Publications

Russia intensifies drone strikes across Ukraine as Poland raises air defenses. US-Iran negotiations face major obstacles over the Strait of Hormuz and nuclear inspection. Renewed fighting in Ethiopia's Tigray region raises fears of wider regional confrontation.

Global defense demand is structural, driven by tensions, rising budgets and new warfare. Europe faces gaps in air defense, drones, long-range fires and ammunition, while Türkiye can complement it through co-production and supply-chain partnerships. Future competitiveness will depend on AI, autonomy, cyber and space.

Europe faces winter with a narrow margin in the gas market. Storage levels are lower than last year, while competition with Asia for shipments and disruptions to Gulf flows are increasing pressure, pointing to a high-price scenario.

Total tourism spending in Spain grew by 5.7% year-on-year in the second four-month period of 2026, driven by foreign spending (+8.8%), which accelerated due to geopolitical tensions and events like the August solar eclipse. In contrast, domestic tourism moderated, with a growth of 2.5%.

The ECB raised rates again while keeping all options open for what comes next. The meeting confirms that the return of inflation to target will take longer than previously expected and puts December increasingly in focus.

Annual inflation resumed its upward trend in August and stood at 6.24%, 21 bps above July and 114 bps above the level observed at the end of last year.

U.S.-Iran hostilities intensify as Tehran targets Gulf states. EU weighs response after Germany attributes attempted drone attack to Russia. China warns Taiwan over participation at Pacific summit.