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/></div></div><h2><a href="/en/economics-markets/activity-growth/2025-global-outlook-search-new-normal"><span property="schema:name">2025 global outlook: in search of a new normal</span></a></h2><div class="category primary_color"><div class="field_seccion field"> Dossier</div></div><div class="box_author_date box_ad box_with_image"><div class="field_author multiple"><div class="autor"><div about="/en/author/jose-ramon-diez" class="author-complete-teaser"> <a href="/en/author/jose-ramon-diez"><div class="field_fotografia field"><div class="field_media_image field"> <img src="/sites/default/files/styles/index_autor/public/content/image/2022/03/22/34454/joseramondiez-bn-cuadrada.jpg?itok=onBpj1ja" width="136" height="136" alt="José Ramón Díez" loading="lazy" typeof="foaf:Image" /></div></div><div class="author-info"><div class="nom"><div class="name field"> José Ramón Díez</div></div></div> </a></div></div></div><div class="created">November 18th, 2024</div></div></article></div></div></div></div></li><li class="menu-item menu-item--expanded"> <a href="/en/sectoral-analysis" data-drupal-link-system-path="taxonomy/term/15">Sectoral analysis</a><div class="menu-desplegable menu_visual_1"><div class="container menu_visual_1"><div class="col-left"><div class="content-visual-menu"><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-0 menu-type-default"><ul class="menu menu-level-1"><li class="menu-item"> <a href="/en/sectoral-analysis/agrifood" data-drupal-link-system-path="taxonomy/term/16">Agrifood</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/sectoral-analysis/banking" data-drupal-link-system-path="taxonomy/term/17">Banking</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li 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data-history-node-id="12946" role="article" about="/en/sectoral-analysis/agrifood/agrifood-sector-begins-recover-2024" typeof="schema:Article" data-type="article"><div class="field_thumbnail field"><div class="field_media_image field"> <img src="/sites/default/files/styles/menu_destacado/public/content/image/2024/11/11/34529/agroalimentario-espana-michael-lechner-ky2e8df3gxo-unsplash.jpg?itok=xEymc3LH" width="400" height="200" alt="Campo de trigo segado. Photo by Michael Lechner on Unsplash" loading="lazy" typeof="foaf:Image" /></div></div><h2><a href="/en/sectoral-analysis/agrifood/agrifood-sector-begins-recover-2024"><span property="schema:name">The Agrifood Sector Begins to Recover in 2024</span></a></h2><div class="category primary_color"><div class="field_seccion field"> Spanish economy</div></div><div class="box_author_date box_ad box_with_image"><div class="field_author multiple"><div class="autor"><div about="/en/author/pedro-alvarez-ondina" class="author-complete-teaser"> <a href="/en/author/pedro-alvarez-ondina"><div class="field_fotografia field"><div class="field_media_image field"> <img src="/sites/default/files/styles/index_autor/public/content/image/2022/03/22/34454/pedroalvarez-bn-cuadrada.jpg?itok=UeXzHu7H" width="136" height="136" alt="Pedro Álvarez" loading="lazy" typeof="foaf:Image" /></div></div><div class="author-info"><div class="nom"><div class="name field"> Pedro Álvarez Ondina</div></div></div> </a></div></div></div><div class="created">November 14th, 2024</div></div></article></div></div></div></div></li><li class="menu-item menu-item--expanded"> <a href="/en/geographical-areas" data-drupal-link-system-path="taxonomy/term/211">Geographical areas</a><div class="menu-desplegable menu_visual_1"><div class="container menu_visual_1"><div class="col-left"><div class="content-visual-menu"><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-0 menu-type-default"><ul class="menu menu-level-1"><li class="menu-item"> <a href="/en/areas-geograficas/spain" data-drupal-link-system-path="taxonomy/term/212">Spain</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/areas-geograficas/portugal" data-drupal-link-system-path="taxonomy/term/213">Portugal</a><div class="menu_link_content menu-link-contentmain view-mode-default 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class="field_media_image field"> <img src="/sites/default/files/styles/menu_destacado/public/content/image/2024/11/08/34529/ico_im_11_24_roja_n.jpg?itok=mbtY6ro1" width="400" height="200" alt="Perspectivas 2025" loading="lazy" typeof="foaf:Image" /></div></div><h2><a href="/en/economics-markets/activity-growth/spain-2025-dynamic-growth-albeit-slightly-lower-2024"><span