 4.0)

23 Oct 2026

The ISSB opens public consultation on new financial disclosure guidelines on nature and biodiversity

International Regulation

A 120-day public consultation period is opened to receive feedback from companies, investors, and global regulators.
(MRC Témiscamingue, Unsplash)

23 Oct 2026

The Ibex 35 leads global job creation with the incorporation of 11,600 professionals in 2025

National Macroeconomics

A report by EY-Parthenon reveals that the large companies in the Ibex 35 increased their global workforce by 0.9% in 2025 and raised domestic employment by 1.8%. This makes Spain the only major country in continental Europe with net domestic job creation.
(© Telefónica S.A.)

22 Oct 2026

Telefónica approves a financial incentives policy to boost quorum at its General Meetings

Ibex 35

The Board of Directors may set attendance bonuses or dividends linked to the level of quorum achieved, thereby reinforcing capital involvement and good governance.
(Landsmann, Unsplash)

22 Oct 2026

The Spanish pension system ranks 30th out of the 55 analysed in the global index of Marsh CFA Institute 2026

National Macroeconomics

Spain scores 63.3 out of 100 in the ranking compared to last year's 63.8 due to the increase in pension spending as a proportion of the total. Additionally, it stands out in adequacy, with 83 points, an indicator that measures whether pensions provide sufficient income during retirement.
(© Urbas)

22 Oct 2026

Urbas defends that it can pay all its debt and rejects liquidation

Continuous Market

The company argues that business continuity offers a better solution for creditors than the opening of the liquidation phase
(Matthew Henry, Unsplash)

22 Oct 2026

The ECB assesses the Eurozone's resilience to the energy crisis, but warns of limited fiscal space

International Macroeconomics

Renewable energies, reduced dependence on fossil fuels, and the boost from artificial intelligence have enhanced the Eurozone's resilience to the energy crisis, but economists warn that fiscal policy will not be able to cushion future crises with the same intensity.
(Aidin Geranrekab, Unsplash)

21 Oct 2026

The cost of computing in AI is decreasing faster than any other transformative technology in history

International Markets

The organisation Epoch AI, dedicated to researching the development of Artificial Intelligence, has concluded that since 2023 the cost per level of performance falls by approximately 47% quarterly, which equates to becoming 13 times cheaper in a year.
(Masood Aslami, Pexels)

21 Oct 2026

The public debt of the Eurozone rises to 88.8% of GDP, 14.44 trillion euros

International Macroeconomics

Public revenues represented 46.8% of GDP in the second quarter, down from 46.9% in the first, while expenditure increased to 50.1%, up from 50%.
(SpaceX, Unsplash)

21 Oct 2026

SpaceX and Tesla create a special committee to study a merger that could lead to a company valued at 3.5 trillion dollars

International Markets

Together they would be worth around 3.5 trillion dollars: about 2 trillion for SpaceX and nearly 1.5 trillion for Tesla. If the operation materialises, it would be the largest merger in history
(Grendelkhan. CC BY-SA 4.0)

21 Oct 2026

Renewable authorisations fall by 54% in the third quarter

National Markets

According to Opina 360, between June and September, only the construction of 578.3 MW was authorised in Spain. Furthermore, the volume rejected by the administrations was 3,367 MW, which resulted in the rejection of 53 renewable generation projects.
(© Iberdrola, S.A.)

21 Oct 2026

Iberdrola reports €5.816 billion profit by September, 10% more, and raises the dividend

Ibex 35

According to the company, the increase in profit has been mainly due to "the increase in investments, the good performance of the networks business, and the improvement of the new regulatory frameworks."
(Matthew Henry, unsplash)

20 Oct 2026

More than half of Spanish companies are not really active

Corporate Activity

1,966,938 registered active companies -46% of "live" companies- have not actually published any acts or filed accounts in the official registries in recent years, according to data from a study conducted by Iberinform, a subsidiary of Crédito y Caución.
(micheile henderson, Unsplash)

20 Oct 2026

Awaiting the CSRD, CNMV and ICAC publish a third statement to guide companies on sustainability information

National Regulation

The statement indicates that, as it is possible that Spanish legislation may not yet be aligned with European legislation by 31 December 2026, CNMV and ICAC recommend that Spanish entities publish the sustainability report for the 2026 financial year in accordance with the ESRS
20 Oct 2026

First Chair of Financial Regulation in Spain

National Regulation

CECA and Comillas ICADE create the first Chair of this nature in Spain to promote academic research on the impact that banking regulation decisions have on the financing of the real economy and on the competitiveness of entities.

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