The upcoming budget takes over from NGEU in the European Semester International economy David Martínez Turégano Tue, 07/14/2026 - 08:09
Climate change and international tourist loyalty: new evidence for Spain Spanish economy David Cesar Heymann Eduard Alcobé Garcia Wed, 07/15/2026 - 11:34
Financial Markets Daily Report 31 July 2026 Risk appetite improved on Thursday amid supportive macro data and lower energy prices, as war tensions around Hormuz did not escalate. Eurozone sovereign yields fell, with steeper curves and tighter peripheral spreads, after GDP growth surprised to the upside across the euro area and its main economies. ECB expectations were little changed ahead of today’s June CPI print, though markets pared odds of a third rate hike. Climate change Climate change and international tourist loyalty: new evidence for Spain We analyse how tourists react to episodes of extreme heat in order to anticipate risks and opportunities for the tourism sector in the face of climate change, using anonymised internal data from foreign card payments on CaixaBank POS terminals. David Cesar Heymann Eduard Alcobé Garcia 15 July 2026 Financial markets outlook The reopening of Hormuz supports markets despite monetary tightening The provisional agreement between the US and Iran reached mid-month, which extended the military truce and allowed the gradual reopening of the Strait of Hormuz, triggered one of the sharpest drops in oil prices in recent years. This led to a significant decline in… CaixaBank Research 15 July 2026 Opinion The Spanish economy after Hormuz The most visible and immediate effect of the conflict has been on inflation, while the labour market shows a slower response to the shocks. The only area where the conflict has had a positive impact from a macroeconomic perspective is the tourism sector. Oriol Aspachs 15 July 2026 World outlook The US-Iran agreement alleviates adverse scenarios for the international economy The evolution of the conflict in the Middle East remains key for the global outlook. Following the reopening of the Strait of Hormuz, the data show a somewhat erratic increase in trade flows, consistent with warnings from various international agencies that normalisation… CaixaBank Research 14 July 2026 Tourism From the weekday set menu to Saturday night: weekly consumption patterns in Spanish restaurants Pedro Álvarez Ondina Eduard Alcobé Garcia 14 July 2026 Investment Europe needs to channel its high savings into productive investments Rita Sánchez Soliva 14 July 2026 Inflation European inflation: taking stock of the Middle East shock CaixaBank Research 14 July 2026 Employment The trajectory of employment growth in Spain Zoel Martín Vilató 14 July 2026 European Union The upcoming budget takes over from NGEU in the European Semester David Martínez Turégano 14 July 2026 Opinion The global economy in search of a new balance José Ramón Díez 13 July 2026 Publications Monthly ReportJuly 2026 | No. 51315 July 2026 Sectorial ReportSectoral Observatory S1 2026 SpainSpain’s Macroeconomic & Financial Outlook10 July 2026 Sectorial ReportReal Estate. Increasing supply, the great challenge of the Spanish real estate market S1 2026 Sectorial ReportTourism. Spanish tourism sector: from post-pandemic rebound to sustainable growth S1 2026 PortugalPortugal’s Macroeconomic & Financial Outlook13 February 2026 Sectorial ReportAgrifood. The Spanish agrifood sector gains momentum 2025 Sectorial ReportManufacturing Industry 2023 Opinion Editorial The global economy in search of a new balance José Ramón Díez Head of International Economics & Markets Key points of the month The Spanish economy after Hormuz Oriol Aspachs Head of Spanish Economics Recommended Climate change Climate change and international tourist loyalty: new evidence for Spain David Cesar Heymann Eduard Alcobé Garcia 15 July 2026 Financial markets outlook The reopening of Hormuz supports markets despite monetary tightening CaixaBank Research 15 July 2026 Opinion The Spanish economy after Hormuz Oriol Aspachs 15 July 2026 Spain's outlook The Spanish economy at a crossroads: slowdown or recovery? CaixaBank Research 14 July 2026 World outlook The US-Iran agreement alleviates adverse scenarios for the international economy CaixaBank Research 14 July 2026 Tourism From the weekday set menu to Saturday night: weekly consumption patterns in Spanish restaurants Pedro Álvarez Ondina Eduard Alcobé Garcia 14 July 2026 Investment Europe needs to channel its high savings into productive investments Rita Sánchez Soliva 14 July 2026 Inflation European inflation: taking stock of the Middle East shock CaixaBank Research 14 July 2026 Employment The trajectory of employment growth in Spain Zoel Martín Vilató 14 July 2026Most readShadows (and some light) in Europe’s industrial declineSustainability in tourism: make or breakDifferentiated strategies for governing AI: towards cooperation or conflict?The consumption of each generation in normal