Consejeros

Luis Buceta. (Archivo)

12 Oct 2026

“The corporate results for the third quarter are expected to be exceptional”. Luis Buceta, president of CFA Society Spain

Interviews

By Managers

Some argue that inflation is always, and in any case, a monetary phenomenon. And some claim that, in a supply-driven inflation, raising interest rates will not reopen the Strait of Hormuz nor lower oi...
(Adam Śmigielski, Unsplash)

9 Oct 2026

According to Lazard, Spain has made progress in terms of debt/GDP, but investors are losing patience with France and Italy

International Markets

“Spain has been making progress and could continue to do so, but investors are losing patience with France and Italy. Given that geopolitical risks force governments to drastically increase defence spending, the fiscal flexibility of European governments is shrinking and bond investors are showing great concern”
(lamoncloa.gob.es. Ministerio de la Presidencia)

8 Oct 2026

M. Wolburg (Generali Investments): "Bringing forward the elections has a low cost and offers an opportunity to end the institutional blockage"

National Markets

The elections could be helpful, but only if voters grant a clear majority. Current polls suggest that PP and Vox would secure a comfortable majority above the 176 seats needed. A government with a majority could approve the first new General State Budgets since 2023.
(Consejeros, imagen generada con IA)

7 Oct 2026

RIS and SIU: a fundamental incompatibility

Opinion

By Ángel Martínez-Aldama

Accessing a cryptocurrency through a mobile application requires four steps, but buying an investment fund requires almost 20. The final text of the Retail Investment Strategy (RIS) goes against the objectives suggested in the proposal of the Savings and Investment Union (SIU). And it postpones key decisions, delaying decisions about the business model of financial entities, including Fund Managers and their distributors. In its current drafting, RIS will cause the European financial sector to fall even further behind in terms of global competitiveness.
(© A&G)

7 Oct 2026

According to A&G, the market exaggerates the persistence of high rates in the US and the Eurozone

International Markets

The wealth management firm A&G believes that financial markets are pricing in a scenario of excessively high interest rates for an excessively prolonged period.
(Txo, CC BY-SA 4.0)

6 Oct 2026

According to Jefferies, a new political cycle offers opportunities for Spanish banks

National Markets

While early elections could cause short-term volatility in the Spanish stock market, we believe that a centre-right government would likely be viewed positively by the markets in the medium term
(Towfiqu barbhuiya, Unsplash)

29 Sept 2026

Sergio Mensaque (Avanza Previsión): "The loss of purchasing power is already structural"

National Macroeconomics

Spain is becoming more expensive at a rate that stifles the competitiveness of its companies and subjects citizens to a fiscal and inflationary pressure that current wages are unable to compensate for.
(Consejeros, imagen generada con IA)

23 Sept 2026

Macroeconomics According to Dickens

Opinion

By Ricardo Santos

The market continues to do what it does best: adapt to a changing reality. Just like in Dickens' "Christmas Carol," uncertainty never disappears; it simply changes form. After all, the future is not what will happen, but what we will do.
(© Kutxabank)

21 Sept 2026

Funds: Planning, Diversification and Long-Term, Strengths in a Transforming Industry

Opinion

By Joseba Orueta

In the first half of the year, Kutxabank has led the rankings for net subscriptions in national funds. A particularly significant result considering the competition from larger financial groups. Our trajectory shows a more relevant reality: consolidation in leading positions over a decade that has led us to currently manage more than 48 billion euros of off-balance-sheet assets; mostly through investment funds.
(Tötös Ádám, Unsplash)

19 Aug 2026

Debt is sending a warning to the stock market (Fortuna SFP)

Opinion

All long-term yields are moving at once, and this is not a technical episode in the debt market. The 30-year US Treasury yield exceeded 5.33% yesterday, a nineteen-year high. The German 10-year Bund i...
(© Técnicas Reunidas)

7 Aug 2026

Bankinter lowers the target price of Técnicas Reunidas due to tensions arising from the Middle East but maintains a Buy rating

Continuous Market

Técnicas Reunidas has reported positive results for H1 2026: Order Book €13.938M (+7% y/y); Revenues €3.061M (+12%); Underlying EBIT (excluding the provision of -€45M) €149M (24%); EBIT Margin stands ...
(Imagine Buddy, Unsplash)

