CaixaBank
Financial Markets Daily Report
10 September 2026
A renewed surge in energy prices, which sent Brent crude oil above $100 and TTF natural gas close to €80, set a risk-off tone across markets. Inflation expectations rose, as did expectations of central bank tightening, with markets pricing around 85 bps of ECB tightening over the next 12 months (starting with 25 bps today), and almost 70 bps for the Fed.
The ECB’s path to a new normal
Behind the recent upheavals and volatility, the euro area and the ECB are making progress towards a new normal for the financial environment. In recent years, the ECB has reduced its footprint in the market by returning to conventional monetary policy and withdrawing…
We need to talk about interest rates
In a summer focused on the effects of climate change – with events like El Niño, which could disrupt global activity in the autumn – and with political risk back where it stood before the signing of the US-Iran deal in June, an old acquaintance has once again come…
10 September 2026
Spain’s external sector drives the post-pandemic expansion
Spanish exports have emerged as one of the drivers of the country’s economic growth in the current expansionary phase following the pandemic in 2020. Exports now account for 36.0% of GDP, exceeding pre-pandemic levels (34.7% in 2019) and, even more so, those of 2007…
Ireland, the country that skews Europe’s statistics
When Eurostat publishes GDP growth for the euro area, Germany, France, Italy and Spain are the main drivers of the final result. However, in recent years, Ireland has been responsible for the largest revisions and distortions of the euro area’s figures, both upwards and…
10 September 2026
