@Mapfre<\/a><\/p>\n[\/et_pb_blurb][et_pb_divider show_divider=\"off\" _builder_version=\"4.16\" background_color=\"#D81E04\" width=\"107px\" max_height=\"5px\" custom_margin=\"20px||20px||true|false\" custom_padding=\"||||false|false\" locked=\"off\" global_colors_info=\"{}\"][\/et_pb_divider][\/et_pb_column][et_pb_column type=\"3_4\" _builder_version=\"4.16\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_text content_tablet=\"<\/p>\n
Eurozone inflation is gradually approaching the target level, but the road ahead could be bumpier than initially expected. The CPI for August came in at 2.2%, four-tenths less than July, due mostly to a softening in the rise in energy prices. However, as always, the devil is in the details<\/strong> and Alberto Matell\u00e1n, chief economist at MAPFRE Inversi\u00f3n, warns that drilling down on the components reveals a different story.<\/p>\n\u201cThe fall of four-tenths is due to energy, which is a much more volatile component, while services remain well above desired levels and so give the ECB little to no reason to relax<\/strong>,\u201d he points out, adding that the situation for central bankers right now is especially uncomfortable because \u201cthe data means their hands are tied.\u201d<\/p>\nHowever, and in spite of this inequality in the components, the European Central Bank (ECB) made the decision to lower interest rates by another 25 basis points at its September meeting, to 3.5%. And it might not be the only cut on the cards.<\/p>\n
\u201cThe ECB could have room to make some additional cuts<\/strong> between now and the end of the year. So far, growth has been acceptable, inflation more benign and wage increases are less of a concern, but it will still need to see evidence that we\u2019re headed in the right direction,\u201d highlights Eduardo Garc\u00eda Castro, senior economist at MAPFRE Economics.<\/p>\nThe Bank of Spain's forecasts for the Spanish economy have also been revised, with the growth outlook for 2024 up by half a percentage point to 2.8%, while 2025 GDP is now projected to come in at 2.2%, three-tenths better than previously, and the 2025 forecast has been revised upwards by two-tenths of a point to 1.9%. MAPFRE Inversi\u00f3n's chief economist points out that these analyses always arrive with a certain delay and that the consensus now expects growth to be even somewhat higher than 2.8% in 2024.<\/p>\n
This positive tone has also extended to the markets<\/strong>, with the IBEX 35 at its highest levels since 2015. Matell\u00e1n believes that there are reasons for optimism. \u201cThere are multiple reasons supporting the rise we\u2019ve seen in the IBEX, such as rate cuts or growth and inflation expectations, at least in the short term,\u201d he says. However, he reminds us of the importance of being selective in terms of stock picking. \u201cThere are always opportunities out there if we\u2019re selective with our stocks. That\u2019s why active management is so important,\u201d he stresses.<\/p>\n\" content_phone=\"<\/p>\n
Eurozone inflation is gradually approaching the target level, but the road ahead could be bumpier than initially expected. The CPI for August came in at 2.2%, four-tenths less than July, due mostly to a softening in the rise in energy prices. However, as always, the devil is in the details<\/strong> and Alberto Matell\u00e1n, chief economist at MAPFRE Inversi\u00f3n, warns that drilling down on the components reveals a different story.<\/p>\n\u201cThe fall of four-tenths is due to energy, which is a much more volatile component, while services remain well above desired levels and so give the ECB little to no reason to relax<\/strong>,\u201d he points out, adding that the situation for central bankers right now is especially uncomfortable because \u201cthe data means their hands are tied.\u201d<\/p>\nHowever, and in spite of this inequality in the components, the European Central Bank (ECB) made the decision to lower interest rates by another 25 basis points at its September meeting, to 3.5%. And it might not be the only cut on the cards.<\/p>\n
