S&P 5005,632.41+0,18%Nasdaq 10019,784.12+0,31%IBEX 3511.840,50 pts+0,42%Apple$227.14+0,21%Microsoft$421.06+0,15%NVIDIA$178.32+0,64%Alphabet$174.88+0,09%Amazon$181.45+0,27%Meta$512.73+0,11%Tesla$241.18-0,38%JPMorgan$248.90+0,22%Inditex€45.12+0,18%Santander€7.84+0,35%Iberdrola€14.62+0,08%BBVA€13.41+0,29%S&P 5005,632.41+0,18%Nasdaq 10019,784.12+0,31%IBEX 3511.840,50 pts+0,42%Apple$227.14+0,21%Microsoft$421.06+0,15%NVIDIA$178.32+0,64%Alphabet$174.88+0,09%Amazon$181.45+0,27%Meta$512.73+0,11%Tesla$241.18-0,38%JPMorgan$248.90+0,22%Inditex€45.12+0,18%Santander€7.84+0,35%Iberdrola€14.62+0,08%BBVA€13.41+0,29%

TOKYO·—MADRID·—NYSE·—

SEARCH RADAR // REP.MC

MACRO & SECTOR[EU]
Institutional energy flows: sector rotation into Repsol cash generation versus the futures curve

[EUROPE // RESEARCH]

MACRO & SECTOR[EU]

Man paying with credit card at a terminal

Retail margin compression transmits direct pressure to imported cyclical demand

The latest Form 10-Q quarterly filing from Movado Group Inc. demonstrates how retail margin compression in discretionary goods portends a sharp contraction in Asian and European logistics chains. This friction directly challenges consensus narratives regarding a smooth macroeconomic landing.

KEY TAKEAWAYS

Movado Group Inc.'s Form 10-Q reveals severe pressure on retail margins driven by heavy inventory overhang.
Discretionary consumption fatigue directly undermines import demand across major logistics corridors.
Stricter monetary conditions significantly elevate the carrying costs of unproductive working capital.
SEC primary disclosures confirm the vulnerability of supply chains amid ongoing credit constraints.

READ FULL ANALYSIS →

[MARKET PULSE]

Fear & Greed // Macro weather

LIVE

FEAR & GREED INDEX

EXTREME GREED

050100

MACRO WEATHER GAUGE

GLOBAL LIQUIDITYCONTRACTIVE
VIX 15.4MODERATE 15-25
RATE REGIMECUT

VISUAL SCREENER

Market map

Market-cap treemap. Pick index, metric and sector. Click opens the note or ticker search.

METRIC

SECTOR

Consumer

Healthcare

Tech

Industrials

Financials

Energy

Utilities

Textile

Banks

Auto

Insurance

Materials

Size ≈ market cap · color = selected metric

DownUp

EUROPE & WALL STREET

SAN.MC

Santander

€7,84

ASML

$876.40

ITX.MC

Inditex

€45.12

NVDA

Nvidia

$178.32

AAPL

Apple Inc.

$227.14

BYLINES

Signed columns from the desk

SIGNED COLUMN[EU]BBVA.MC

BBVA.MC: 56.4% EBIT margin and ROE expansion amid monetary rate divergence

BBVA posts an 18.9% ROE based on primary financial filings.

Rafael Roca

Editor / Perspectiva Estratégica

Read column →

ON THE COVER

an airport parking lot with a bus parked in front of it

AENA.MC: The 1.49 billion operational cash flow subverts the regulatory narrative of air traffic

A series of grey industrial pipes and valves connected to large storage tanks

Linde sustains defensive valuation multiples as long-term contracts protect margins

Telefonicamaintains a 3.90 billion free cash flow amid persistent leverage pressures

brown concrete building under blue sky during daytime

The yield curve versus JPMorgan: banking liability costs against valuation multiples

