Publications

US geoeconomic measures, reflecting an increased reliance on trade barriers, sanctions, and industrial policy as tools of strategic competition, together with significant geopolitical events over the last year, have driven a sharp increase in economic policy uncertainty and global risk-aversion measures.

Agencies’ Ratings have remained relative stable since the start of the COVID pandemic and through 2021. Changes have been mainly concentrated in Emerging Economies. Sovereign spreads have been clearly influenced by the strong and coordinated reaction of Central Banks in both Advanced Economies and Emerging Economies

The real estate market has not yet recovered the tone it had before the last regulatory reforms. Thus, despite the relatively positive determinants of demand, home sales fell in November, which did not prevent a slight rise in mortgages. Supply-side variables show weakness

Further improvement of sovereign risk measures across the board, driven by a protracted search for yield, against the background of supportive central bank policies, together with better incoming cyclical data, muted inflation and some de-escalation of global uncertainties (trade war)

The search for yield and looser monetary policies across the board, favor sovereign spreads compression, despite a worsening global outlook, poorer incoming data and balance of risks, and the lack of improvement of fiscal disequilibria.

Home sales lost traction in 1H19 despite positive demand determinants. At the same time, construction activity maintained its growth trend. Housing price showed an upward trend, especially for new housing. The market shows a high regional heterogeneity

In April home sales rose more than expected and mortgage loans in May increased after the significant increase in April. In addition, the INE confirmed that the recovery of housing prices continues. Meanwhile, permits moderated in April. Exposure to uncertainty due to Brexit will be more pronounced in the Mediterranean regions and the Canary Islands