CaixaBank Financial Markets Daily Report 27 March 2026 Yesterday’s developments reignited inflation and growth concerns, driving a pick-up in market volatility, as expectations of a near-term de-escalation in the Middle East faded amid doubts over the US willingness to meet Iran’s demands. Brent crude surged to $108/barrel. Spain's outlook The Spanish economy: between resilience and slowdown The Spanish economy closed 2025 with solid growth and has kicked off 2026 with figures that remain strong, albeit somewhat lower than those of last year. Together, the indicators published to date are consistent with CaixaBank Research’s forecast scenario, set out in the… CaixaBank Research 17 March 2026 Activity & growth Japan, at the dawn of a new cycle: fiscal tensions and monetary normalisation in the Land of the Rising Sun Japanese sovereign yields have rebounded since 2022, particularly in the past year, and have exceeded the 2% threshold for the first time in nearly three decades. These movements have sparked a wide debate about the country’s fiscal sustainability and the direction of its… Luís Pinheiro de Matos Jesús Manuel Carrera Moreno 17 March 2026 Financial markets The macro-financial environment behind the economic outlook The risk map is demanding and, in addition to the prevalence of geopolitical disruptions, the financial markets have shown sensitivity to the promises, doubts and transformations of artificial intelligence (AI) and to the sustainability of public debt. CaixaBank Research 17 March 2026 Opinion The Spanish economy amid the outbreak of war in the Middle East The outbreak of the war in the Middle East has once again triggered a spike in global uncertainty. As has occurred repeatedly in recent years, we yet again find ourselves in a context in which it is very difficult to make reliable forecasts. It happened during the… Oriol Aspachs 17 March 2026 Portugal outlook Stormy start to the year for the Portuguese economy CaixaBank Research 17 March 2026 Recent developments 10 questions on the US Supreme Court’s tariff ruling David Martínez Turégano 12 March 2026 Foreign sector Spain’s foreign sector performed better than expected in 2025 Sergio Díaz 12 March 2026 Opinion Geopolitics and tariffs: a new twist for economic resilience José Ramón Díez 12 March 2026 World outlook The international economy once again follows developments in the US CaixaBank Research 13 March 2026 Activity & growth What to expect from the international economy in 2026 Rita Sánchez Soliva 16 March 2026 Publications Monthly Report March 2026 | No. 509 17 March 2026 Sectorial Report Tourism. Spanish tourism sector: from post-pandemic rebound to sustainable growth S1 2026 Spain Spain’s Macroeconomic & Financial Outlook 11 March 2026 Portugal Portugal’s Macroeconomic & Financial Outlook 13 February 2026 Sectorial Report Agrifood. The Spanish agrifood sector gains momentum 2025 Sectorial Report Real Estate. The Spanish real estate sector is in full expansionary phase S2 2025 Sectorial Report Sectoral Observatory S1 2025 Sectorial Report Manufacturing Industry 2023 Opinion Editorial Geopolitics and tariffs: a new twist for economic resilience José Ramón Díez Head of International Economics & Markets Key points of the month The Spanish economy amid the outbreak of war in the Middle East Oriol Aspachs Head of Spanish Economics Recommended Opinion The Spanish economy amid the outbreak of war in the Middle East Oriol Aspachs 17 March 2026 Financial markets The macro-financial environment behind the economic outlook CaixaBank Research 17 March 2026 Portugal outlook Stormy start to the year for the Portuguese economy CaixaBank Research 17 March 2026 Activity & growth The Spanish economy in 2026 Oriol Carreras Baquer 17 March 2026 Activity & growth Japan, at the dawn of a new cycle: fiscal tensions and monetary normalisation in the Land of the Rising Sun Luís Pinheiro de Matos Jesús Manuel Carrera Moreno 17 March 2026 Spain's outlook The Spanish economy: between resilience and slowdown CaixaBank Research 17 March 2026 Activity & growth What to expect from the international economy in 2026 Rita Sánchez Soliva 16 March 2026 Foreign sector Spanish exports amid challenges to their competitiveness Catalina Becu 13 March 2026 World outlook The international economy once again follows developments in the US CaixaBank Research 13 March 2026 Most read The Spanish economy amid the outbreak of war in the Middle East Geopolitics and tariffs: a new twist for economic resilience The Spanish economy in 2026 The macro-financial environment behind the economic outlook What to expect from the international economy in 2026 Newsletter Being informed now is more important than ever Get our latest updates Sign in Hot topics Climate change & green transition Reactivation or deceleration? Podcasts Guerra en Irán: implicaciones para la economía mundial