A few days ago, Bank of Spain released its Financial Stability Report, one of its top publications. Coincidentally, this report came out on the same day Americans elected their new president.

EZ GDP growth is expected to slow slightly further to 0.1% QoQ in 2H19. Available data so far show worsening exports, especially those to other EU countries, and industrial output. There are further signs on more moderate consumption and subdued investment despite improving labour market and favorable financing conditions.