In this new market update presentation we update the current macroeconomic situation, both globally and in Spain, the markets and the real estate sector, in addition to establishing our future positioning in all the key variables. After the covid-19 pandemic and the outbreak of the still unresolved Ukraine conflict, a new secular risk emerged in March this year: a potential banking implosion that could derail economic developments. Amidst slowing growth and accelerating inflation, we analyse the implications, addressing a number of key questions, such as: