Risk aversion continued to set the tone during the last session of the week, fueled by a further upward revision in investors’ expectations for the likely path of policy interest rates ahead. These worries were compounded by the announcement from Russia that the country will cut its oil production by 500k barrels a day next month.
Búsqueda en Caixabank Research
Resultados de la búsqueda
2012 resultados para Roles of education in the development process
Geopolitical tensions in the Middle East persist, although yesterday brought some relative calm after the sharp volatility seen earlier in the week. Brent crude traded in a $80–85/barrel range before settling near $81, after President Trump said the US would protect shipping routes in the region. European natural gas prices fell back below €50/MWh. Equity markets continued to slide in Asia but recovered in the US and Europe, while the dollar stabilized around 1.16 against the euro.
España ha experimentado en los últimos años un aumento sostenido del emprendimiento empresarial, alcanzando su nivel más alto desde 2012. Sin embargo, la creación de empresas sigue situándose por debajo de la media europea y persisten importantes desafíos estructurales: una elevada mortalidad temprana de las nuevas empresas, una fuerte concentración geográfica del emprendimiento y una escasa orientación hacia sectores de alto valor añadido. Pese a estas debilidades, emergen señales alentadoras en los sectores vinculados a la digitalización y la economía 4.0. El gran reto consiste en aprovechar este foco de dinamismo para lograr que más proyectos sobrevivan, se consoliden y se orienten hacia sectores de mayor productividad, de modo que todo ello se traduzca en un crecimiento económico más sólido, equilibrado y duradero.
La economía española afronta la primera mitad de 2026 desde una posición de solidez, aunque con señales de normalización tras el crecimiento excepcional de 2025 y bajo la amenaza de un nuevo shock internacional.
In yesterday session, investors traded cautiously amid ECB officials’ comments pointing towards further normalization in the assets' holdings and as they waited for the outcome of the US midterms. Early this morning, the most probable outcome is that Republicans have won the House while Democrats will control the Senate by a small margin.
In the last session of the week, the mood was disparate in both sides of the Atlantic. In Europe, losses in the main stock markets were moderate and broad-based, while in the U.S., the S&P 500 bounced back from the losses registered on previous days.
In the last session of the week, financial markets echoed the agreement reached by the U.S. and China in the phase-one trade deal and the results of the general election in the UK.
Dossier
10 años desde Lehman Brothers: lecciones de una crisis
Investors traded in a mild risk-on mood on Tuesday as they awaited the results of the US elections. Government bond yields showed strong sensitivity to the tight race, with volatility persisting throughout the session. In the end, eurozone bond yields posted slight gains while the US Treasuries were mixed, with curves flattening on both sides of the Atlantic.
Investors traded on a cautious note in the last session of the week. Amid lower risk appetite, volatility rose, stocks declined across the board (particularly so in the U.S.), safe-haven currencies (such as the JPY and the USD) strengthened and commodity prices fell (the barrel of Brent dipped below $40).
In the first session of the week, investors traded cautiously ahead of today's key inflation data release in the US and the upcoming central bank meetings in the US (where we expect the Fed to pause its aggressive rate hike cycle) and the euro area (where the ECB will most likely hike rates by 0.25pp).
In the last session of the week, financial markets generally assessed the long awaited speech of the Fed President in Jackson Hole as dovish. Jerome Powell affirmed the ongoing economic recovery, although he pointed to the evolution of the Delta variant as the main risk.
In the last session of the week, investors digested the central bank presidents’ speeches at the awaited Jackson Hole conference. There, Jerome Powell said that the US Federal Reserve will proceed carefully in the coming months and that monetary policy will remain restrictive for longer, hinting at a possible pause in the September meeting.
In the first session of the week, investors traded in a lower volatility environment and weighed, on the one hand, the increase in covid-19 cases around the globe and, on the other, the possibility of additional government stimulus.
Markets ended the week mixed. Sovereign yields were broadly stable on both sides of the Atlantic, with curves steepening slightly. In the US, short-term yields declined despite hawkish Fed commentary opposing further rate cuts. In the eurozone, October CPI came broadly in line with expectations (although core inflation surprised slightly to the upside). Very long-term yields rose following the French parliament’s rejection of a wealth tax proposal, which also widened the French spread.
In the last session of the week, yields on sovereign bonds rose markedly, particularly so in the euro area, and stock indices advanced across the board. The surprise in the PPI m/m inflation in Germany (-0.4% vs consensus -1.2%) and the hawkish comments from ECB GC member Holzmann contributed to the increase in yields.
Investors started the first full week of trading of the year with a slightly higher risk appetite than at the end of December. In the eurozone, German government bond yields rose after December CPI came in above expectations, while peripheral spreads fell as the final December PMI reading surprised to the upside across the eurozone, but especially in the periphery.
Markets turned defensive on Friday as geopolitical tensions in the Middle East escalated. Sovereign bond yields rose across the curve on both sides of the Atlantic, with eurozone peripheral spreads widening slightly. Concerns that surging oil prices could reignite inflationary pressures clouded other macro developments: in the US, the University of Michigan’s consumer sentiment index for June surprised to the upside, while Eurozone industrial production for April fell by more than expected.
El actual conflicto bélico entre Irán, EE. UU. e Israel constituye un nuevo shock de oferta que vuelve a tensionar las cadenas globales de valor. Este episodio se suma a otras disrupciones recientes que ha sufrido el comercio mundial, como la política arancelaria de la Administración Trump, la crisis energética desencadenada tras la invasión rusa de Ucrania y la pandemia de la COVID-19. Asimismo, refuerza la necesidad de diversificar los mercados de aprovisionamiento, evitando grandes dependencias unilaterales, y de avanzar hacia una mayor capacidad productiva europea. Este mensaje cobra especial relevancia en ámbitos estratégicos para el crecimiento a medio y largo plazo, como la tecnología, la salud, la defensa y la doble transición verde y digital.
Investors traded cautiously in the first session of the week as they pondered over the risk of a U.S. government shutdown (federal funding expires on September 30 unless Congressional leaders agree on a spending bill). The VIX rose, stocks were mixed, sovereign yields declined across the U.S. and the euro area, the USD weakened and gold rose.