The National Securities Market Commission (CNMV) considers that the financial stability of the Spanish markets remains solid during the first half of 2026, despite an international scenario marked by geopolitical uncertainty and the increase in risks associated with the concentration of investments in technology companies and the rapid development of artificial intelligence (AI). This is stated in the latest Financial Stability Note published by the supervisor, which identifies these factors as the main vulnerabilities for the international financial system.
The report highlights that Spanish financial markets have shown a high capacity for resilience in the face of tension episodes, such as those arising from the conflict in the Middle East. Despite the rise in inflation and the upward revision of interest rate expectations, the level of stress in the financial system remains contained, reflecting the strength of the main financial indicators and the adaptability of the national markets.
Dynamism in financing through the markets
Activity in the primary markets recorded a particularly positive evolution during the semester. Issuances of fixed income from Spanish private issuers grew by 21%, while activity in the primary equity market increased by 33%, figures that reflect a greater dynamism in corporate financing through the capital markets.
The supervisor also highlights the good performance of the collective investment industry. The combined assets of the funds marketed in Spain increased by 3%, reaching €827 billion. Additionally, domestic investment funds attracted net inflows of approximately €8 billion, primarily directed towards fixed income products and, to a lesser extent, towards investments in international equity markets.
In a context of expected increases in interest rates, the CNMV points out that the exposure of Spanish funds to fixed income assets remains high, representing 64% of their portfolios. However, it considers that the risk from new rate hikes remains limited due to the short average duration of these investments, which reduces the sensitivity of the portfolios to potential losses from valuation.
High valuation and technological concentration
On the other hand, the agency warns that relevant risks persist in international equity markets due to the high valuation and concentration of large US technology companies. Although the aggregate exposure of Spanish funds to this type of company is relatively moderate, at 11% of the total, the weight rises to 31% in equity funds, which requires continuous monitoring of the evolution of this market segment. Nevertheless, the CNMV believes that the high liquidity and low level of leverage of collective investment institutions provide protective elements against potential episodes of volatility.
Another focus of the report is the growing impact of artificial intelligence on financial stability. The CNMV notes the recent warning from the European Systemic Risk Board (ESRB), which alerts about the implications of the most advanced AI models for cybersecurity and the functioning of financial markets, aspects that, according to the supervisor, will need to be closely monitored in the coming years.
Finally, the Financial Stability Note analyses the evolution of the crypto-assets market following the full entry into force of the European MiCA regulation. Following the end of the transitional period on 30 June, Spain now has 20 authorised crypto-asset service providers —14 specialised and six credit institutions—, while another 16 applications are still in the processing stage, reflecting the progress of the new European regulatory framework for this sector.
Overall, the CNMV concludes that the Spanish financial system maintains a solid and resilient position, although it insists on the need to closely monitor the risks arising from the high concentration of technological investments, the evolution of artificial intelligence, and the persistent international geopolitical uncertainty, factors that could condition financial stability in the medium term.