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Spain's Q2 GDP Growth Confirmed Amidst US-Iran Tensions
Spain's final GDP reading for the second quarter of 2026 is expected to confirm a quarterly growth rate of 0.7%, consistent with preliminary estimates. This data is not anticipated to influence the European Central Bank's (ECB) monetary policy, leading to a muted market reaction during the European trading session.
Market attention is currently centered on geopolitical developments, particularly the potential reopening of the Strait of Hormuz. Iran's Foreign Minister Mohammad Javad Zarif has proposed a fast-track plan to reopen the vital shipping route within seven days, contingent on a response from the United States. This news has shifted market sentiment positively, with risk assets seeing increased demand ahead of the weekend.
In the American trading session, the agenda is light, featuring low-tier economic indicators such as US durable goods orders and the final University of Michigan consumer sentiment report. However, these releases are not expected to significantly impact the Federal Reserve's policy decisions. The ongoing developments between the US and Iran continue to dominate market dynamics, particularly in relation to oil prices.
Source: KLEA News