Report
Investors are right to prefer Spain to other major European countries
Spain’s long-term interest rates have been approaching those of Germany since 2022. We believe that the positive view that investors have of Spain compared to France, Germany or Italy is reasonable: Spain is growing faster than the other three major euro-zone countries; Spain has a much lower exposure to global trade than Germany; Spain’s cost competitiveness is positive; manufacturing production is not falling; The trade balance is almost balanced and the current account balance is in surplus; Spain has significantly developed renewable energies (50.4% of the electricity generated in 2023 came from renewable energy sources, compared with 42.2% in 2022); if we include nuclear-generated electricity, in 2023 Spain produced 70.7% of its electricity from non-fossil sources.
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Natixis
Based across the world’s leading financial centers, Natixis CIB Research offers an integrated view of the markets. The team provides support to inform Natixis clients’ investment and hedging decisions across all asset classes.
Patrick Artus
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