The Spanish Securities Commission (CNMV) has released its first semiannual bulletin of the year, combining its periodic report on “Securities markets and their agents” with three research articles on private capital markets, retail investors’ Ibex 35 equity portfolios over 2020–2024, and a climate shock stress test for Spanish investment funds. The markets report adds a new section on developments in the cryptoasset ecosystem and focuses on the early-April turbulence following tariff announcements by the Trump Administration, when market stress rose to 0.44, placing it in the medium-risk zone. Alongside the usual pattern of sharp asset price falls, higher volatility and trading, weaker liquidity and wider risk premia, the episode was also marked by significant sales of US sovereign debt and, more generally, USD-denominated assets, pushing US government yields up while yields fell in most other markets. By the time of publication, most international equity indices had recovered losses and volatility indicators and risk premia had normalised, although uncertainty remained high. On intermediaries, the bulletin highlights continued growth in the collective investment industry, driven by portfolio revaluations and strong net subscriptions, especially into fixed-income funds; CNMV reports it is monitoring liquidity and leverage risks and has not detected any relevant financial-stability vulnerabilities so far. It also notes that market infrastructures continued operating normally during the 28 April blackout due to secondary systems with generators, and briefly addresses impacts for entities subject to the Digital Operational Resilience Act. The accompanying articles cover: current conditions and recent evolution in private capital and private credit markets, including comments on the 2 April US tariff announcement; a retail-investor portfolio study finding high concentration (fewer than two stocks on average), a tilt towards financials followed by energy, and a rise in median portfolio size from EUR 4,700 to EUR 5,630, alongside an updated interactive dashboard for filtering and exploration; and a dynamic climate shock modelling exercise that estimates potential fund-portfolio losses under three adverse climate scenarios designed by the European Systemic Risk Board, with a worst-case theoretical loss of 8.2% (4.5% for sustainable funds and 9.3% for non-sustainable funds).

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