Despite the corruption cases surrounding the Government of Pedro Sánchezthe lack of general state budgets and the enormous difficulty of carrying out almost all the initiatives of the Cortes, the largest investment fund manager in the world is redoubling its efforts. … bet on Spain. BlackRock, a giant with $13.5 trillion in assets under management, presented its new outlook for 2026 and our country ranks as one of its “big convictions” in its top 3 biggest investment bets for next year.
Javier García Díaz, BlackRock’s commercial director for the Iberian Peninsula, explained that in Europe they are selective because the Old Continent does not present growth data that invites too much optimism. However, there is one country in which they have the greatest confidence: Spain. “This is our great conviction. “We are overweight.”he pointed out. Because? Both for the macro and micro situation. “Spain presents a very interesting macro and micro photo. We have growth above the euro zone average, 8% compared to 6% in the region since Covid; inflation is under control; there is a trade surplus; “The labor market is showing signs that give reason for optimism,” explained the executive.
At the macro level, they consider the country “very interesting”. And at the micro level, it’s more or less the same since there is “a great representation of the sectors that we like”, such as banking, energy, public services… All this means that they now have the greatest “conviction” for our country for at least five years.
Thus, García Díaz wanted to highlight its commitment to Spain, where the company has 50 employees and has been established for many years. “We are investing 88 billion euros in the Spanish economy”he pointed out. This amount breaks down into 53 billion in Spanish shares, 19.5 billion in public debt, 12 billion in corporate debt and 3.5 billion in unlisted assets. This is the exposure of the world’s largest investor to our country and everything indicates that it will go further.
BlackRock owns 53 billion shares in Spain, 19.5 billion in public debt, 12 billion in corporate debt and 3.5 billion in unlisted assets.
Likewise, the head of Iberia at BlackRock indicated his confidence in the good performance of the Ibex 35 for next year. “The profit growth data from the Spanish stock market is very good, we believe there is still upside potential and We recommend our clients to overweight Spanish stocks“, he commented.
No bubble in AI
Beyond Spain and Europe, BlackRock follows what they call the mega forceswhich are elements that they consider essential for the present and future of the global economy: artificial intelligence (AI), energy transition, deglobalization, population aging and the future of finance. In these trends, AI plays a key role.
And this key role attributed to AI occurs against a backdrop of market doubts about the possible creation of a bubble around its development and adoption, particularly in the United States. But BlackRock does not believe in the existence of such a bubble.
The executive underlines its “conviction” in companies linked to AI and sees no problem in its expansion. “The excellent performance of these companies is supported by strong profits. “We are in an initial phase of the AI megaforce in which only technology companies benefit,” he commented. Its impact on productivity or economic growth has not yet been appreciated, but García Díaz believes that it will come.
The world’s largest investor believes in the potential of AI to boost global economies
However, she appreciates certain risks, particularly linked to what is happening with artificial intelligence since a good part of these investments are financed by debt. “The biggest challenge is the time lag between this huge initial investment and the future revenues expected to be generated by this investment. An imbalance that companies will try to fill with greater leverage in a context where the public sector is highly indebted, which can add some volatility to the financial system,” he said, referring to the fact that large profits are not yet enjoyed from these investments. “The good news is that these companies have healthy balance sheets, solvent cash flows and low debt ratios.
Likewise, by 2026, BlackRock is betting on stocks, which generally means that Bag. They mainly focus on American and Japanese stocks, while in Europe they are largely selective.
Regarding currencies, the head of BlackRock in Iberia also mentioned the situation where the dollaras investors doubt its ability to continue being the global currency and safe haven it has always been. According to him, “the dollar will continue to weaken but we do not think that it will lose its status as a reference currency because there is no alternative. In 90% of currency exchanges, the dollar is on one leg. 60% of transactions are in dollars. 50% of foreign exchange reserves are in dollars”, he stressed.
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