The global economy is in the mature phase of the cycle, with an outlook for growth below potential in most countries. However, the rise in stock exchanges in 2020 should be largely due to valuation and, to a lesser extent, profit. "For the first time in recent years we see more potential in the European stock exchanges than in the S&P 500," said Joaquín García Huerga, head of Global Strategy at BBVA Asset Management, during the presentation of "Market Vision 2020."

Garanti BBVA organized a foreign trade seminar in Istanbul as part of its commitment to making a difference for its clients. At the event, the bank shared its experiences in foreign trade financing, and provided customers updated information about foreign trade regulations, payment methods and the latest developments in the field.

In its latest Spain Outlook report, presented today by Jorge Sicilia, the Director of BBVA Research and Chief Economist for the BBVA Group, and Rafael Doménech, the Head of Economic Analysis, BBVA Research lowered the forecast for the national GDP growth to 1.9 percent (from 2.3 percent three months ago) and to 1.6 percent for 2020 (from the previous forecast of 1.9 percent). The decrease is explained by a review of economic data carried out by Spain’s national statistics body, the INE, due to the negative trend in some components of demand and the deteriorating international context. Under this scenario, around 750,000 jobs would be created over the two-year period and the unemployment rate would average 13.3 percent next year.

Garanti BBVA continues to contribute to the Turkish national economy by providing exporters the expert guidance they need to break into new markets.

Garanti BBVA successfully issued the first bond indexed to the Turkish Lira Overnight Reference Rate (TLREF), an interest rate which has served as a new benchmark since its launch in June of this year.

• U.S. is one of the largest contributors to greenhouse gas emissions (GHG), making its involvement in the fight against climate change a matter of critical importance.
• Efforts outside the federal government could enable the U.S. to fulfill two-thirds of its commitment to reduce GHG emissions.

BBVA issued a $1 billion contingent convertible bond (CoCos), with demand exceeding by almost eight times the initial offer ($7.8 billion) and more than 410 orders from investors. High demand for the issuance allowed it to close at a very attractive price, with a coupon of 6.5 percent in dollars (0.50 basis points below the initial price of 7 percent), which is equivalent to a 4-percent coupon in euros.

BBVA CEO Onur Genç underscored during the Group’s second quarter earnings conference call that the Group has “multiple management levers to mitigate the impact of low interest rates,” both in Europe and in the U.S.

In its latest Spain Economic Outlook report - presented today by Jorge Sicilia, Director of BBVA Research and Chief Economist of BBVA Group, and Rafael Doménech, Head of Economic Analysis – BBVA’s research service slightly upgrades its domestic GDP growth forecast for 2019 to 2.3% (vs. 2.2% three months ago), and keeps its 2020 forecast unchanged at 1.9%. The economy is expected to continue expanding in the coming months, driven by the progressive recovery of the global environment, a more accommodative monetary policy and declining oil prices. Under this scenario, BBVA Research expects 810,000 new jobs to be created over the coming two-year period, driving the unemployment rate down to around 12.2% by the end of 2020.

According to the latest Economic Outlook published this week by BBVA Research, GDP growth has decelerated in 2Q2019, but a rebound in consumption should support moderate growth rates in 2H2019. Survey-based investment indicators are also declining amidst deteriorating business expectations. In addition, countervailing trade dynamics -- weaker global growth versus reduced trade tensions -- imply there will be no material change in the net export balance.