January-September 2013


Macro and industry trends

Macroeconomic data appear to indicate some slowdown in the rate of growth at global level. Despite this, the doubts during the quarter about the extension of the Fed’s quantitative easing (QE) programs have generated lower activity in the markets and as a consequence, it has affected the valuations for fixed-income assets.

Unless indicated otherwise, all comments below on percentage changes refer to constant exchange rates, with the aim of providing a better understanding of the performance of BBVA’s wholesale business.