Marco Bianchi 
Spanish asset manager Azvalor cautioned that European equity markets are expensive, warned against the growing popularity of passive index funds and trendy assets such as cryptocurrencies, and announced that it attracted €460 million of net new money in H1, bringing total AUM to €4.8 billion.
Analysts at Jefferies lowered their recommendation on the Spanish SOCIMI Merlin, citing increased risks associated with its data centre portfolio, and stopped recommending it as a buy for all coverage firms.
Italian cable manufacturer Prysmian SpA announced an all‑cash acquisition of US electrical equipment maker Atkore Inc.
U.S. Treasury Secretary Scott Bessent called the yen “very undervalued” last week, and reports suggest that the United States and Japan have jointly acted to support the yen, the first such joint intervention since 2011.
The Spanish Ibex index has risen more than 41% in a 13‑month up‑trend, with only one down month. During this rally a group of stocks, including ArcelorMittal, Repsol, ACS, BBVA and Santander, have surged between 60% and 125%.
A study by the Bank of Italy found that the expected cost advantage of using stablecoins for cross‑border remittances is not consistent, with most cost differences stemming from fiat conversion and payment‑infrastructure rather than blockchain fees.
BBVA’s impressive earnings and the launch of a share repurchase plan acted as a catalyst for its share price and for the entire Spanish banking sector, which had suffered declines the previous day.
In July, a group of smaller Spanish companies—Prosegur, Deoleo, Ence, eDreams and Coca-Cola Europacific—experienced strong gains of 10% to 22%, surpassing the performance of major firms like Repsol and Indra and the overall Madrid Stock Exchange index, which slipped 0.22%.
Invesco believes that ongoing uncertainty will shape the second half of the year, presenting opportunities in alternative investments. The firm advises investors to diversify by allocating to private credit, real assets and hedge funds.
Ecoener issued convertible bonds worth €15 million. The bonds were taken up by family offices, and these investors will convert their holdings into equity in August 2029, becoming shareholders of the company.