Company: BBVXF
Filing Date: 2025-02-27
Form Type: F-4/A
Source: 0001193125-25-037317
Chunk: 278

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-27
Form: F-4/A
Chunk 278
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. The adjustment of China’s real estate sector continued, which led authorities to announce a significant package of stimulus measures. |

| – | As for Mexico, activity was subdued, weighed down by restrictive monetary policy and domestic and foreign political 
 uncertainty.                                                                                                        |

| – | Inflation moved closer towards the targets set by central banks during 2024, although the services component 
 continued to be sticky.                                                                                      |

| – | Geopolitics continued to be a source of uncertainty for the economic environment. The conflict in the Middle East saw 
 several episodes of instability, but continued to have a limited impact on the markets.                               |

| – | The domestic policy of several countries also captured the markets’ attention, with the presidential elections                                           
 in the United States and the subsequent victory of Donald Trump, and with the increasing political noise in France and Mexico after their own elections. |

| – | Central banks gained confidence regarding their inflation forecasts and at the                                                  
 mid-year mark started to cut official interest rates, although they were cautious about the future evolution of interest rates. |

| – | The European Central Bank began its series of interest rate cuts in June and placed the deposit rate at 3.00% (down                                                                                                        
 from 4.00%). Furthermore, its balance sheet continued to be reduced, due to the discontinuation of reinvestments under the Pandemic Emergency Purchase Programme (PEPP) and the repayment of all liquidity from TLTRO III. |

| – | The Federal Reserve (Fed) cut the target range of the Fed funds rate by 100 basis points to 4.25%-4.50% and indicated that the pace of cuts going forward will be gradual. |

| – | The Bank of England (BoE) started its series of cuts by slashing the base rate by 25 basis points in August and 
 November, to 4.75%.                                                                                             |

| – | Financial markets once again performed well in 2024, building up from last year’s positive performance. |

| – | Yields on long-term government bonds of the main developed countries ended the year at levels above those of 2023 year-end, although with clear signs of volatility during the year as the market progressively adjusted its policy rate cut expectations. |

| – | The risk premiums on peripheral sovereign debt stood at levels lower than those seen at the end of 2023, underpinned                    
 by credit rating agencies’ positive actions, good activity data, the ECB’s emergency programmes and the disbursement of the N