Articles by The Corner

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The Corner
The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.
How much are Spaniards going to spend next year?

Lower consumer growth weighs on Spanish GDP growth in Q119

Bankinter | Three pieces of positive macro data on the Spanish economy:  GDP grew in the first quarter of 2019 by +2.4% yoy compared to the +2.3% expected and +2.3% in the previous quarter. In inter-quarterly rate accelerated unexpectedly to +0.7% from +0.6% in Q42018. Both are double that of the Eurozone and the 28.



eurozone growth up TC

Eurozone GDP grows 0.4% in Q119, doubling the rate of previous quarter

After the surprise increase in GDP in the US in Q119, we have learnt that, according to the preliminary data by Eurostat, the Eurozone economy grew 0.4% in the first three months of the year, doubling the growth rate of 0.2% registered in the fourth quarter of last year, while in the EU as a whole GDP grew 0.5% compared to 0.3% in the previous quarter.



Letterone launches a bid for DIA at 0.67 €/share: shares rise 60%

LetterOne proposes changes in the bid conditions for DIA

Renta4 | LetterOne has communicated to the regulator (CNMV) that it will further extend the acceptance period for its bid to 6 May inclusive (compared to 30 April before, and the 23 April originally established) after the company made public and advance of its Q119 results last week which continue to show a significant operational deterioration.


euphoria tc

Market euphoria ahead of the summer break

Igor de Maack (Natixis IM)In contradiction of all the prophets of doom, the start of the year was one of the best of recent times. Despite a marked economic slowdown in the first quarter of 2019, buying risky assets has more than paid off. Publications of annual results and the first quarterly results contained no indications of a severe global recession.


Bankia2

Bankia annual net profit in Q119 reaches 205 M€ (-10,8%) and beats expectations

Bankinter | Bankia has presented its first quarter results (Q12019). We highlight the principal figures compared to the consensus: Interest margins: 526 M€ (-4,7% vs 502 M€ expected); Gross margin: 813 M€ (-13,3%; vs 814 M€ expected); Operational margin: 357 M€ (-16,6%; vs 355 M€ esperado); Annual net profit: 205 M€ (-10,8% vs -40 M€ in Q4 18 vs 196M€ expected).



Banco Santander

Santander attributed net profit falls by -10% to € 1.840bn in 1Q19

Banco Santander revealed its 1Q19 numbers. Intermediation margin (NII or margin of interest) € 8.68 + 3% yoy <€ 8.75 bn € e cons. Attributed net profit is 1.84 bn € -10.41% yoy against the 1.83 bn € estimated by the consensus, after a net charge of € 108 M for restructuring costs in the United Kingdom and Poland and assets sale. Ordinary profit has grown in seven of its ten main markets.


iberdrolaTC

S&P maintains BBB+ rating for Iberdrola

S&P Global confirmed the long-term credit rating “BBB +”, with a “stable” outlook for Iberdrola, backed by “solid” operating performance in 2018 and in 1Q2019.