CaixaBank Financial Markets Daily Report 22 October 2026 Sovereign bond markets remained under pressure as investors grappled with persistent inflation risks, higher energy prices and uncertainty surrounding the AI-driven growth story. US Treasury yields stayed elevated while in Europe peripheral spreads widened further amid fiscal concerns, with French yields hitting the 5% threshold for the first time since 2002, while UK gilt yields rose after stronger-than-expected inflation data. International Germany The German economy enjoyed a very positive first half of the year. In fact, GDP grew by 0.4% quarter-on-quarter in Q1 2026 and rose by 0.3% in Q2, despite the sharp increase in energy prices following the outbreak of war in the Middle East. 22 October 2026 Recent developments Spain: 2027 macroeconomic outlook Spain is facing the latest episode of international geopolitical tension from a position of strength, although rising energy costs, tighter financial conditions and a deteriorating international environment will keep inflation high and reduce economic dynamism. All this… Oriol Carreras Baquer 15 October 2026 United States of America Are the midterms important for Trump? And for the US? On 3 November, Americans will return to the polls to renew the entire House of Representatives and one-third of the Senate, the two chambers in which the Republican Party secured a majority in 2024. Although Donald Trump will not appear on the ballot, these elections… David Martínez Turégano 15 October 2026 Recent developments Global economic outlook and financial conditions: autumn 2026 Economic activity thus faces an outlook with higher energy prices, higher interest rates and higher inflation. At the same time, financial conditions as a whole are less restrictive than they might appear, thanks to the counterbalance provided by the strong performance of… CaixaBank Research 15 October 2026 Portugal outlook Higher growth and more inflation in Portugal CaixaBank Research 15 October 2026 Spain's outlook The Spanish economy maintains its momentum, but inflation takes centre stage CaixaBank Research 15 October 2026 World outlook The international economy withstands the shocks, for now CaixaBank Research 15 October 2026 Financial markets outlook Geopolitics and fiscal policy weigh on financial markets CaixaBank Research 15 October 2026 Tourism The high season once again attracts international tourists to Spain Pedro Álvarez Ondina 14 October 2026 United States of America Trump 2.0 immigration policies: the end of the American Dream? David Martínez Turégano 14 October 2026 Publications Monthly Report October 2026 | No. 515 15 October 2026 Sectorial Report Agrifood. Cultivating the future: investment, integration and value 2026 Spain Spain’s Macroeconomic & Financial Outlook 13 October 2026 Portugal Portugal’s Macroeconomic & Financial Outlook 13 October 2026 Sectorial Report Sectoral Observatory S1 2026 Sectorial Report Real Estate. Increasing supply, the great challenge of the Spanish real estate market S1 2026 Sectorial Report Tourism. Spanish tourism sector: from post-pandemic rebound to sustainable growth S1 2026 Sectorial Report Manufacturing Industry 2023 Opinion Editorial The price of the new economic equilibrium José Ramón Díez Head of International Economics & Markets Key points of the month The new priorities of the post-pandemic economy Oriol Aspachs Head of Spanish Economics Recommended Recent developments Spain: 2027 macroeconomic outlook Oriol Carreras Baquer 15 October 2026 United States of America Are the midterms important for Trump? And for the US? David Martínez Turégano 15 October 2026 Recent developments Global economic outlook and financial conditions: autumn 2026 CaixaBank Research 15 October 2026 Portugal outlook Higher growth and more inflation in Portugal CaixaBank Research 15 October 2026 Spain's outlook The Spanish economy maintains its momentum, but inflation takes centre stage CaixaBank Research 15 October 2026 Agrifood The wine sector’s major transformation: adapting to climate change and shifting consumer preferences Pedro Álvarez Ondina 15 October 2026 Download File World outlook The international economy withstands the shocks, for now CaixaBank Research 15 October 2026 Agrifood Scale, integration and value: the challenges facing Spain’s agrifood cooperative sector Pedro Álvarez Ondina 15 October 2026 Download File Financial markets outlook Geopolitics and fiscal policy weigh on financial markets CaixaBank Research 15 October 2026 Most read The wine sector’s major transformation: adapting to climate change and shifting consumer preferences The new priorities of the post-pandemic economy Trump 2.0 immigration policies: the end of the American Dream? The high season once again attracts international tourists to Spain The price of the new economic equilibrium Newsletter Being informed now is more important than ever Get our latest