Podcast
11/05/26 Monthly analysis
In this episode of the BBVA Private Banking market podcast, Axel Cardín and Álvaro Manteca discuss the renewed appeal of bonds and answer the question of why they are now better equipped to withstand interest rate hikes.
11/03/2026 Weekly analysis
The sharp correction in technology stocks in October has reignited debate about the sustainability of the investment cycle in artificial intelligence. Declines in some US tech giants and leading semiconductor manufacturers have fueled fears that the market may be anticipating the exhaustion of one of the major growth trends of recent years.
26/10/2026 Análisis semanal
El sentimiento de los inversores se ha deteriorado durante las últimas semanas, como consecuencia de la combinación de nuevas tensiones geopolíticas, el encarecimiento del petróleo, la persistencia de las presiones inflacionistas y las crecientes dudas sobre la rentabilidad del ciclo inversor en inteligencia artificial. A estos factores se añaden las vulnerabilidades fiscales de determinadas economías, especialmente Francia, que han provocado un incremento de las primas de riesgo.
10/19/2026 Weekly analysis
Hetty Green was one of the richest women in the United States at the end of the 19th century. She inherited a considerable family fortune and, thanks to her extraordinary ability to invest in bonds, railroads and real estate, she managed to multiply it until she accumulated a wealth that placed her among the greatest fortunes of her time. Her financial talent was undeniable. However, her name has gone down in history not so much for her wealth as for the extreme austerity with which she lived.
10/13/2026 Weekly analysis
Squirrels spend a lot of the fall gathering acorns and other nuts, which they carefully store to survive the winter. They need to set aside a portion of today's resources to use when times of plenty end. It is one of the clearest examples of saving that we can find in nature.
10/05/2026 Weekly analysis
Markets face the coming weeks from a still demanding position, although the balance of risks has improved moderately compared to last week. The global economy continues to show reasonable resilience, corporate profits maintain significant support, and the investment cycle associated with artificial intelligence and industrial sovereignty continues to provide a relevant structural engine. At the same time, two of the factors that had most recently deteriorated the financial environment —the energy crisis and the tightening of monetary expectations— have begun to offer more favorable signs.
09/28/2026 Weekly analysis
In 1994, fixed-income investors went through an experience that bears some interesting similarities to the current situation. The Federal Reserve, then chaired by Alan Greenspan, began in February a cycle of monetary tightening that was much more intense than the market expected. In just twelve months, official interest rates rose from 3% to 6%, bond yields skyrocketed, and their prices suffered such a severe correction that the episode became known as the "Great Bond Massacre".
09/21/2026 Weekly analysis
In financial markets, we often equate risk with volatility. If the price of an asset fluctuates more sharply, we say it has become riskier. In fact, volatility plays a key role in the regulatory metrics used to classify the risk of investment funds offered to the public. But is that really the case?
09/14/2026 Weekly analysis
The sharp correction currently affecting global fixed-income markets is understandably causing concern among investors. Sovereign bond yields have reached levels not seen in many years: the 10-year US government bond yield is approaching 5%, the German bond with the same maturity has reached 3.5%, and long-term rates have also risen sharply in the UK, Japan and other developed markets.
09/07/2026 Weekly analysis
Markets are entering September in a particularly interesting position. After a very strong year for risk assets, the short term presents enough headwinds to warrant greater caution in the coming weeks. But it is important to distinguish between factors that may generate temporary volatility and those that could actually change the direction of the cycle. For now, however, we believe that the major fundamental supports that have driven markets over the past few years remain intact.
Podcast
09/02/26 Monthly analysis
In this episode of BBVA Private Banking’s markets podcast, Axel Cardín and Álvaro Manteca set a specific exam for September: five subjects that will largely determine how the markets perform over the coming months.
08/31/2026 Weekly Analysis
The MSCI ACWI index, which represents global equities, hit a low of 550 points on October 12 of that year. Today, it stands above 1,150 points. In less than four years, the global stock market has more than doubled in value.
Did the world suddenly “get fixed” at that precise moment? Did everything start going right? Nothing could be further from the truth. The market began climbing the wall of worry at that point, and it hasn't stopped since. In this podcast, we'll take a journey through 10 crises that have unfolded over the past four years but have failed to derail one of the strongest sustained bull runs of the past few decades.
08/24/2026 Weekly analysis
For many years, we lived in a world where money seemed to be plentiful. Governments could borrow at extraordinarily low interest rates, companies could easily finance almost any project, and millions of families were able to take out mortgages at rates that would be hard to imagine today. In Europe, we even experienced negative interest rates: lending money to some governments meant accepting that we would get back less than we had lent. We became so accustomed to that situation that we eventually came to see it as normal. However, that era has come to an end, and it is becoming increasingly clear that those years were the real exception.
Álvaro Manteca
Áxel Cardin
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