The Madrid Chamber of Commerce and Banco Santander celebrate the third edition of Market Update

 

 

On September 18, 2024, the Madrid Chamber of Commerce, In collaboration with Banco Santander, held the third edition of its event Market Update, focused on providing certainty solutions to companies in the face of a changing geopolitical landscape.

 

During the day, which took place in the Independence Square, attendees were able to explore the latest developments in macroeconomy and how these can help identify emerging opportunities across international marketsThe agenda included presentations by leading experts, starting with Mrs. Helen Pietersen Marcos, Manager of International Trade Management of the Chamber of Commerce, who welcomed the participants.

 

Jose Maria Alarcon Notary, Director of Foreign Trade of Banco Santander and Head of International Business in Madrid, emphasized the relevance of the Market Updates in a changing global context. In his speech, he stated: “Once again, we are holding another working session that we have called Market Update. In this third edition, we will address potential solutions to provide certainty for our clients and non-clients in the face of a changing geopolitical landscape.”

 

 

Alarcón highlighted the relationship between sporting events, such as those Olympicsand its impact on the global economy. "Today we will analyze how the world is changing and the correlation that exists between sporting results and gross domestic product. The Summer Olympic Games in Paris this year offer us an interesting case to explore," he commented.

 

 

Furthermore, he mentioned the growing influence of countries that historically had less relevance in the international arena: “We will not only observe nations with a significant GDP, but also small states seeking to position themselves globally. These changes reflect a dynamic in which previously less visible countries are claiming their place in the international order«.

 

Alarcón also addressed the strategy of Russia in the Olympic contextmentioning how it has used these events to gain political advantages: “We will analyze how Russia has used the Olympic Games to strengthen its influence, from the Winter Olympics in Sochi to the most recent events in Pekin and in 2008″.

 

For its part, Sebastian Prieto Torres, Executive Director of Banco Santander and Territorial Head of Markets in Madrid and Castilla-La Mancha, highlighted the importance of the Market Updates as a fundamental resource for Madrid's business owners. In his speech, he mentioned that "the idea for the updates originated two years ago in the collaboration between Santander and the Chamber of MadridWhat we wanted was to provide business owners with a meeting point right after the summer and Christmas holidays."

 

Prieto also highlighted the importance of providing updated information on macroeconomic forecasts and the geopolitical situation"The goal is for our clients and non-clients to have access to all the information the bank has available. This space has become a tradition, where we offer small time capsules that encapsulate our forecasts and open them in the next Market Update."

 

Regarding specific forecasts, he mentioned that the projections presented in January had largely been accurate in predicting the euro's movements against the dollar and the yen. "For next January, we expect the euro to move between levels of 1.12 and 1.14 against the dollar." dollar, and in the case of Euro-Yen"We anticipate an adjustment towards levels of 144-145," he added.

 

Finally, Prieto stressed the importance of keeping companies informed so that they can take Strategic decisions in a volatile economic environment"These types of meetings are essential to help companies mitigate risks and adapt to the dynamics of the international market«.

 

The event culminated with a Q&A session, followed by a networking café, allowing attendees to exchange ideas and make valuable contacts. These types of initiatives are becoming established as a key tool to help companies navigate a complex economic environment.