Publications

The gas situation in Europe remains favorable thanks to contained demand and stable supply, resulting in gas prices at pre-war levels. We expect no gas shortages in the coming winter, although additional measures will be necessary to have a sustainable gas balance.

The European Union is on track to close 2022 with consumption below previous years and healthy reserves. However, a possible return to normal temperatures, China's economic recovery and, concerns about Russia supply and nuclear generation in France could put pressure on the gas markets in 2023

The recovery of growth in Latin America has not materialized for several quarters and the return to average growth rates above 2% has been consistently delayed. The second quarter of 2019 was no exception.

Recent weeks have seen an escalation of restrictive measures and trade retaliation between the US and China, as well as restrictions placed on the activity and investment of foreign technology companies in domestic markets or the announcement of further tariffs imposed by the US to Mexico.

The tailwinds that Latin America had enjoyed for ten years over 2004 to 2013 (the steady rise of commodity prices, driven up by China, and helpful international borrowing conditions) have now died down and there is no prospect of them returning in the near future.