times... and in times of pandemicNot all Spanish households spent more on fuel in summer NewsletterBeing informed now ismore important than everGet our latest updates Sign in Hot topics Reactivation or deceleration? Macrofinance Podcasts Despacito y buena letra: los grandes temas del curso económico 23/07/2026 Forecasts Financial markets Interest rate (%)Update date 08-07-20262024202520262027 Fed Funds 4.25 3.50 3.50 3.00 ECB Refi 3.24 2.15 2.65 2.15 Macroeconomic GDP (%)Update date 08-07-20262024202520262027 Euro area GDP 0.9 1.5 0.7 1.2 Spain GDP 3.5 2.8 2.1 1.8 US GDP 2.8 2.1 2.1 2.1 Team Rita Sánchez SolivaEconomist Ana María PorrasOrganization Sandra Jódar RosellDirector of Strategic Planning Isabela Lara WhiteEconomist Enric FernándezChief Economist Pedro Álvarez OndinaEconomist Josep Mestres DomènechLead economist Meet us Ariadna Vidal MartínezLead economist María Romero MeléndezEconomista Ana Rincón GarcíaOrganization José Antonio Sánchez PalominoData scientist José Ramón DíezHead of International Economics & Markets Luís Pinheiro de MatosEconomist Imelda EstebanSenior economist Meet us Javier García ArenasSenior economist David del ValSenior economist Adrià Morron SalmeronLead economist Javier Ibáñez de Aldecoa FusterEconomist Beatriz Villafranca SerranoEconomist Roser FerrerSenior economist Maitane LizarragaAnalyst Meet us Catalina BecuResearch assistant Oriol AspachsHead of Spanish Economics Eduard Alcobé GarciaData scientist Oriol Carreras BaquerSenior economist Patricia EstebanCommunication Mireia CrusellsAnalyst David Martínez TuréganoSenior economist Meet us Jesús Manuel Carrera MorenoResearch assistant Jesús ViscarriOrganization Zoel Martín VilatóEconomist Léopold JouvenEconomist Judit Montoriol GarrigaLead economist Carolina CruzOrganization Alberto GrazianoSenior Data Scientist Meet us Marina Tombas SuñéData Scientist Sergio DíazEconomist David Cesar HeymannEconomist Nuria BustamanteLead economist Mar Bisquert PerlesData scientist Meet usPrint
Climate change Climate change and international tourist loyalty: new evidence for Spain We analyse how tourists react to episodes of extreme heat in order to anticipate risks and opportunities for the tourism sector in the face of climate change, using anonymised internal data from foreign card payments on CaixaBank POS terminals. David Cesar Heymann Eduard Alcobé Garcia 15 July 2026
Financial markets outlook The reopening of Hormuz supports markets despite monetary tightening The provisional agreement between the US and Iran reached mid-month, which extended the military truce and allowed the gradual reopening of the Strait of Hormuz, triggered one of the sharpest drops in oil prices in recent years. This led to a significant decline in… CaixaBank Research 15 July 2026
Opinion The Spanish economy after Hormuz The most visible and immediate effect of the conflict has been on inflation, while the labour market shows a slower response to the shocks. The only area where the conflict has had a positive impact from a macroeconomic perspective is the tourism sector. Oriol Aspachs 15 July 2026
World outlook The US-Iran agreement alleviates adverse scenarios for the international economy The evolution of the conflict in the Middle East remains key for the global outlook. Following the reopening of the Strait of Hormuz, the data show a somewhat erratic increase in trade flows, consistent with warnings from various international agencies that normalisation… CaixaBank Research 14 July 2026
Tourism From the weekday set menu to Saturday night: weekly consumption patterns in Spanish restaurants Pedro Álvarez Ondina Eduard Alcobé Garcia 14 July 2026
Investment Europe needs to channel its high savings into productive investments Rita Sánchez Soliva 14 July 2026
European Union The upcoming budget takes over from NGEU in the European Semester David Martínez Turégano 14 July 2026
Sectorial ReportReal Estate. Increasing supply, the great challenge of the Spanish real estate market S1 2026
Sectorial ReportTourism. Spanish tourism sector: from post-pandemic rebound to sustainable growth S1 2026
The global economy in search of a new balance José Ramón Díez Head of International Economics & Markets
Climate change Climate change and international tourist loyalty: new evidence for Spain David Cesar Heymann Eduard Alcobé Garcia 15 July 2026
Financial markets outlook The reopening of Hormuz supports markets despite monetary tightening CaixaBank Research 15 July 2026
Spain's outlook The Spanish economy at a crossroads: slowdown or recovery? CaixaBank Research 14 July 2026
World outlook The US-Iran agreement alleviates adverse scenarios for the international economy CaixaBank Research 14 July 2026
Tourism From the weekday set menu to Saturday night: weekly consumption patterns in Spanish restaurants Pedro Álvarez Ondina Eduard Alcobé Garcia 14 July 2026
Investment Europe needs to channel its high savings into productive investments Rita Sánchez Soliva 14 July 2026