AGP Executive Report

EU Budget: Leaders ended their Brussels summit without a deal on the 2028–34 budget. Spain is among countries pushing to protect regional and agricultural funding as governments weigh higher security costs. Corporate Finance: Steelmaker Celsa has asked banks to pitch for a possible IPO or sale. Separately, a US court enforced four investment-arbitration awards against Spain, keeping pressure on the government over outstanding claims. Energy Investment: Spain’s Solaria is involved in a planned $5.7 billion Uruguayan data-centre campus, while GES secured $252 million in contracts for four Spanish solar projects. Housing: Foreign homebuyers are pulling back as prices climb, adding pressure to an already strained Spanish property market. Inflation: Rising energy costs are renewing cost-of-living concerns across the OECD, with Spain among the countries reporting sharper energy-price increases.

Payments Resilience: Mastercard will require new European cards and terminals to support offline payments from 2027, following the 2025 blackout that disrupted digital payments in Spain and Portugal. Capital Markets: Celsa is asking banks to pitch options for a potential IPO or sale, years after its financial restructuring. Banking: BBVA and Santander have launched a blockchain platform for syndicated loans; Spanish banks also report a 150% spike in fraud involving stolen devices. Property Finance: Culmia and Cross Ocean unveiled a €400 million co-investment platform targeting 900 Madrid homes as foreign buyers pull back from Spain’s rising-price market. Inflation: The Bank of Spain raised its 2026 inflation forecast to 3.9%, citing energy pressures.

Markets: The IBEX 35 slipped 0.28% on Thursday, despite gains across most major US indices and a mixed European session. EU Budget: Leaders failed to bridge divisions over the next long-term budget; Spain’s Pedro Sánchez called the proposed spending “a distribution of misery.” Talks are set to resume at a November summit, with a year-end deal in doubt. Banking: BBVA and Santander have launched a blockchain-based platform for managing syndicated loans across their full lifecycle. Spanish banks are also reporting a 150% surge in fraud involving stolen devices. Investment: Culmia and Cross Ocean unveiled a €400 million Madrid housing platform targeting 900 homes, signalling continued institutional appetite for Spanish residential development. Economic Outlook: The Bank of Spain recently raised its 2026 growth forecast to 2.6%, while warning inflation could reach 3.9%.

Banking Technology: BBVA and Santander have launched a blockchain platform to manage syndicated loans from start to finish. Spanish banks are also reporting a 150% surge in fraud involving stolen devices. Inflation: Spain’s annual inflation rate reached 4.9% as fuel prices rose, adding pressure on household budgets and business costs. Corporate Investment: Zara founder Amancio Ortega is expanding his US property portfolio with a $490 million Chicago office tower purchase. Quantum Funding: Spanish startup Qilimanjaro Quantum Tech raised €19.6 million in the first close of its Series A, with Indra and the government also committing €20 million to support its quantum computing work.

Investment Services: Cross-border investing continued to expand across Europe, with Spain among the main destinations for retail clients using firms based in other EU countries. Exports: Spain’s non-tourism services exports reached €105 billion in 2025, equal to 7% of GDP; analysts say better productivity, research and development, and financing will be needed to sustain growth. Inflation and Growth: Inflation climbed to 4.9% as fuel costs rose, while the IMF lifted its 2026 growth forecast to 2.5%. Corporate Investment: Ence plans to invest more than €200 million in industrial development, and Indra and the Spanish government are allocating €20 million to quantum-computing company Qilimanjaro. Housing: A shortage of affordable homes remains a key market and political concern, with estimates that 393,000 long-term rental homes have left the market as landlords reconsider their options.

Inflation: Spain’s annual rate climbed to 4.9%, its fastest pace in more than three years, as rising fuel costs add pressure on households and businesses. Fintech Funding: ID Finance secured €545 million in debt and equity to expand its Plazo lending platform, in one of Spain’s biggest recent fintech deals. Industrial Investment: Ence is investing more than €200 million at its Navia plant, including upgrades to expand production and cut emissions. Technology: Indra is putting €10 million into Catalan quantum-computing firm Qilimanjaro, part of a €20 million investment to develop applications for AI, robotics and defence. Growth Outlook: The IMF raised its forecast for Spain’s 2026 GDP growth to 2.5%, while ING plans to expand its private-banking business in the country.

Banking & Fintech: Spain’s digital ID is set to become valid for opening bank accounts and contracting financial products, though the digital-identification rules are not due to apply fully until April 2028. ING is planning private-banking growth in Spain, while fintech ID Finance has secured €545 million in debt and equity to scale its Plazo platform. Economic Outlook: The IMF has raised its 2026 growth forecast for Spain to 2.5%, while warning that rising bond yields make fiscal consolidation more urgent. Housing: Public housing accounts for just 1.5% of Spain’s housing stock, highlighting the shortage of affordable alternatives as housing pressure weighs on households and the wider economy.

Fintech Funding: Spain’s ID Finance secured €545 million in debt and equity from international investors to scale its Plazo business, marking one of the country’s largest recent fintech deals. Private Banking: ING is targeting growth in Spain, opening a flagship Madrid branch as it expands its private-banking business. Investment Rules: The government has raised the threshold for reporting purchases during a takeover bid from 1% to 3%, easing disclosure requirements for investors. Household Investing: A new Spanish investment account offers tax breaks on balances up to €150,000, though eligibility comes with conditions. Economic Outlook: Spain’s economy is forecast to grow 2.5% this year, with inflation expected to slow in 2027.