property="schema:name">Spain 2025: dynamic growth, albeit slightly lower than in 2024</span></a></h2><div class="category primary_color"><div class="field_seccion field"> Dossier</div></div><div class="box_author_date box_ad box_no_image"><div class="field_author multiple"><div class="autor"><div about="/en/author/oriol-carreras-baquer" class="author-name-teaser"><div class="nom"><a href="/en/author/oriol-carreras-baquer"><div class="name field"> Oriol Carreras Baquer</div> </a></div></div></div><div class="autor"><div about="/en/author/javier-garcia-arenas" class="author-name-teaser"><div class="nom"><a 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block-caixabank-content"><div about="/en/publicaciones/financial-markets-daily-report" class="term publications llista_coleccio_vs03"><div class="description field"><p>Evolution of the international financial markets and evaluation of the main events and economic indicators of the previous day session. Available in English. </p></div><div class="view view-eva view-lista-coleccion-vs03 view-id-lista_coleccion_vs03 view-display-id-highlighted js-view-dom-id-0d2c69ae6c5570601943e357a17113fbc3220394f26a15fcfe4a2d6e453e5fa5"><div class="views-field views-field-search-api-rendered-item"><span class="field-content"><article data-history-node-id="12981" role="article" about="/en/publications/financial-markets-daily-report/22-november-2024" class="destacado_lista_coleccion_vs03 content-header"><div class="info"><h2>22 November 2024</h2><div class="body field"><p>With no relevant macro data releases, investors struggled to find a direction for their trades on Thursday. Eurozone government bond yields fell, with peripheral spreads widening, as the consumer confidence index came in below expectations and several ECB officials warned of a significant hit to growth from Trump's tariffs.</p></div><div class="download"><div class="cta btn bordered red"><a href="/en/publications/financial-markets-daily-report/22-november-2024">Check the report</a></div> <article><div class="field_media_file field"> <a download alt=" download" href="/sites/default/files/content/file/2024/11/22/34454/20241122_cmorning_cxbk.pdf"> Download File </a></div> </article></div></div><div class="image"><div class="field_thumbnail field"> <article><div class="field_media_image field"> <img src="/sites/default/files/styles/destacado/public/content/image/2022/06/21/49/ico_fmdr.jpg?itok=ozLR7PrU" width="670" height="399" alt="FMDR" loading="lazy" typeof="foaf:Image" /></div> </article></div></div></article></span></div></div><div class="three-col corner bg-grey view view-eva view-lista-coleccion-vs03 view-id-lista_coleccion_vs03 view-display-id-collection js-view-dom-id-b0709f961e1ce109d99b4f86db18221aee41925d3cff3c9a7677d8b18e8af690"><div class="flex three-columns-gap20 tc-gap35 wrap"><div class="item"><article data-history-node-id="12978" role="article" about="/en/publications/financial-markets-daily-report/21-november-2024" class="teaser_lista_coleccion_vs03 article"><h2 class="h1"><a href="/en/publications/financial-markets-daily-report/21-november-2024">21 November 2024</a></h2> <a href="/en/publications/financial-markets-daily-report/21-november-2024"><div class="body field"><p>Investors' risk appetite waned yesterday amid renewed tensions in the war in Ukraine. Government bond yields rose in the Eurozone, where data released yesterday showed that negotiated wage growth accelerated to 5.4% in Q3 from 4.6% in Q2, which could cause the ECB to reconsider its dovishness if this feeds through to inflation in the coming months.</p></div> </a><div class="download"><div class="cta btn bordered red"><a href="/en/publications/financial-markets-daily-report/21-november-2024">Check the report</a></div> <article><div class="field_media_file field"> <a download alt=" download" href="/sites/default/files/content/file/2024/11/21/34454/20241121_cmorning_cxbk.pdf"> Download File </a></div> </article></div></article></div><div class="item"><article data-history-node-id="12977" role="article" lang="es" about="/en/publications/financial-markets-daily-report/20-november-2024" class="teaser_lista_coleccion_vs03 article"><h2 class="h1"><a href="/en/publications/financial-markets-daily-report/20-november-2024">20 November 2024</a></h2> <a href="/en/publications/financial-markets-daily-report/20-november-2024"><div class="body field"><p><span><span><span><span><span><span><span><span><span>Financial markets had a volatile session on Tuesday, driven by geopolitical headlines and with no major macro data releases. Eurozone government bond yields fell as several ECB officials speaking during the day supported a dovish ECB, notably Italy's Panetta, who said the ECB should focus on the sluggish economy and move rates to an expansionary stance.