Economic activity slowed somewhat in the third quarter, particularly in advanced economies, once again due to trade tensions, doubts surrounding Brexit and geopolitical uncertainty. Forecasts for 2019 point to global GDP growth of around 2.9% (vs. 3.6% in 2018).

This moderate growth was accompanied by a downward revision of inflation forecasts. The balance of risks is also pushing down growth forecasts, particularly due to the abovementioned political factors. Against this backdrop, central banks have introduced more expansive policies. The central banks in the US, the Eurozone, Brazil, Mexico and Chile have all cut interest rates and maintain a downward bias.

In the first nine months of the year, the Ibex 35 gained 8.3%, the EuroStoxx 50 advanced 18.0%, the MSCI World Banks rose 6.6% and the DJ Stoxx Banks lost 0.4%.

Santander's share price, which closed at EUR 3.737 per share, lost 6% as it was affected by uncertainty in some of the Group's geographies: the forthcoming presidential elections in Argentina; Brexit uncertainty in the UK; and the ruling on Swiss Franc mortgages in Poland.

At 30 September 2019, Santander was the number one bank in the Eurozone and the twenty-third largest bank in the world by market cap, with EUR 62,094 million.

Its stock weightings in the DJ Stoxx 50 and DJ Stoxx Banks stood at 1.6% and 7.6%, respectively, and 12.9% in the Spanish Ibex 35 index at the end of September.

During the year, 13,719 million Santander shares were traded, for a cash amount of EUR 56,671 million – the highest volume of any EuroStoxx constituent – with a liquidity ratio of 84%.

Some 72 million shares were traded daily, for a cash amount of EUR 297 million.

Source: Bloomberg and Madrid Stock Exchange at 30/09/2019.