Spain: Business Pessimism Softens.

The seasonally adjusted industrial confidence indicator in Spain inched higher to -3.7 in May of 2026 from the seven-month low of -4.9 in April. Pessimism around new orders softened (-6.8 vs -9 in April) despite remaining elevated, as energy prices stabilized below their peak following the war in Iran. Likewise, production expectation pessimism eased (-1.7 vs -2.5). In turn, stocks levels dropped slightly (2.6 vs 3.1).