El entorno macrofinanciero detrás del escenario económico Mercados financieros CaixaBank Research Mar, 10/03/2026 - 17:58
Qué esperar de la economía internacional en 2026 Economía internacional Rita Sánchez Soliva Mar, 10/03/2026 - 17:59
Financial Markets Daily Report 12 March 2026 During yesterday's session, market volatility continued to be elevated as the conflict in the Middle East approached its third week. Energy prices continued to rise as tensions intensified in the Strait of Hormuz, despite the International Energy Agency announcing the record release of 400 million barrels from their oil reserves, which investors see as insufficient. Opinion Geopolitics and tariffs: a new twist for economic resilience After a January filled with a range of emotions (Venezuela, Greenland, etc.), the first quarter of the year will close with new changes in the tariff landscape, following the US Supreme Court’s decision to invalidate the legal path used by the Trump administration to… José Ramón Díez 12 March 2026 Foreign sector Spain’s foreign sector performed better than expected in 2025 Despite the challenging international context of 2025, which foreshadowed a significant deterioration in Spain’s current account balance after showing uninterrupted surpluses since 2012, the balance has ended up being better than expected, thanks to favourable factors… Sergio Díaz 12 March 2026 Recent developments 10 questions on the US Supreme Court’s tariff ruling David Martínez Turégano 12 March 2026 International China In 2025, China’s economy remained robust, albeit with certain nuances. Over the whole year, growth reached the 5.0% target set by the Chinese authorities, although in Q4 it was 4.5% year-on-year, the lowest in three years. The indicators showed that there was a slight… 12 March 2026 Spain's outlook The Spanish economy faces 2026 with optimism CaixaBank Research 13 February 2026 Opinion Dynamic, balanced and sustainable growth Oriol Aspachs 13 February 2026 World outlook Global stability: superficial mirage or structural strength? CaixaBank Research 13 February 2026 Opinion Reality or fiction? The answer lies in the data José Ramón Díez 12 February 2026 Stock markets Innovation, expectations and vertigo: is AI-driven concentration reshaping Wall Street? David del Val 12 February 2026 Financial markets outlook A start to the year with cross-currents in the financial markets CaixaBank Research 12 February 2026 Publications Monthly ReportFebruary 2026 | No. 50810 February 2026 Sectorial ReportTourism. Spanish tourism sector: from post-pandemic rebound to sustainable growth S1 2026 SpainSpain’s Macroeconomic & Financial Outlook11 March 2026 PortugalPortugal’s Macroeconomic & Financial Outlook13 February 2026 Sectorial ReportAgrifood. The Spanish agrifood sector gains momentum 2025 Sectorial ReportReal Estate. The Spanish real estate sector is in full expansionary phase S2 2025 Sectorial ReportSectoral Observatory S1 2025 Sectorial ReportManufacturing Industry 2023 Opinion Editorial Geopolitics and tariffs: a new twist for economic resilience José Ramón Díez Head of International Economics & Markets Key points of the month Reality or fiction? The answer lies in the data José Ramón Díez Head of International Economics & Markets Recommended Foreign sector Spain’s foreign sector performed better than expected in 2025 Sergio Díaz 12 March 2026 Recent developments 10 questions on the US Supreme Court’s tariff ruling David Martínez Turégano 12 March 2026 Opinion Geopolitics and tariffs: a new twist for economic resilience José Ramón Díez 12 March 2026 Spain's outlook The Spanish economy faces 2026 with optimism CaixaBank Research 13 February 2026 Opinion Dynamic, balanced and sustainable growth Oriol Aspachs 13 February 2026 World outlook Global stability: superficial mirage or structural strength? CaixaBank Research 13 February 2026 Opinion Reality or fiction? The answer lies in the data José Ramón Díez 12 February 2026 Stock markets Innovation, expectations and vertigo: is AI-driven concentration reshaping Wall Street? David del Val 12 February 2026 Financial markets outlook A start to the year with cross-currents in the financial markets CaixaBank Research 12 February 2026Most readGeopolitics and tariffs: a new twist for economic resilienceTreasury funding needs in 2026: high but manageable thanks to strong demand10 questions on the US Supreme Court’s tariff rulingThere are reasons why housing has become