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 Sectoral Observatory S1 2026Content available in catalan spanish SpainSpain’s Macroeconomic & Financial Outlook10 July 2026 Real Estate. Increasing supply, the great challenge of the Spanish real estate market S1 2026Content available in catalan spanish Tourism. Spanish tourism sector: from post-pandemic rebound to sustainable growth S1 2026Content available in catalan spanish PortugalPortugal’s Macroeconomic & Financial Outlook13 February 2026 Agrifood. The Spanish agrifood sector gains momentum 2025Content available in catalan spanish Manufacturing Industry 2023Content available in catalan spanish 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 readHow the agrifood sector is becoming more sustainableThe impact of ageing on public finances: a major challenge for Spain and Europe2022: return to normality? Spain’s agrifood sector enjoys a revival in 2024 thanks to the moderation of production costsThe effects of ageing on growth and policy tools to mitigate them NewsletterBeing informed now ismore important than everGet our latest updates Sign in Hot topics Monetary and fiscal policy Reactivation or deceleration? 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 Josep Mestres DomènechLead economist María Romero MeléndezEconomista Adrià Morron SalmeronLead economist Mireia CrusellsAnalyst Ana Rincón GarcíaOrganization Imelda EstebanSenior economist Roser FerrerSenior economist Meet us Alberto GrazianoSenior Data Scientist Isabela Lara WhiteEconomist Léopold JouvenEconomist José Antonio Sánchez PalominoData scientist Javier García ArenasSenior economist Carolina CruzOrganization Mar Bisquert PerlesData scientist Meet us Oriol AspachsHead of Spanish Economics Judit Montoriol GarrigaLead economist David del ValSenior economist Ariadna Vidal MartínezLead economist Jesús ViscarriOrganization José Ramón DíezHead of International Economics & Markets Zoel Martín VilatóEconomist Meet us Eduard Alcobé GarciaData scientist David Cesar HeymannEconomist Beatriz Villafranca SerranoEconomist Patricia EstebanCommunication Jesús Manuel Carrera MorenoResearch assistant Javier Ibáñez de Aldecoa FusterEconomist Rita Sánchez SolivaEconomist Meet us Pedro Álvarez OndinaEconomist Luís Pinheiro de MatosEconomist Enric FernándezChief Economist Maitane LizarragaAnalyst David Martínez TuréganoSenior economist Catalina BecuResearch assistant Oriol Carreras BaquerSenior economist Meet us Sergio DíazEconomist Ana María PorrasOrganization Marina Tombas SuñéData Scientist Sandra Jódar RosellDirector of Strategic Planning Nuria BustamanteLead economist 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
Real Estate. Increasing supply, the great challenge of the Spanish real estate market S1 2026Content available in catalan spanish
Tourism. Spanish tourism sector: from post-pandemic rebound to sustainable growth S1 2026Content available in catalan spanish
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