</span></span></span></span></span></span></span></span></span></p></div> </a><div class="download"><div class="cta btn bordered red"><a href="/en/publications/financial-markets-daily-report/20-november-2024">Check the report</a></div> <article><div class="field_media_file field"> <a download alt=" download" href="/sites/default/files/content/file/2024/11/20/34454/20241120_cmorning_cxbk.pdf"> Download File </a></div> </article></div></article></div><div class="item"><article data-history-node-id="12976" role="article" about="/en/publications/financial-markets-daily-report/19-november-2024" class="teaser_lista_coleccion_vs03 article"><h2 class="h1"><a href="/en/publications/financial-markets-daily-report/19-november-2024">19 November 2024</a></h2> <a href="/en/publications/financial-markets-daily-report/19-november-2024"><div class="body field"><p><span><span><span><span><span><span><span><span><span>Financial markets started the week with subdued trading and no relevant macroeconomic data releases. Government bond yields fell slightly in the US and rose in the eurozone, with curves flattening and peripheral spreads flat. Several ECB officials highlighted yesterday their concerns about Trump's protectionist plans impact on growth rather than inflation.</span></span></span></span></span></span></span></span></span></p></div> </a><div class="download"><div class="cta btn bordered red"><a href="/en/publications/financial-markets-daily-report/19-november-2024">Check the report</a></div> <article><div class="field_media_file field"> <a download alt=" download" href="/sites/default/files/content/file/2024/11/19/34411/20241119_cmorning_cxbk.pdf"> Download File </a></div> </article></div></article></div><div class="item"><article data-history-node-id="12974" role="article" lang="es" about="/en/publications/financial-markets-daily-report/18-november-2024" class="teaser_lista_coleccion_vs03 article"><h2 class="h1"><a href="/en/publications/financial-markets-daily-report/18-november-2024">18 November 2024</a></h2> <a href="/en/publications/financial-markets-daily-report/18-november-2024"><div class="body field"><p><span><span><span><span><span><span><span><span><span>Investors' risk appetite eased slightly on Friday as the day's US macro data supported a more hawkish Fed, right after Powell had hinted at a slower pace of Fed cuts on Thursday. The US economy remains strong: retail sales rose in October and the NY Empire Manufacturing survey surprised to the upside, while October import prices also surprised to the upside.</span></span></span></span></span></span></span></span></span></p></div> </a><div class="download"><div class="cta btn bordered red"><a href="/en/publications/financial-markets-daily-report/18-november-2024">Check the report</a></div> <article><div class="field_media_file field"> <a download alt=" download" href="/sites/default/files/content/file/2024/11/18/34454/20241118_cmorning_cxbk.pdf"> Download File </a></div> </article></div></article></div><div class="item"><article data-history-node-id="12972" role="article" about="/en/publications/financial-markets-daily-report/15-november-2024" class="teaser_lista_coleccion_vs03 article"><h2 class="h1"><a href="/en/publications/financial-markets-daily-report/15-november-2024">15 November 2024</a></h2> <a href="/en/publications/financial-markets-daily-report/15-november-2024"><div class="body field"><p><span><span><span><span><span><span><span><span><span>Remarks by central bank officials took center stage in yesterday's session. From the ECB, Luis de Guindos reiterated that the ECB is on its path to cut interest rate as inflation data is on track to its 2% target. On the other hand, Fed Chairman Powell said there is no need to rush to lower rates given the strong economic backdrop in the US.