Economic Outlook: The IMF expects eurozone growth of 1.1% in 2026 and inflation of 3.1%, as costly energy and geopolitical tensions weigh on households and businesses. Spain’s Bank of Spain separately raised its 2026 growth forecast to 2.6% and inflation forecast to 3.9%. Public Finances: Spain’s public debt has risen by more than €500 billion since 2018, reaching about €34,000 per resident, according to new figures. Investing: A proposed Spanish investment account offering tax breaks on up to €150,000 is drawing attention, though eligibility conditions apply. Banking and Regulation: A financial reform package targets money laundering, expands access to basic payment accounts and introduces rules for crypto assets and online gambling. CaixaBank is also partnering with Google Cloud on AI, while BBVA has set out a new growth push in Spain with AI at the forefront. Renewables: Spain is seeking to locate assets in the US as legal rulings over renewable-energy investments mount.

Markets: Spain’s IBEX led European peers, rising 1.33% as bank shares helped lift the region’s stocks. Investor Offers: A new Spanish investment account promises tax breaks on up to €150,000, though eligibility comes with a catch. Public Finances: Spain’s debt has grown by more than €500 billion since 2018, reaching roughly €34,000 per person; the Treasury plans to raise up to €2.5 billion through short-term bills. Banking and Growth: CaixaBank is expanding its work with Google Cloud on AI, while the Bank of Spain has lifted its 2026 growth forecast to 2.6%.

Public Finances: A new analysis puts Spain’s public debt at about €1.7 trillion by the end of 2025, up more than €500 billion since 2018 and equivalent to over €34,000 per resident. It argues that growth has not delivered matching gains in productivity or private investment. Financial Regulation: A government reform tightens anti-money-laundering checks: crypto ATM users must verify their identity regardless of transaction size, while online gambling operators must match payment methods to account holders before withdrawals. Inflation Outlook: The Bank of Spain has raised its 2026 inflation forecast to 3.9%, citing energy costs and Middle East tensions. Banking Expansion: ING is entering a new growth phase in Spain, opening a flagship Madrid branch. Cash Access: Spain’s ATM network faces seasonal pressure as holiday travel boosts withdrawals, potentially driving emergency cash replenishments and higher operating costs.

Public Finance: Spain has secured a €1bn European loan for defense spending, under the EU’s SAFE financing scheme. Inflation: The Bank of Spain raised its 2026 inflation forecast to 3.9%, citing energy costs and Middle East tensions, adding pressure to household budgets and business costs. Banking: ING is expanding in Spain with a flagship Madrid branch, while BBVA is bringing its wealth-management business under one brand. Property: Housing pressures are intensifying ahead of a November general strike. Barcelona is moving toward a 150% surcharge on holiday rentals, and Spain is set to apply VAT to thousands of tourist rentals from December.

Property Tax: Barcelona’s council has backed a proposal to raise property tax on licensed holiday flats by 50% for owners with one unit and up to 150% for those with four or more; it still needs final approval. Inflation & Growth: The Bank of Spain raised its 2026 inflation forecast to 3.9% amid energy-cost pressures, while lifting its growth forecast to 2.6%. Banking: ING is expanding in Spain, opening a flagship store in Madrid as it enters a new growth phase. Housing Finance: The government has revived housing measures ahead of the snap election, including a €10bn loan plan and interest-free loans of up to €50,000 for eligible first-time buyers. Rental controls and new tax rules add to uncertainty for landlords and property investors. EU Funding: The EU has granted Spain a €1bn loan to strengthen defence capabilities.

Inflation and Markets: The Bank of Spain raised its 2026 inflation forecast to 3.9%, citing energy costs up 22% year on year in September and warning prices could rise further. Spain’s 10-year bond yield closed near 4.10%, with its risk premium at about 63 basis points. EU Funding: Spain signed a €1 billion EU loan to scale up defence capabilities. Separately, Ireland proposed cutting €141 billion from the bloc’s 2028–34 budget, prompting concern in Spain over potential pressure on farm and regional funds. Banking: ING opened its largest Spanish branch in Madrid as it prepares to launch private banking and expand into business banking in 2027; BBVA named Luis Simões its new head of retail banking in Spain. Corporate Investment: Spanish renewable-energy firm Grenergy secured about $460 million for solar and storage projects in Chile.

Economic Outlook: The Bank of Spain raised its 2026 growth forecast to 2.6%, but now expects inflation to reach 3.9%, citing energy prices that jumped 22% year on year in September. It sees growth easing to 2.2% and inflation at 3.7% in 2027. Banking and Investment: BBVA named Luis Simões to lead retail banking in Spain, while CaixaBank expanded its Google Cloud partnership to accelerate AI and data capabilities. French lender BPCE has also taken a 7% stake in Banco Sabadell, strengthening its position in the Spanish banking market. Markets: French fiscal worries have lifted borrowing costs across Europe, including Spain, while pressure on the euro and volatile energy prices remain key risks for investors. Housing and Policy: Housing measures are back on the agenda ahead of Spain’s November 29 election. The dispute adds uncertainty for landlords, tenants and property investors as protests over rents and evictions continue.

Economic outlook: The Bank of Spain raised its 2026 growth forecast to 2.6%, from 2.3%, but warned that housing shortages and higher energy costs remain risks; it expects growth to slow to 2.2% in 2027. Markets: The euro is on track for a fifth weekly drop, pressured by French debt concerns and uncertainty around Spain’s snap election. Banking: BBVA named Luis Simões to lead retail banking in Spain, while CaixaBank expanded its Google Cloud partnership to develop AI and data capabilities. Investment: Iberdrola overtook NextEra to become the world’s largest private utility by market value. Spanish renewable developer Grenergy also secured $460 million in financing for solar and storage projects in Chile. Sabadell: French lender BPCE has taken a 7% stake in the Spanish bank, strengthening its position amid takeover-related tensions.