Listing of Carbures on MAB
Listing of Ibercom on MAB
Widespread economic contraction
Overall, activity in the global equities markets continued
to be marked by lingering and widespread financial and
economic instability: trading volumes fell and there
were few IPOs. The first half of the year was shaped by
doubts about the survival of the euro; this gave way in
the second half to widespread downward revisions to
growth prospects in precisely the regions that appeared
best positioned to spearhead renewed growth: the US,
Germany, and emerging markets, with China at the fore.
The austerity measures imposed to address public
finance imbalances in key developed economies such
as the UK, France and Spain, among others, not only
fell short of the mark in terms of fully dispelling sover-
eign debt jitters, but undermined consumption and
investment in these regions and, by extension, in the
economies with the closest ties to them. The IMF has
recognised in its latest economic outlook report that
the budget cuts are having a greater impact on overall
economic activity than its models, extrapolating past
performance, were predicting. This is happening against
the backdrop of all but depleted scope for stimulus
measures via conventional monetary policy, with bench-
mark rates at very close to zero in the US and Europe. It is
true, however, that both the Federal Reserve and the ECB
are taking quantitative measures designed to dissipate
liquidity concerns and ‘normalise’ international flows of
capital, credit and investment.
17
3
Annual
Report 2012
/ BME
Market Environment
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