CaixaBank Financial Markets Daily Report 09 June 2025 Investor risk appetite ended the week positively, as US non-farm payroll figures for May came in higher than expected, with job creation gradually cooling (139k in May versus 147k in April), though there are still no major signs of strain from Trump's tariffs. This should give the Fed more time before cutting rates, causing Fed Funds futures and US Treasury yields to rise. Opinion 500 Monthly Reports With this Monthly Report (MR) we celebrate 500 issues since the publication’s birth in January 1980. It has been 45 years and five months, with 11 issues published each year (we only take a break in August) and with the same goal since the beginning: to offer the reader a… Enric Fernández 19 May 2025 Geopolitics The scene after the storm 100 days after Donald Trump’s inauguration as US president and five weeks following the announcement of the tariff hikes, there is a feeling of tense calm in the economy and the financial markets, as we wait to see how the negotiations between the major trading blocs… José Ramón Díez 15 May 2025 Currencies Anatomy of a depreciation: the dollar in times of economic policy uncertainty At least for now, and despite the depreciation it has accumulated so far this year, the value of the dollar does not appear to reflect any major change in the currency’s central role in the international monetary system. David del Val 20 May 2025 Financial markets Gold: the shiniest asset We examine the dynamics that have led to the gold rally, as well as the factors that influence the gold price in both the long and the short term, most notably the role central banks play in purchases of this precious metal. Beatriz Villafranca Serrano 16 May 2025 Emerging economies India: the wheel of dharma on the path to development Luís Pinheiro de Matos Antonio Marta Miranda 20 May 2025 Investment A snapshot of investor apathy in the EU David Martínez Turégano 19 May 2025 Publications Monthly Report May 2025 | No. 500 20 May 2025 Spain Spain’s Macroeconomic & Financial Outlook 13 May 2025 Portugal Portugal’s Macroeconomic & Financial Outlook 13 May 2025 Sectorial Report Real Estate. The expansive cycle takes hold S1 2025 Sectorial Report Tourism. The Spanish tourism sector: no signs of cyclical exhaustion S1 2025 Sectorial Report Sectoral Observatory S2 2024 Sectorial Report Agrifood. Spain’s agrifood sector enjoys a revival 2024 Sectorial Report Manufacturing Industry 2023 Opinion Editorial 500 Monthly Reports Enric Fernández Chief Economist Key points of the month The scene after the storm José Ramón Díez Head of International Economics & Markets Recommended World outlook The global economy shows symptoms of ‘tariffitis’ CaixaBank Research 20 May 2025 Currencies Anatomy of a depreciation: the dollar in times of economic policy uncertainty David del Val 20 May 2025 Emerging economies India: the wheel of dharma on the path to development Luís Pinheiro de Matos Antonio Marta Miranda 20 May 2025 Public sector Why has public consumption grown so much in recent years? Oriol Carreras Baquer 19 May 2025 Investment Spanish firms bolster their financial solidity Sergio Díaz 19 May 2025 Investment A snapshot of investor apathy in the EU David Martínez Turégano 19 May 2025 Portugal outlook Disappointment with Portugal’s GDP in Q1 CaixaBank Research 19 May 2025 Opinion 500 Monthly Reports Enric Fernández 19 May 2025 Spain's outlook The Spanish economy weathers the uncertainty storm CaixaBank Research 16 May 2025 Most read Big data and the big challenges of the Spanish economy 2025 global outlook: in search of a new normal The scene after the storm Monetary policy in 2025: dialling-back time Europe and the mission to decouple from Russian oil: an achievable goal in the short term Newsletter Being informed now is more important than ever Get our latest updates Sign in Hot topics Monetary and fiscal policy Real-Time Economics Podcasts Trump, aranceles y el pulso de los mercados 30/05/2025 Forecasts Financial markets Update date 06-06-2025 Macroeconomic Update date 06-06-2025 Team Javier Ibáñez de Aldecoa Fuster Economist José Antonio Sánchez Palomino Data scientist Carolina Cruz Organization Oriol Aspachs Head of Spanish Economics Ariadna Vidal Martínez Lead economist Javier García Arenas Senior economist Oriol Carreras Baquer Senior economist Meet us Josep Mestres Domènech Lead economist Ana María Porras Organization Rita Sánchez Soliva Economist Enric Fernández Chief Economist Isabela Lara White Economist David del Val Senior economist Mireia Crusells Analyst Meet us Pedro Álvarez Ondina Economist María Romero Meléndez Economista Zoel Martín Vilató Economist Jesús Viscarri Organization Léopold Jouven Economist Sandra Jódar Rosell Director of Strategic Planning Nuria Bustamante Lead economist Meet us Patricia Esteban Communication Eduard Alcobé Garcia Data scientist José Ramón Díez Head of International Economics & Markets Imelda Esteban Senior economist Mar Bisquert Perles Data scientist Maitane Lizarraga Analyst Anna Bahí Esteba Research Assistant Meet us Judit Montoriol Garriga Lead economist Ana Rincón García Organization Beatriz Villafranca Serrano Economist Luís Pinheiro de Matos Economist David Cesar Heymann Economist Roser Ferrer Senior economist Adrià Morron Salmeron Lead economist Meet us Alberto Graziano Senior Data Scientist Sergio Díaz Economist Antonio Marta Miranda Research assistant David Martínez Turégano Economist Meet us
Opinion 500 Monthly Reports With this Monthly Report (MR) we celebrate 500 issues since the publication’s birth in January 1980. It has been 45 years and five months, with 11 issues published each year (we only take a break in August) and with the same goal since the beginning: to offer the reader a… Enric Fernández 19 May 2025
Geopolitics The scene after the storm 100 days after Donald Trump’s inauguration as US president and five weeks following the announcement of the tariff hikes, there is a feeling of tense calm in the economy and the financial markets, as we wait to see how the negotiations between the major trading blocs… José Ramón Díez 15 May 2025
Currencies Anatomy of a depreciation: the dollar in times of economic policy uncertainty At least for now, and despite the depreciation it has accumulated so far this year, the value of the dollar does not appear to reflect any major change in the currency’s central role in the international monetary system. David del Val 20 May 2025
Financial markets Gold: the shiniest asset We examine the dynamics that have led to the gold rally, as well as the factors that influence the gold price in both the long and the short term, most notably the role central banks play in purchases of this precious metal. Beatriz Villafranca Serrano 16 May 2025
Emerging economies India: the wheel of dharma on the path to development Luís Pinheiro de Matos Antonio Marta Miranda 20 May 2025
Currencies Anatomy of a depreciation: the dollar in times of economic policy uncertainty David del Val 20 May 2025
Emerging economies India: the wheel of dharma on the path to development Luís Pinheiro de Matos Antonio Marta Miranda 20 May 2025
Public sector Why has public consumption grown so much in recent years? Oriol Carreras Baquer 19 May 2025