Spain and the euro area: Sustaining growth amid inflation pressures
Published . Updated .
Key takeaways
- Iván Kataryniuk, deputy director of Spanish Economic Analysis, Banco de España, joins OMFIF to discuss the outlook for Spain’s economy and the drivers of its resilience.
- Exposed: SAN, EWP, VGK, FXE, BWX
- Market reaction: SAN −1.3% on the day (still updating); EWP −1.1% on the day (still updating); VGK −0.8% on the day (still updating)
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Iván Kataryniuk, deputy director of Spanish Economic Analysis, Banco de España, joins OMFIF to discuss the outlook for Spain’s economy and the drivers of its resilience. He examines how rising energy costs, persistent inflation and global trade uncertainty are shaping growth
Directly affected
- No company is named in this report.
Indirectly affected
- USO United States Oil Fund-1.1% 30d
United States Oil Fund: its price follows crude oil. Linked by “energy costs” (oil) in this story.
- XLE Energy Select Sector SPDR+6.9% 30d
Energy Select Sector SPDR: its price follows crude oil. Linked by “energy costs” (oil) in this story.
- BWET Breakwave Tanker Shipping ETF-3.3% 17d
Breakwave Tanker Shipping ETF: it tracks tanker freight rates. Linked by “energy costs” (tanker shipping) in this story.
- EWP iShares MSCI Spain ETF-0.9% 6d
iShares MSCI Spain ETF holds stocks listed in Spain, which this story is about (“spain”).
- VGK Vanguard FTSE Europe ETF
Vanguard FTSE Europe ETF holds stocks listed in Europe, which this story is about (“euro”).
- FXE Invesco CurrencyShares Euro Trust-0.5% 14d
Invesco CurrencyShares Euro Trust follows the euro, whose moves this story covers.
- BWX SPDR Bloomberg International Treasury Bond ETF
SPDR Bloomberg International Treasury Bond ETF holds government bonds outside the US, which react to inflation and interest-rate news like this one in Spain
- EFA iShares MSCI EAFE ETF-0.7% 6d
iShares MSCI EAFE ETF is a broad fund of developed-market stocks that includes Spain
Price reaction, T-5 to T+3
| Ticker | T-5 | T-3 | T-1 | T0 | T+1 | T+2 | T+3 |
|---|---|---|---|---|---|---|---|
| USO | +2.78% | +4.95% | base | +2.37% | after close | after close | after close |
| XLE | +2.11% | -0.95% | base | +1.57% | after close | after close | after close |
| BWET | +35.67% | +29.19% | base | +4.90% | after close | after close | after close |
| EWP | -2.02% | -4.02% | base | -1.13% | after close | after close | after close |
| VGK | +0.65% | -2.62% | base | -0.77% | after close | after close | after close |
| FXE | +0.59% | -0.17% | base | +0.00% | after close | after close | after close |
| BWX | +0.44% | +0.07% | base | -0.63% | after close | after close | after close |
| EFA | +1.31% | -2.38% | base | -0.25% | after close | after close | after close |
Closing-price change versus T-1, the last close before the story. T0 to T+3 fill in after each market close. Prices: Alpaca IEX.
Spain and the euro area: Sustaining growth amid inflation pressures OMFIF
Source: OMFIF
How far Banco Santander, S.A (SAN) has moved since 11 Nov 2026
| Company | When | Move | Status |
|---|---|---|---|
| BWET | that day | +4.90% | still updating |
| BWET | three days earlier | +29.19% | final price |
| BWET | five days earlier | +35.67% | final price |
| Spdr Series Trust (BWX) | that day | -0.63% | still updating |
| Spdr Series Trust (BWX) | three days earlier | +0.07% | final price |
| Spdr Series Trust (BWX) | five days earlier | +0.44% | final price |
| Ishares Tr (EFA) | that day | -0.25% | still updating |
| Ishares Tr (EFA) | three days earlier | -2.38% | final price |
| Ishares Tr (EFA) | five days earlier | +1.31% | final price |
| Ishares (EWP) | that day | -1.13% | still updating |
| Ishares (EWP) | three days earlier | -4.02% | final price |
| Ishares (EWP) | five days earlier | -2.02% | final price |
| Invesco CurrencyShares Euro Trust (FXE) | that day | 0.00% | still updating |
| Invesco CurrencyShares Euro Trust (FXE) | three days earlier | -0.17% | final price |
| Invesco CurrencyShares Euro Trust (FXE) | five days earlier | +0.59% | final price |
| USO | that day | +2.37% | still updating |
| USO | three days earlier | +4.95% | final price |
| USO | five days earlier | +2.78% | final price |
| Vanguard Intl Equity Index F (VGK) | that day | -0.77% | still updating |
| Vanguard Intl Equity Index F (VGK) | three days earlier | -2.62% | final price |
| Vanguard Intl Equity Index F (VGK) | five days earlier | +0.65% | final price |
| XLE | that day | +1.57% | still updating |
| XLE | three days earlier | -0.95% | final price |
| XLE | five days earlier | +2.11% | final price |
Trades by members of Congress and officials in the stocks in this story
- Sen. John Boozman sold Ishares Tr (EFA) (jointly held), worth $1,001 - $15,000 on 9 Sep 2026. That is 63 days before publication. Filed 21 Oct 2026. View the filing.
