US tariffs: where do we stand and what comes next? International economy David Martínez Turégano Luís Pinheiro de Matos June 13th, 2025
The CaixaBank Research real estate clock: the Spanish real estate market picks up the pace Spanish economy Judit Montoriol Garriga June 12th, 2025
Economic situation in the Valencia province six months after the floods Spanish economy Zoel Martín Vilató Eduard Alcobé Garcia June 12th, 2025
Financial Markets Daily Report 23 June 2025 Markets ended the week on a cautious note as heightened tensions in the Middle East, renewed trade uncertainty, and monetary policy actions weighed on investor sentiment. Sovereign bond yields fell on both sides of the Atlantic as demand for safe-haven assets rose. Consumption The economic impact of the blackout in detail We expand on the assessment of the economic impact of the blackout on 28 April in Spain by taking a cross-section by sector and autonomous community region, based on the analysis of internal CaixaBank data. Josep Mestres Domènech Zoel Martín Vilató 18 June 2025 Opinion Hegemonic stability in times of change Is the Trump administration’s strategic shift compatible with the United States’ role as a guarantor of the international economic equilibrium? José Ramón Díez 12 June 2025 Opinion The Spanish economy holds up This month, we have updated our forecast scenario for the Spanish economy. Although we now expect growth to be slightly lower than previously anticipated, the message remains broadly positive and there are several elements sustaining the Spanish economy’s dynamic growth. … Oriol Aspachs 12 June 2025 Federal Reserve (Fed) What are the implications of the Fed slowing down its balance sheet reduction process? During the years of expansionary monetary policy, the Federal Reserve embarked on an asset purchase programme aimed at injecting liquidity into the economy and stimulating it, with its assets peaking at 35% of US GDP in mid-2022. The inflationary crisis required a… Isabela Lara White Antonio Marta Miranda 13 June 2025 Labour market & demographics A changing European labour market: the role of immigration and new jobs Active training policies, as well as the ability to attract talent in sectors with the greatest shortage of skilled personnel, will be key if the EU is to make progress in innovation and competitiveness and avoid falling behind its main competitors. María Romero Meléndez 16 June 2025 Financial markets outlook Uncertainty over economic policy continues to steer investor mood CaixaBank Research 16 June 2025 World outlook Trump’s announcements detract from the economic indicators CaixaBank Research 16 June 2025 Activity & growth New economic scenario: The world holds its breath over Trump’s tariffs Rita Sánchez Soliva 13 June 2025 Spain's outlook Spain: much ado about nothing, for now CaixaBank Research 16 June 2025 Public sector Lower budget deficit in 2025 in Spain, but the structural challenges persist Javier García Arenas 12 June 2025 Portugal Portugal: 2025 starts poorly, but the macro outlook is still supported by structural factors CaixaBank Research 16 June 2025 Publications Monthly ReportJune 2025 | No. 50117 June 2025 SpainSpain’s Macroeconomic & Financial Outlook11 June 2025 PortugalPortugal’s Macroeconomic & Financial Outlook11 June 2025 Sectorial ReportReal Estate. The expansive cycle takes hold S1 2025 Sectorial ReportTourism. The Spanish tourism sector: no signs of cyclical exhaustion S1 2025 Sectorial ReportSectoral Observatory S2 2024 Sectorial ReportAgrifood. Spain’s agrifood sector enjoys a revival 2024 Sectorial ReportManufacturing Industry 2023 Opinion Editorial Hegemonic stability in times of change José Ramón Díez Head of International Economics & Markets Key points of the month The Spanish economy holds up Oriol Aspachs Head of Spanish Economics Recommended Consumption The economic impact of the blackout in detail Josep Mestres Domènech Zoel Martín Vilató 18 June 2025 Spain's outlook Spain: much ado about nothing, for now CaixaBank Research 16 June 2025 Labour market & demographics A changing European labour market: the role of immigration and new jobs María Romero Meléndez 16 June 2025 World outlook Trump’s announcements detract from the economic indicators CaixaBank Research 16 June 2025 Portugal Portugal: 2025 starts poorly, but the macro outlook is still supported by structural factors CaixaBank Research 16 June 2025 Financial markets outlook Uncertainty over economic policy continues to steer investor mood CaixaBank Research 16 June 2025 Activity & growth New economic scenario: The world holds its breath over Trump’s tariffs Rita Sánchez Soliva 13 June 2025 Geopolitics US tariffs: where do we stand and what comes next? David Martínez Turégano Luís Pinheiro de Matos 13 June 2025 Federal Reserve (Fed) What are the implications of the Fed slowing down its balance sheet reduction process? Isabela Lara White Antonio Marta Miranda 13 June 2025Most readThe CaixaBank Research real estate clock: the Spanish real estate market picks up the paceUS tariffs: where do we stand and what comes next?Lower budget deficit in 2025 in Spain, but the structural challenges persistEconomic