\u201cThe ECB could have room to make some additional cuts<\/strong> between now and the end of the year. So far, growth has been acceptable, inflation more benign and wage increases are less of a concern, but it will still need to see evidence that we\u2019re headed in the right direction,\u201d highlights Eduardo Garc\u00eda Castro, senior economist at MAPFRE Economics.<\/p>\nThe Bank of Spain's forecasts for the Spanish economy have also been revised, with the growth outlook for 2024 up by half a percentage point to 2.8%, while 2025 GDP is now projected to come in at 2.2%, three-tenths better than previously, and the 2025 forecast has been revised upwards by two-tenths of a point to 1.9%. MAPFRE Inversi\u00f3n's chief economist points out that these analyses always arrive with a certain delay and that the consensus now expects growth to be even somewhat higher than 2.8% in 2024.<\/p>\n
This positive tone has also extended to the markets<\/strong>, with the IBEX 35 at its highest levels since 2015. Matell\u00e1n believes that there are reasons for optimism. \u201cThere are multiple reasons supporting the rise we\u2019ve seen in the IBEX, such as rate cuts or growth and inflation expectations, at least in the short term,\u201d he says. However, he reminds us of the importance of being selective in terms of stock picking. \u201cThere are always opportunities out there if we\u2019re selective with our stocks. That\u2019s why active management is so important,\u201d he stresses.<\/p>\n\" content_last_edited=\"on|phone\" admin_label=\"Content\" _builder_version=\"4.25.1\" _module_preset=\"default\" text_font=\"Open Sans||||||||\" text_text_color=\"#2D373D\" text_orientation=\"justified\" hover_enabled=\"0\" global_colors_info=\"{}\" sticky_enabled=\"0\"]<\/p>\n
Eurozone inflation is gradually approaching the target level, but the road ahead could be bumpier than initially expected. The CPI for August came in at 2.2%, four-tenths less than July, due mostly to a softening in the rise in energy prices. However, as always, the devil is in the details<\/strong> and Alberto Matell\u00e1n, chief economist at MAPFRE Inversi\u00f3n, warns that drilling down on the components reveals a different story.<\/p>\n\u201cThe fall of four-tenths is due to energy, which is a much more volatile component, while services remain well above desired levels and so give the ECB little to no reason to relax<\/strong>,\u201d he points out, adding that the situation for central bankers right now is especially uncomfortable because \u201cthe data means their hands are tied.\u201d<\/p>\nHowever, and in spite of this inequality in the components, the European Central Bank (ECB) made the decision to lower interest rates by another 25 basis points at its September meeting, to 3.5%. And it might not be the only cut on the cards.<\/p>\n
\u201cThe ECB could have room to make some additional cuts<\/strong> between now and the end of the year. So far, growth has been acceptable, inflation more benign and wage increases are less of a concern, but it will still need to see evidence that we\u2019re headed in the right direction,\u201d highlights Eduardo Garc\u00eda Castro, senior economist at MAPFRE Economics.<\/p>\nThe Bank of Spain's forecasts for the Spanish economy have also been revised, with the growth outlook for 2024 up by half a percentage point to 2.8%, while 2025 GDP is now projected to come in at 2.2%, three-tenths better than previously, and the 2025 forecast has been revised upwards by two-tenths of a point to 1.9%. MAPFRE Inversi\u00f3n's chief economist points out that these analyses always arrive with a certain delay and that the consensus now expects growth to be even somewhat higher than 2.8% in 2024.<\/p>\n
This positive tone has also extended to the markets<\/strong>, with the IBEX 35 at its highest levels since 2015. Matell\u00e1n believes that there are reasons for optimism. \u201cThere are multiple reasons supporting the rise we\u2019ve seen in the IBEX, such as rate cuts or growth and inflation expectations, at least in the short term,\u201d he says. However, he reminds us of the importance of being selective in terms of stock picking. \u201cThere are always opportunities out there if we\u2019re selective with our stocks. That\u2019s why active management is so important,\u201d he stresses.<\/p>\n[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"
Eurozone inflation is gradually approaching the target level, but the road ahead could be bumpier than initially expected.<\/p>\n","protected":false},"author":60,"featured_media":457682,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[36],"tags":[],"class_list":["post-461268","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets-research"],"yoast_head":"\n
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