Despite global uncertainty, Spain is showing signs of economic stability since 2023, with growth even in challenging sectors. According to the Chief Economic Analyst at BBVA Research, Spain is yet to undergo necessary fiscal consolidation, which could subtract 3 to 4 decimals from the annual GDP. Spain’s labor market carries the highest unemployment rate in the EU and the lowest proportion of jobs to be filled at just 0.9%, indicating a major capacity gap. Bureaucratic hindrance reportedly affects approximately two million businesses employing ten million workers. On a positive note, Spain’s fashion industry has seen a surge in online sales in 2021 and 2022, moving it from fifth to third place among Europe’s top five markets. However, the soaring stock market valuation, near its 2021 historic high, may pose a challenge for small investors.
The Brent opened with virtually no change, at a price of 77.15 dollars per barrel. The gold opened the session with virtually no change, at a price of 2630.7 dollars per ounce. Now, regarding equity, the EURO STOXX 50 started the session with virtually no change, at 4971.49 points. The DAX 30 started the session with virtually no change, in 19210.68 points, the FTSE 100 started the session with virtually no change, at 8267.53 points, and the EURONEXT 100 started the session with virtually no change, at 1486.05 points.
Close to market opening, the following macroeconomic indicators for Europe were published:, the CPI (YoY) of USA in September (2.4%). Throughout the day the following indicators will be published: the Industrial Production of Italy in August., the core CPI (YoY) of USA in September.
The IBEX opened with virtually no change, at 11712.4 points. The best performers at the beginning of the day have been BANCO SANTANDER (+0.408 %), TELEFÓNICA (+0.406 %) and IAG GROUP with a change of (+0.254 %) on its values respectively. The worst performers at the beginning of the day have been INDRA (-1.448 %), REDEIA (-1.443 %) and ENDESA with a change of (-1.188 %) on its values respectively.