updates Sign in Hot topics Climate change & green transition Inequality & inclusive growth Podcasts Cuando suben los tipos: qué hay detrás de las últimas decisiones de los bancos centrales 28/09/2026 Forecasts Financial markets Update date 09-10-2026 2024 2025 2026 2027 Fed Funds 4.25 3.50 4.00 3.50 ECB Refi 3.24 2.15 2.90 2.65 Macroeconomic Update date 09-10-2026 2024 2025 2026 2027 Euro area GDP 1.1 1.3 1.0 1.4 Spain GDP 3.7 2.6 2.6 2.0 US GDP 3.0 2.3 2.1 1.9 Team Imelda Esteban Senior economist María Romero Meléndez Economista Ana María Porras Organization Luís Pinheiro de Matos Economist Jesús Viscarri Organization Rita Sánchez Soliva Economist Oriol Carreras Baquer Senior economist Meet us Sergio Díaz Economist Judit Montoriol Garriga Lead economist Mar Bisquert Perles Data scientist Nuria Bustamante Lead economist Roser Ferrer Senior economist Mireia Crusells Analyst Sandra Jódar Rosell Director of Strategic Planning Meet us David del Val Senior economist Maitane Lizarraga Analyst Javier García Arenas Senior economist Léopold Jouven Economist Ana Rincón García Organization Alberto Graziano Senior Data Scientist José Antonio Sánchez Palomino Data scientist Meet us Josep Mestres Domènech Lead economist Adrià Morron Salmeron Lead economist Aleix Cuevas Bullich Oriol Aspachs Head of Spanish Economics Marina Tombas Suñé Data Scientist Patricia Esteban Communication Pedro Álvarez Ondina Economist Meet us Ariadna Vidal Martínez Lead economist Enric Fernández Chief Economist Isabela Lara White Economist José Ramón Díez Head of International Economics & Markets Carolina Cruz Organization Beatriz Villafranca Serrano Economist Eduard Alcobé Garcia Data scientist Meet us Zoel Martín Vilató Economist Javier Ibáñez de Aldecoa Fuster Economist David Martínez Turégano Senior economist Meet us
International Germany The German economy enjoyed a very positive first half of the year. In fact, GDP grew by 0.4% quarter-on-quarter in Q1 2026 and rose by 0.3% in Q2, despite the sharp increase in energy prices following the outbreak of war in the Middle East. 22 October 2026
Recent developments Spain: 2027 macroeconomic outlook Spain is facing the latest episode of international geopolitical tension from a position of strength, although rising energy costs, tighter financial conditions and a deteriorating international environment will keep inflation high and reduce economic dynamism. All this… Oriol Carreras Baquer 15 October 2026
United States of America Are the midterms important for Trump? And for the US? On 3 November, Americans will return to the polls to renew the entire House of Representatives and one-third of the Senate, the two chambers in which the Republican Party secured a majority in 2024. Although Donald Trump will not appear on the ballot, these elections… David Martínez Turégano 15 October 2026
Recent developments Global economic outlook and financial conditions: autumn 2026 Economic activity thus faces an outlook with higher energy prices, higher interest rates and higher inflation. At the same time, financial conditions as a whole are less restrictive than they might appear, thanks to the counterbalance provided by the strong performance of… CaixaBank Research 15 October 2026
Spain's outlook The Spanish economy maintains its momentum, but inflation takes centre stage CaixaBank Research 15 October 2026
World outlook The international economy withstands the shocks, for now CaixaBank Research 15 October 2026
Financial markets outlook Geopolitics and fiscal policy weigh on financial markets CaixaBank Research 15 October 2026
Tourism The high season once again attracts international tourists to Spain Pedro Álvarez Ondina 14 October 2026
United States of America Trump 2.0 immigration policies: the end of the American Dream? David Martínez Turégano 14 October 2026
Sectorial Report Real Estate. Increasing supply, the great challenge of the Spanish real estate market S1 2026
Sectorial Report Tourism. Spanish tourism sector: from post-pandemic rebound to sustainable growth S1 2026
United States of America Are the midterms important for Trump? And for the US? David Martínez Turégano 15 October 2026
Recent developments Global economic outlook and financial conditions: autumn 2026 CaixaBank Research 15 October 2026
Spain's outlook The Spanish economy maintains its momentum, but inflation takes centre stage CaixaBank Research 15 October 2026
Agrifood The wine sector’s major transformation: adapting to climate change and shifting consumer preferences Pedro Álvarez Ondina 15 October 2026 Download File
World outlook The international economy withstands the shocks, for now CaixaBank Research 15 October 2026
Agrifood Scale, integration and value: the challenges facing Spain’s agrifood cooperative sector Pedro Álvarez Ondina 15 October 2026 Download File
Financial markets outlook Geopolitics and fiscal policy weigh on financial markets CaixaBank Research 15 October 2026