the top concern among European citizensSpain’s Macroeconomic & Financial Outlook NewsletterBeing informed now ismore important than everGet our latest updates Sign in Hot topics Climate change & green transition Reactivation or deceleration? Podcasts De la macro a la micro: los datos de alta frecuencia al servicio de la economía 24/02/2026 Forecasts Financial markets Interest rate (%)Update date 10-03-20262024202520262027 Fed Funds 4.25 3.50 3.00 3.00 ECB Refi 3.24 2.15 2.15 2.15 Macroeconomic GDP (%)Update date 10-03-20262024202520262027 Euro area GDP 0.8 1.5 1.3 1.5 Spain GDP 3.5 2.8 2.4 2.0 US GDP 2.8 2.2 2.6 2.0 Team Zoel Martín VilatóEconomist Javier Ibáñez de Aldecoa FusterEconomist Catalina BecuResearch assistant Judit Montoriol GarrigaLead economist Marina Tombas SuñéData Scientist David Martínez TuréganoSenior economist Ana Rincón GarcíaOrganization Meet us María Romero MeléndezEconomista Sandra Jódar RosellDirector of Strategic Planning Isabela Lara WhiteEconomist Jesús ViscarriOrganization Pedro Álvarez OndinaEconomist Enric FernándezChief Economist Javier García ArenasSenior economist Meet us Luís Pinheiro de MatosEconomist José Antonio Sánchez PalominoData scientist Adrià Morron SalmeronLead economist Ana María PorrasOrganization Patricia EstebanCommunication Sergio DíazEconomist Oriol AspachsHead of Spanish Economics Meet us David del ValSenior economist José Ramón DíezHead of International Economics & Markets Alberto GrazianoSenior Data Scientist Maitane LizarragaAnalyst Ariadna Vidal MartínezLead economist Nuria BustamanteLead economist Roser FerrerSenior economist Meet us Léopold JouvenEconomist Mireia CrusellsAnalyst Mar Bisquert PerlesData scientist Jesús Manuel Carrera MorenoResearch assistant Imelda EstebanSenior economist Rita Sánchez SolivaEconomist Beatriz Villafranca SerranoEconomist Meet us Josep Mestres DomènechLead economist Carolina CruzOrganization David Cesar HeymannEconomist Eduard Alcobé GarciaData scientist Oriol Carreras BaquerSenior economist Meet usPrint
Opinion Geopolitics and tariffs: a new twist for economic resilience After a January filled with a range of emotions (Venezuela, Greenland, etc.), the first quarter of the year will close with new changes in the tariff landscape, following the US Supreme Court’s decision to invalidate the legal path used by the Trump administration to… José Ramón Díez 12 March 2026
Foreign sector Spain’s foreign sector performed better than expected in 2025 Despite the challenging international context of 2025, which foreshadowed a significant deterioration in Spain’s current account balance after showing uninterrupted surpluses since 2012, the balance has ended up being better than expected, thanks to favourable factors… Sergio Díaz 12 March 2026
Recent developments 10 questions on the US Supreme Court’s tariff ruling David Martínez Turégano 12 March 2026
International China In 2025, China’s economy remained robust, albeit with certain nuances. Over the whole year, growth reached the 5.0% target set by the Chinese authorities, although in Q4 it was 4.5% year-on-year, the lowest in three years. The indicators showed that there was a slight… 12 March 2026
World outlook Global stability: superficial mirage or structural strength? CaixaBank Research 13 February 2026
Stock markets Innovation, expectations and vertigo: is AI-driven concentration reshaping Wall Street? David del Val 12 February 2026
Financial markets outlook A start to the year with cross-currents in the financial markets CaixaBank Research 12 February 2026
Sectorial ReportTourism. Spanish tourism sector: from post-pandemic rebound to sustainable growth S1 2026
Geopolitics and tariffs: a new twist for economic resilience José Ramón Díez Head of International Economics & Markets
Reality or fiction? The answer lies in the data José Ramón Díez Head of International Economics & Markets
Foreign sector Spain’s foreign sector performed better than expected in 2025 Sergio Díaz 12 March 2026
Recent developments 10 questions on the US Supreme Court’s tariff ruling David Martínez Turégano 12 March 2026
World outlook Global stability: superficial mirage or structural strength? CaixaBank Research 13 February 2026
Stock markets Innovation, expectations and vertigo: is AI-driven concentration reshaping Wall Street? David del Val 12 February 2026
Financial markets outlook A start to the year with cross-currents in the financial markets CaixaBank Research 12 February 2026