situation in the Valencia province six months after the floodsExposure of the European economy to a US tariff hike: a perspective through values chains NewsletterBeing informed now ismore important than everGet our latest updates Sign in Hot topics Demographics Geopolitics Podcasts Más allá de los aranceles: previsiones ajustadas, expansión inmobiliaria y resiliencia exportadora 19/06/2025 Forecasts Financial markets Interest rate (%)Update date 06-06-2025 Macroeconomic GDP (%)Update date 06-06-2025 Team David Martínez TuréganoEconomist Javier García ArenasSenior economist Anna Bahí EstebaResearch Assistant Eduard Alcobé GarciaData scientist Oriol AspachsHead of Spanish Economics Sergio DíazEconomist Judit Montoriol GarrigaLead economist Meet us David Cesar HeymannEconomist Antonio Marta MirandaResearch assistant Beatriz Villafranca SerranoEconomist Jesús ViscarriOrganization Ana María PorrasOrganization Zoel Martín VilatóEconomist José Antonio Sánchez PalominoData scientist Meet us Nuria BustamanteLead economist Maitane LizarragaAnalyst Javier Ibáñez de Aldecoa FusterEconomist Imelda EstebanSenior economist Josep Mestres DomènechLead economist Oriol Carreras BaquerSenior economist Luís Pinheiro de MatosEconomist Meet us Pedro Álvarez OndinaEconomist Enric FernándezChief Economist Mar Bisquert PerlesData scientist Carolina CruzOrganization Ana Rincón GarcíaOrganization Adrià Morron SalmeronLead economist Rita Sánchez SolivaEconomist Meet us Patricia EstebanCommunication José Ramón DíezHead of International Economics & Markets Mireia CrusellsAnalyst Léopold JouvenEconomist Alberto GrazianoSenior Data Scientist Sandra Jódar RosellDirector of Strategic Planning David del ValSenior economist Meet us Roser FerrerSenior economist Isabela Lara WhiteEconomist Ariadna Vidal MartínezLead economist María Romero MeléndezEconomista Meet usPrint
Consumption The economic impact of the blackout in detail We expand on the assessment of the economic impact of the blackout on 28 April in Spain by taking a cross-section by sector and autonomous community region, based on the analysis of internal CaixaBank data. Josep Mestres Domènech Zoel Martín Vilató 18 June 2025
Opinion Hegemonic stability in times of change Is the Trump administration’s strategic shift compatible with the United States’ role as a guarantor of the international economic equilibrium? José Ramón Díez 12 June 2025
Opinion The Spanish economy holds up This month, we have updated our forecast scenario for the Spanish economy. Although we now expect growth to be slightly lower than previously anticipated, the message remains broadly positive and there are several elements sustaining the Spanish economy’s dynamic growth. … Oriol Aspachs 12 June 2025
Federal Reserve (Fed) What are the implications of the Fed slowing down its balance sheet reduction process? During the years of expansionary monetary policy, the Federal Reserve embarked on an asset purchase programme aimed at injecting liquidity into the economy and stimulating it, with its assets peaking at 35% of US GDP in mid-2022. The inflationary crisis required a… Isabela Lara White Antonio Marta Miranda 13 June 2025
Labour market & demographics A changing European labour market: the role of immigration and new jobs Active training policies, as well as the ability to attract talent in sectors with the greatest shortage of skilled personnel, will be key if the EU is to make progress in innovation and competitiveness and avoid falling behind its main competitors. María Romero Meléndez 16 June 2025
Financial markets outlook Uncertainty over economic policy continues to steer investor mood CaixaBank Research 16 June 2025
World outlook Trump’s announcements detract from the economic indicators CaixaBank Research 16 June 2025
Activity & growth New economic scenario: The world holds its breath over Trump’s tariffs Rita Sánchez Soliva 13 June 2025
Public sector Lower budget deficit in 2025 in Spain, but the structural challenges persist Javier García Arenas 12 June 2025
Portugal Portugal: 2025 starts poorly, but the macro outlook is still supported by structural factors CaixaBank Research 16 June 2025
Consumption The economic impact of the blackout in detail Josep Mestres Domènech Zoel Martín Vilató 18 June 2025
Labour market & demographics A changing European labour market: the role of immigration and new jobs María Romero Meléndez 16 June 2025
World outlook Trump’s announcements detract from the economic indicators CaixaBank Research 16 June 2025
Portugal Portugal: 2025 starts poorly, but the macro outlook is still supported by structural factors CaixaBank Research 16 June 2025
Financial markets outlook Uncertainty over economic policy continues to steer investor mood CaixaBank Research 16 June 2025
Activity & growth New economic scenario: The world holds its breath over Trump’s tariffs Rita Sánchez Soliva 13 June 2025
Geopolitics US tariffs: where do we stand and what comes next? David Martínez Turégano Luís Pinheiro de Matos 13 June 2025
Federal Reserve (Fed) What are the implications of the Fed slowing down its balance sheet reduction process? Isabela Lara White Antonio Marta Miranda 13 June 2025