4 Aug 2026

Investment funds reduce their assets by 0.6% in July, down to €476.678 billion

National Markets

Assets fall by €2.665 billion due to market effects, while net subscriptions total €10.169 billion for the year 2026
(Willfried Wende, Unsplash)

29 Jul 2026

Another interest rate hike by the ECB should strengthen the euro, according to Morgan Stanley

Opinion

Morgan Stanley's FX strategists comment that higher interest rates typically strengthen the currency, unless they reflect an excessively restrictive monetary policy that harms growth or raises concern...
(© Cobas AM)

28 Jul 2026

Cobas AM collects profits and rotates a quarter of its portfolios towards family holdings

National Markets

The manager is close to 4.674 billion euros under management driven by the progress of its international strategies and profit-taking in the energy sector.
(© Unión Europea - PE)

20 Jul 2026

Managers will have to wait: More than 600 amendments delay the approval of SFDR 2.0 in the European Parliament

International Regulation

The more than 600 amendments submitted make it impossible to follow the planned schedule and approve this month the comprehensive reform of the Sustainable Finance Disclosure Regulation. The so-called SFDR 2.0 - which will end the classification that managers have been using (in "art 8" and "art 9") - will not reach the Committee on Economic and Monetary Affairs for the final vote, and its subsequent ratification in the Plenary of the European Parliament, until autumn.
CNMV (cnmv.es)

13 Jul 2026

The CNMV begins the consultation to simplify the regulations for fund managers and investment services companies

National Regulation

The National Securities Market Commission (CNMV) starts this Monday the public hearing process for a draft circular that modifies four other circulars to simplify certain aspects related to:Obligation...
Bolsa de Madrid. (© Consejeros)

8 Jul 2026

Active Management versus Passive Management

Opinion

By Enrique Marazuela CFA and Ignacio Cervera Sj PhD

Over the last 15 years, barely 10% of funds referenced to the S&P 500 achieved a return superior to it. It is a predictable result if we apply the logic of game theory and statistics. As Nobel laureate W. Sharpe demonstrated, before costs, active management is a zero-sum game. Active and passive management must coexist. The former for the market to perform its function, and the latter for it to do so at the lowest cost.
CNMV (cnmv.es)

19 Jun 2026

With the lowest rates in Europe, the CNMV's investigation into mortgages poses a reduced risk for Spanish banking according to Jefferies

National Regulation

Mortgages, considered in isolation, are a product with low return on equity (RoTE), but remain fundamental for the commercial positioning of banks
5 May 2026

Active or Passive Management: Deciding in Times of Uncertainty

Opinion

Active management and passive management of portfolios can be complementary approaches in a diversified portfolio, as each has its advantages
18 Apr 2026

Private credit: the good, the bad, and the illiquid

International Markets

Colin Graham (Robeco) || The possibility of interest rates rising amid geopolitical instability could turn this market, largely below IG, into a kind of wild west, similar to what was experienced duri...
15 Apr 2026

Neither active nor passive: Thematic

Opinion

Thematic investment has the virtue of having attractive narratives that sell themselves. However, of the three basic engines that explain any investment, thematic investment often fails in two. TEXT: ...
14 Apr 2026

Financial savings of Spanish families and strengthening of Pension Funds

National Macroeconomics

Ángel Martínez-Aldama (President of Inverco*) • Never before had Spanish households accumulated such a volume of financial assets: €3.32 trillion as of September last year. And deposits, which account...
13 Apr 2026

AGENTIC AI: From Co-Pilot to Autonomous Manager in Finance

National Macroeconomics

Agentic AI represents a qualitative change. It executes instructions, breaks down objectives into subtasks, consults sources, cross-references information, and adjusts its strategy based on intermedia...
13 Apr 2026

Demography: From Inertia to Change

International Macroeconomics

Declining birth rates and increasing life expectancy lead to an increasingly ageing population worldwide. Those over 65 will rise from the current 800 million to 1.6 billion by 2050. Since GDP is the ...
9 Apr 2026

The Hidden Cost of Passive Management

International Markets

Florian Weigert has shown for the case of Switzerland the benefits of active management, and has revealed the hidden cost of passive management: it erodes the mechanism of “price discovery” and leads ...

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