CALENDAR // EARNINGS & MACRO

CET

27 AUG
NVDAHIGH
NVIDIA Q2 Earnings
Consensus EPS $1.01 · Rev. $46.1bn
10 SEPT
BCEHIGH
BCE Tipos
Consensus Depósito 2,00%
11 SEPT
IPC EE.UU.HIGH
IPC EE.UU.
Consensus +0,2% m/m · +2,7% a/a
17 SEPT
FedHIGH
FOMC y dot plot
Consensus Fed funds 4,25-4,50%
18 SEPT
ITX.MCMEDIUM
Resultados 1S
Consensus Margen bruto estable

THE MARKET WIRE

Latest publications

COMPANY DEEP DIVES

Fundamental analysis

AMS.MCAmadeus IT Group

AMS.MC: FCF conversion and 19.19x P/E valuation amid travel booking cycles

P/E: 19.2x
EBIT margin: 28.2%

READ FULL CARD

AAPLApple Inc.

AAPL: hardware-tier valuation ignores software margins and cash flow

P/E: 35.6x
EBIT margin: 32.6%

READ FULL CARD

SAN.MCSantander

The operational toll behind Santander's margin

P/E: 14.4x
EBIT margin: 43.4%

READ FULL CARD

THE MARKET WIRE

Latest publications

13F SMART MONEY

Institutional flow monitor

ASSET	FUND	ACTION	% PORT.
AAPL	Berkshire Hathaway	INCREASE	22.40%
AXP	Berkshire Hathaway	INCREASE	12.10%
KO	Berkshire Hathaway	REDUCTION	6.80%
UNH	Scion Asset Management	NEW POSITION	4.25%
GOOGL	Scion Asset Management	REDUCTION	3.10%
BABA	Scion Asset Management	EXIT	0.00%
GLD	Bridgewater Associates	NEW POSITION	2.85%
IEMG	Bridgewater Associates	INCREASE	5.40%
TLT	Bridgewater Associates	REDUCTION	1.95%
NVDA	Citadel	INCREASE	3.60%
AMZN	Citadel	NEW POSITION	2.15%
SAN.MC	Citadel	EXIT	0.00%

FX & COMMODITIES

LIVE

EUR/USD

1.1655

-0.16%

Brent crude

$87.32

-7.49%

Gold

$4,653.20

+0.63%

DEEP TECH

Semiconductors and hyperscale

VIEW ARCHIVE →

DEEP TECH[EU]AMAT

AMAT: Lithography bottlenecks and CapEx intensity under a 37.33x EV/EBITDA multiple

Applied Materials trades at a 41.49x P/E multiple, reflecting sustained investment in advanced process nodes. We analyze the operational balance between a 49.4% gross margin and equipment backlog for semiconductor manufacturing.

MACRO

Rates, liquidity and geoeconomics

VIEW ARCHIVE →

MACRO & SECTOR[EU]SAN.MC

Fed and ECB policy rate divergence drives SAN.MC margins and its 14.43x P/E multiple

Transatlantic monetary policy divergence dictates funding costs and valuation multiples for European financial institutions. SAN.MC trades at 12.70 euros with a market capitalization of 184.77 billion euros and an EBIT margin of 43.4%.

EQUITY EU

Ibex, Stoxx and valuation

VIEW ARCHIVE →

EQUITY RESEARCH[EU]ENG.MC

Regulated asset allocation in ENG.MC: returns and cash flows at a 15.35x P/E

Sector allocation within gas infrastructure dissecting cash conversion, the 26.9% EBIT margin, and Enagás valuation against regulated industry cash flows.

EQUITY RESEARCH[EU]
Nvidia's architectural monopoly in accelerated computing
NVDA

DIGITAL ASSETS

Bitcoin, ETFs and on-chain flows

VIEW ARCHIVE →

DIGITAL ASSETS[EU]BTC-USD

The structural toll of absorbing liquidity in spot exchange-traded funds

The massive absorption of institutional capital through spot exchange-traded vehicles is reshaping the market microstructure of digital assets. This operational mismatch between creation basket settlements and CME derivatives pricing introduces friction into price formation. Simultaneously, the European MiCA regulatory framework enforces compliance barriers that alter cross-border arbitrage between centralized and decentralized platforms.

[GREEN // TRANSITION & CLIMATE]