January-June 2013

Macro and industry trends

In the last quarter there has been a global recovery in the volume of activity with customers in wholesale banking, in a situation in which macroeconomic data appear to be giving signs of a slowdown in the rate of economic growth at global level.

In this scenario, the prices of financial assets have continued to grow as a result of the excess liquidity generated by the expansive policies implemented by most central banks. However, these dynamics began to change towards the end of the quarter, partly due to the Fed’s announcements (as already mentioned) that it would start a process of reversing the extraordinary monetary stimulus measures in the United States.

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.