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.
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…
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.
15 July 2026
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…
