Just a decade ago, Spain was grappling with the aftermath of a severe financial crisis, high unemployment, and sluggish growth. Fast forward to 2024, and the country has emerged as one of Europe’s fastest-growing economies, outpacing major players like Germany and France.

This article explores what is driving the alcohol industry downturn and where the industry is headed.

Why is the supply of bullion in London drying up while stocks in New York are at record levels?

Key takeaways  Overall, the macro & liquidity conditions are still positive for risk assets. While equity market valuations are rich, especially in the US, earnings growth momentum is accelerating, and market dynamics remain favourable. Consequently, we maintain our overweight stance on equities and underweight on bonds.  While we maintain our preference for US equities over the rest of the world, we are neutralising our stance on eurozone and emerging markets equities as the specific tariff risk seems to be already well priced in.  Within rates, we continue to favour the 1-10 years segment over long-dated bonds.  We maintain our gold and hedge funds exposure for diversification purposes. Our stance on currency (overweight dollar against major pairs except the Swiss Franc) is unchanged.

During his campaign, President Donald Trump reminded the public he didn’t start any wars in first presidency and pledged the same in his second term. He even declared himself as the president who could “prevent World War III.”

The 2024 season is coming to an end. What an eventful year it has been: the Magnificent 7 rally, the Bitcoin halving, Tesla's Cybercab reveal, geopolitical tensions and the US election. Here are ten stories to remember.

Below are the top 10 events and surprises that could impact financial markets and the global economy in the New Year. These are not forecasts, but potential macro-economic, geopolitical or market events that are not anticipated by the financial markets. We also try to assess the probability of occurrence (high, medium, low) of each of them.

H1 2025

Argentina's Global X MSCI ETF (ARGT) is so far the best-performing country ETF of 2024, with record inflows last week. President Javier Milei's pro-capitalist reforms may have played a role in this surge.

Driverless vehicles are no longer science fiction. The race to dominate the emerging Robotaxi market is heating up as companies push to be the first to hit the roads.