- Donald J Trump, an executive branch official, sold Banco Santander, S.A (SAN), worth $1,001 - $15,000 on 31 Aug 2026. That is 72 days before publication. Filed 8 Oct 2026. View the filing.
Public disclosure filings, not a recommendation. The filing link is the source document. News use of these reports still sits under 5 U.S.C. § 13107(c).
Who gains and who loses around Banco Santander, S.A (SAN)
Companies carried with this story
- SAN Banco Santander, S.A
In “Spain and the euro area: Sustaining growth amid inflation pressures,” Banco Santander, S.A (SAN) is linked, with no stored direction, medium confidence. Reason on file: Banco Santander, S.A (commercial banks) is one of the largest Spain-based companies traded in the US, so news about Spain (“spain”) reaches its shares
- EWP Ishares
In “Spain and the euro area: Sustaining growth amid inflation pressures,” Ishares (EWP) is linked, with no stored direction, medium confidence. Reason on file: iShares MSCI Spain ETF holds stocks listed in Spain, which this story is about (“spain”)
- VGK Vanguard Intl Equity Index F
In “Spain and the euro area: Sustaining growth amid inflation pressures,” Vanguard Intl Equity Index F (VGK) is linked, with no stored direction, medium confidence. Reason on file: Vanguard FTSE Europe ETF holds stocks listed in Europe, which this story is about (“euro”)
- FXE Invesco CurrencyShares Euro Trust
Invesco CurrencyShares Euro Trust (FXE) is linked, with no stored direction, medium confidence in the 11 Nov 2026 story “Spain and the euro area: Sustaining growth amid inflation pressures.” Reason on file: Invesco CurrencyShares Euro Trust follows the euro, whose moves this story covers
- BWX Spdr Series Trust
Spdr Series Trust (BWX) is linked, with no stored direction, medium confidence in the 11 Nov 2026 story “Spain and the euro area: Sustaining growth amid inflation pressures.” Reason on file: SPDR Bloomberg International Treasury Bond ETF holds government bonds outside the US, which react to inflation and interest-rate news like this one in Spain
- EFA Ishares Tr
For “Spain and the euro area: Sustaining growth amid inflation pressures,” Ishares Tr (EFA) is linked, with no stored direction, medium confidence. Reason on file: iShares MSCI EAFE ETF is a broad fund of developed-market stocks that includes Spain
Banco Santander, S.A (SAN)
On 11 Nov 2026, “Spain and the euro area: Sustaining growth amid inflation pressures” is the story that connects Banco Santander, S.A (SAN) to this story.
What ties Banco Santander, S.A (SAN) to the headline is this: Banco Santander, S.A (commercial banks) is one of the largest Spain-based companies traded in the US, so news about Spain (“spain”) reaches its shares
A second company, Ishares (EWP), is listed for a different reason: iShares MSCI Spain ETF holds stocks listed in Spain, which this story is about (“spain”)
Price levels for Banco Santander, S.A (SAN)
EWP traded between 57.24 and 59.12 across 6 sessions. The latest close on file is 58.34. SAN traded between 12.26 and 14.09 across 20 sessions. The latest close on file is 12.48.
A simple score for Banco Santander, S.A (SAN)
46 out of 100Price not final
“Spain and the euro area: Sustaining growth amid inflation pressures” scores 46 out of 100. The score uses 1 sources, and 6 linked companies. The price is not final yet.