</span></span></span></span></span></span></span></span></span></p></div> </a><div class="download"><div class="cta btn bordered red"><a href="/en/publications/financial-markets-daily-report/15-november-2024">Check the report</a></div> <article><div class="field_media_file field"> <a download alt=" download" href="/sites/default/files/content/file/2024/11/15/34411/20241115_cmorning_cxbk.pdf"> Download File </a></div> </article></div></article></div><div class="item"><article data-history-node-id="12970" role="article" about="/en/publications/financial-markets-daily-report/14-november-2024" class="teaser_lista_coleccion_vs03 article"><h2 class="h1"><a href="/en/publications/financial-markets-daily-report/14-november-2024">14 November 2024</a></h2> <a href="/en/publications/financial-markets-daily-report/14-november-2024"><div class="body field"><p><span><span><span><span><span><span><span><span><span>US inflation data was in line with consensus expectations: headline inflation rose in October to 2.6% yoy from 2.4% in September, while core inflation, which excludes flood and energy, remained at 3.3%. Financial markets continue to price in 25 bp rate cut by the Fed at its upcoming December meeting (with an 85% probability).</span></span></span></span></span></span></span></span></span></p></div> </a><div class="download"><div class="cta btn bordered red"><a href="/en/publications/financial-markets-daily-report/14-november-2024">Check the report</a></div> <article><div class="field_media_file field"> <a download alt=" download" href="/sites/default/files/content/file/2024/11/14/34411/20241114_cmorning_cxbk.pdf"> Download File </a></div> </article></div></article></div><div class="item"><article data-history-node-id="12968" role="article" about="/en/publications/financial-markets-daily-report/13-november-2024" class="teaser_lista_coleccion_vs03 article"><h2 class="h1"><a href="/en/publications/financial-markets-daily-report/13-november-2024">13 November 2024</a></h2> <a href="/en/publications/financial-markets-daily-report/13-november-2024"><div class="body field"><p><span><span><span><span><span><span><span><span><span>Market sentiment was dampened by weak investor confidence data in Germany (ZEW index dropped to 7.4 from 13.1 in the previous month), where also Chancellor Scholtz announced elections will be held in February after the ruling coalition collapsed last week. Sentiment was further dampened by caution ahead of today's inflation report in the US.</span></span></span></span></span></span></span></span></span></p></div> </a><div class="download"><div class="cta btn bordered red"><a href="/en/publications/financial-markets-daily-report/13-november-2024">Check the report</a></div> <article><div class="field_media_file field"> <a download alt=" download" href="/sites/default/files/content/file/2024/11/13/34411/20241113_cmorning_cxbk.pdf"> Download File </a></div> </article></div></article></div><div class="item"><article data-history-node-id="12967" role="article" about="/en/publications/financial-markets-daily-report/12-november-2024" class="teaser_lista_coleccion_vs03 article"><h2 class="h1"><a href="/en/publications/financial-markets-daily-report/12-november-2024">12 November 2024</a></h2> <a href="/en/publications/financial-markets-daily-report/12-november-2024"><div class="body field"><p><span><span><span><span><span><span><span><span><span>Investors kicked off the week with a higher risk appetite. In the euro area, the initial negative reaction to Trump's victory began to fade, with equity indices rising across the region and sovereign bond yields falling. Peripheral speads narrowed only slightly and Fitch upgraded Spain's debt outlook from "stable" to "positive", and affirmed its A- rating. </span></span></span></span></span></span></span></span></span></p></div> </a><div class="download"><div class="cta btn bordered red"><a href="/en/publications/financial-markets-daily-report/12-november-2024">Check the report</a></div> <article><div class="field_media_file field"> <a download alt=" download" href="/sites/default/files/content/file/2024/11/12/34411/20241112_cmorning_cxbk.pdf"> Download File </a></div> </article></div></article></div><div class="item"><article data-history-node-id="12963" role="article" about="/en/publications/financial-markets-daily-report/11-november-2024" class="teaser_lista_coleccion_vs03 article"><h2 class="h1"><a href="/en/publications/financial-markets-daily-report/11-november-2024">11 November 2024</a></h2> <a href="/en/publications/financial-markets-daily-report/11-november-2024"><div class="body field"><p><span><span><span><span><span><span><span><span><span>Markets were mixed as investors continued to fully digest the US presidential election results and monetary policy decisions from various central banks. In the euro area, equities fell on fears of the negative implications of a potential trade conflict, and were further pushed lower by falling sovereign bond yields which dragged down financial sector stocks.