SPAIN GDP (Q/Q) Q1 P: 0.6% (EST 0.5%; PREV 0.8%)

Spain's Q1 GDP grew at a faster-than-expected quarterly rate of 0.6%, surpassing the 0.5% forecast, though moderating from the previous 0.8% expansion. The print suggests underlying domestic resilience despite tighter financial conditions, supporting the eurozone’s broader growth momentum and potentially reinforcing the ECB’s cautious stance on rate cuts. The data may bolster peripheral eurozone bond markets, particularly Spanish debt, by easing near-term recession concerns and improving the risk-return profile relative to core bonds. Equities in Spanish financials and cyclicals could benefit from improved macro confidence, while the euro may draw limited support if the differential in growth performance with other eurozone economies widens. Traders will watch the upcoming Spanish inflation report and ECB meeting minutes for confirmation on whether growth strength influences the timing of policy normalization.

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