Markets ended the week on a risk-off note. Stocks tumbled, led by a selloff in technology equities, while oil and gas prices jumped amid investor concerns about a potential escalation of the Middle East conflict. U.S. and German sovereign yields nudged down, driven by safe-haven flows, while euro area peripheral spreads widened, and the USD and the EUR weakened.
On the data front, euro area GDP grew by 0.4% qoq in Q3 2026, after growing by 0.6% in Q2. Excluding Ireland, euro area GDP growth stood at 0.2% in Q3 and 0.3% in Q2. Spanish GDP posted the strongest growth (at 0.6% qoq). Germany's economy grew by 0.2%, Italy's stagnated (0.0%) and French GDP fell (-0.1% qoq).
This week, the focus will be on the U.S. midterm elections (Tuesday; betting markets see the Democrats regaining control of both houses of Congress), euro area flash inflation figures for October (Wednesday), the Bank of England's monetary policy meeting (Thursday; markets see the BoE hiking to 4.00%) and the U.S. employment report for October (Friday).
BANCO BPI, S.A., com sede na Avenida da Boavista, 1117, 4100-129 Porto; Capital Social: € 1 293 063 324,98; matriculada na CRC Porto sob o número de matrícula PTIRNMJ 501 214 534, como o número de identificação fiscal 501 214 534. Intermediário financeiro registado na CMVM com o n° 300 e no Banco de Portugal sob o código n° 10. Agente de Seguros n.º 419527591, registado junto da Autoridade de Supervisão de Seguros e Fundos de Pensões em 21/01/2019, e autorizado a exercer atividade nos Ramos de Seguro Vida e Não Vida.