</span></span></span></span></span></span></span></span></span></p></div> </a><div class="download"><div class="cta btn bordered red"><a href="/en/publications/financial-markets-daily-report/11-november-2024">Check the report</a></div> <article><div class="field_media_file field"> <a download alt=" download" href="/sites/default/files/content/file/2024/11/11/34411/20241111_cmorning_cxbk.pdf"> Download File </a></div> </article></div></article></div><div class="item"><article data-history-node-id="12955" role="article" about="/en/publications/financial-markets-daily-report/08-november-2024" class="teaser_lista_coleccion_vs03 article"><h2 class="h1"><a href="/en/publications/financial-markets-daily-report/08-november-2024">08 November 2024</a></h2> <a href="/en/publications/financial-markets-daily-report/08-november-2024"><div class="body field"><p>Investor risk appetite remained fairly high as the US election results were digested. The Fed cut rates by 25bps yesterday as expected (as did the BoE) noting an easing labour market and robust economic growth. Investors regarded the rise in US jobless claims last week as due to hurricane disruptions. Treasury yields fell, reversing some of the previous day's moves. </p></div> </a><div class="download"><div class="cta btn bordered red"><a href="/en/publications/financial-markets-daily-report/08-november-2024">Check the report</a></div> <article><div class="field_media_file field"> <a download alt=" download" href="/sites/default/files/content/file/2024/11/08/34454/20241108_cmorning_cxbk.pdf"> Download File </a></div> </article></div></article></div><div class="item"><article data-history-node-id="12947" role="article" lang="es" about="/en/publications/financial-markets-daily-report/07-november-2024" class="teaser_lista_coleccion_vs03 article"><h2 class="h1"><a href="/en/publications/financial-markets-daily-report/07-november-2024">07 November 2024</a></h2> <a href="/en/publications/financial-markets-daily-report/07-november-2024"><div class="body field"><p>Investor's mood all over the world was driven by Trump's victory in the US election, which was larger than expected and avoided uncertainty and volatility in financial markets. Trump's economic plans, which could boost the US economy in the short term, but reduce potential growth and create inflation in the long term, shaped investor's reaction. </p></div> </a><div class="download"><div class="cta btn bordered red"><a href="/en/publications/financial-markets-daily-report/07-november-2024">Check the report</a></div> <article><div class="field_media_file field"> <a download alt=" download" href="/sites/default/files/content/file/2024/11/07/34454/20241107_cmorning_cxbk.pdf"> Download File </a></div> </article></div></article></div><div class="item"><article data-history-node-id="12944" role="article" about="/en/publications/financial-markets-daily-report/06-november-2024" class="teaser_lista_coleccion_vs03 article"><h2 class="h1"><a href="/en/publications/financial-markets-daily-report/06-november-2024">06 November 2024</a></h2> <a href="/en/publications/financial-markets-daily-report/06-november-2024"><div class="body field"><p><span><span><span><span><span><span><span><span><span>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. </span></span></span></span></span></span></span></span></span></p></div> </a><div class="download"><div class="cta btn bordered red"><a href="/en/publications/financial-markets-daily-report/06-november-2024">Check the report</a></div> <article><div class="field_media_file field"> <a download alt=" download" href="/sites/default/files/content/file/2024/11/06/34411/20241106_cmorning_cxbk.pdf"> Download File </a></div> </article></div></article></div></div> <nav class="pager" role="navigation" aria-labelledby="pagination-heading"><h4 id="pagination-heading" class="visually-hidden">Pagination</h4><ul class="pager__items js-pager__items"><li class="pager__item is-active"> <a href="?page=0" title="Current page"> <span class="visually-hidden"> Current page </span>1</a></li><li class="pager__item"> <a href="?page=1" title="Go to page 2"> <span 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