y para España 16/03/2026 Forecasts Financial markets Update date 10-03-2026 2024 2025 2026 2027 Fed Funds 4.25 3.50 3.00 3.00 ECB Refi 3.24 2.15 2.15 2.15 Macroeconomic Update date 10-03-2026 2024 2025 2026 2027 Euro area GDP 0.8 1.5 1.3 1.5 Spain GDP 3.5 2.8 2.4 2.0 US GDP 2.8 2.2 2.6 2.0 Team Sergio Díaz Economist Josep Mestres Domènech Lead economist David Cesar Heymann Economist Patricia Esteban Communication María Romero Meléndez Economista Ariadna Vidal Martínez Lead economist Oriol Aspachs Head of Spanish Economics Meet us Beatriz Villafranca Serrano Economist Maitane Lizarraga Analyst Judit Montoriol Garriga Lead economist Enric Fernández Chief Economist Rita Sánchez Soliva Economist Adrià Morron Salmeron Lead economist Ana Rincón García Organization Meet us Jesús Viscarri Organization Luís Pinheiro de Matos Economist Jesús Manuel Carrera Moreno Research assistant José Antonio Sánchez Palomino Data scientist Mireia Crusells Analyst Javier Ibáñez de Aldecoa Fuster Economist Marina Tombas Suñé Data Scientist Meet us David del Val Senior economist Javier García Arenas Senior economist Catalina Becu Research assistant Imelda Esteban Senior economist Isabela Lara White Economist Roser Ferrer Senior economist Ana María Porras Organization Meet us Sandra Jódar Rosell Director of Strategic Planning Carolina Cruz Organization Pedro Álvarez Ondina Economist Zoel Martín Vilató Economist Alberto Graziano Senior Data Scientist David Martínez Turégano Senior economist Eduard Alcobé Garcia Data scientist Meet us Nuria Bustamante Lead economist Oriol Carreras Baquer Senior economist Léopold Jouven Economist José Ramón Díez Head of International Economics & Markets Mar Bisquert Perles Data scientist Meet us
Spain's outlook The Spanish economy: between resilience and slowdown The Spanish economy closed 2025 with solid growth and has kicked off 2026 with figures that remain strong, albeit somewhat lower than those of last year. Together, the indicators published to date are consistent with CaixaBank Research’s forecast scenario, set out in the… CaixaBank Research 17 March 2026
Activity & growth Japan, at the dawn of a new cycle: fiscal tensions and monetary normalisation in the Land of the Rising Sun Japanese sovereign yields have rebounded since 2022, particularly in the past year, and have exceeded the 2% threshold for the first time in nearly three decades. These movements have sparked a wide debate about the country’s fiscal sustainability and the direction of its… Luís Pinheiro de Matos Jesús Manuel Carrera Moreno 17 March 2026
Financial markets The macro-financial environment behind the economic outlook The risk map is demanding and, in addition to the prevalence of geopolitical disruptions, the financial markets have shown sensitivity to the promises, doubts and transformations of artificial intelligence (AI) and to the sustainability of public debt. CaixaBank Research 17 March 2026
Opinion The Spanish economy amid the outbreak of war in the Middle East The outbreak of the war in the Middle East has once again triggered a spike in global uncertainty. As has occurred repeatedly in recent years, we yet again find ourselves in a context in which it is very difficult to make reliable forecasts. It happened during the… Oriol Aspachs 17 March 2026
Portugal outlook Stormy start to the year for the Portuguese economy CaixaBank Research 17 March 2026
Recent developments 10 questions on the US Supreme Court’s tariff ruling David Martínez Turégano 12 March 2026
Foreign sector Spain’s foreign sector performed better than expected in 2025 Sergio Díaz 12 March 2026
World outlook The international economy once again follows developments in the US CaixaBank Research 13 March 2026
Activity & growth What to expect from the international economy in 2026 Rita Sánchez Soliva 16 March 2026
Sectorial Report Tourism. Spanish tourism sector: from post-pandemic rebound to sustainable growth S1 2026
Geopolitics and tariffs: a new twist for economic resilience José Ramón Díez Head of International Economics & Markets
The Spanish economy amid the outbreak of war in the Middle East Oriol Aspachs Head of Spanish Economics
Financial markets The macro-financial environment behind the economic outlook CaixaBank Research 17 March 2026
Portugal outlook Stormy start to the year for the Portuguese economy CaixaBank Research 17 March 2026
Activity & growth Japan, at the dawn of a new cycle: fiscal tensions and monetary normalisation in the Land of the Rising Sun Luís Pinheiro de Matos Jesús Manuel Carrera Moreno 17 March 2026
Spain's outlook The Spanish economy: between resilience and slowdown CaixaBank Research 17 March 2026
Activity & growth What to expect from the international economy in 2026 Rita Sánchez Soliva 16 March 2026
World outlook The international economy once again follows developments in the US CaixaBank Research 13 March 2026