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Wednesday's session delivered a broadly constructive tone, with European equities outperforming their U.S. counterparts in a session dominated by the Fed's rate hike. European indices closed higher across the board while U.S. markets were more mixed, with the S&P 500 eking out modest gains for most of the session before closing lower after the Fed's meeting.

Financial markets started the week on a positive note, as hopes of a diplomatic resolution to the war in Iran caused energy prices to fall, pushing inflation expectations lower on both sides of the Atlantic. This also eased central banks' rate hike expectations, although investors still price in three rate hikes by both the ECB and the Fed over the next 12 months.

Markets traded cautiously in yesterday's session as investors digested earnings releases and the Fed's and the ECB's on-hold meetings. Sovereign yields declined across the board while stocks were mixed (rising in Europe but declining in the U.S., dragged down by AI concerns). The dollar eased modestly against the major currencies, and Brent oil held near $115.

Energy markets reacted strongly to the US election results, as investors judged a Democratic-controlled Congress could constrain the administration and increase the chances of de-escalation in the US-Iran conflict. Brent closed the session nearly 9% down, below $95/bbl, while the TTF fell 4%.

In the first session of the week, investors operated with caution as they continued to digest the Fed's dovish message and the implications for the economic outlook of an inverted yield curve.

Financial markets started the week in a quiet mood as investors awaited the beginning of the earnings' season, the ECB meeting and more clues on the trade negotiations between the U.S. and China.

In yesterday session, global financial markets were driven by the dovish communication from the ECB and the developments in the negotiations between the U.S. and Mexico.

The growth in Spain's inbound tourism has been contained throughout 2019 due to the less favourable global economic environment and the strong recovery by its main rivals in the Mediterranean. However, the tourism sector's profitability looks highly resilient, supported by dynamic domestic tourism expenditure and the industry's drive towards higher quality.