The CNMV highlights the strength of financial markets amid uncertainty and rising interest rates
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The CNMV publishes its third-quarter bulletin: markets have shown resilience despite geopolitics, rising interest rates and elevated valuations in parts of the equity market.
Key points
- 10-year sovereign bond yields at twenty-year highs in several advanced economies, driven by rising real rates and, in some cases, sovereign risk.
- Record euro-denominated debt issuance by hyperscalers (cloud providers) is, for now, not enough to push rates higher.
- Ibex 35: all-time highs over the summer and a gain of more than 12% so far this year, albeit with elevated valuations.
- Articles: low leverage of Spanish collective investment vehicles compared with other countries, and 35 years of the Ibex 35.
Who is affected
Investors, asset managers and intermediaries; a read on the market backdrop.
Plain-language version
The CNMV, Spain's market watchdog, says in its quarterly report that markets have held up well despite geopolitical tension and rising interest rates. The Ibex 35, the index of Spain's biggest listed companies, is up more than 12% this year, but the watchdog warns that some shares now look expensive.
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