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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.
What lies behind the entry of Hudson into the capital of Deutsche Bank?

EuroStoxx Reports, In Europe 8th November 2018

What Lies Behind The Entry Of Hudson Into The Capital Of Deutsche Bank?

The share price of Deutsche Bank has risen + 9% since 26 October. This reaction is explained by the entry of Hudson since the results for Q32018 were unconvincing and the reaction to the stress tests did call attention. The US hedge fund Hudson Executive Capital has invested 550 M€ to take control of 3.1% of the capital – equivalent to 8.6€/share. Hudson thus becomes the fourth largest shareholder behind the Chinese group HNA (7.6%), a Qatari fund (6.1%) and Blackrock (5%).

The Supreme Court decides that customers should pay stamp duty -Spanish banks rise 5%

Spanish economy 7th November 2018

The Mortgage Tax Conundrum in Spain: The Government Corrects the High Court

“Never again Spaniards will have to pay the mortgage stamp duty”. With these words the Spanish president Pedro Sánchez announced a decree law and gave a new twist to the story of who should be responsible for this tax, just a few hours after the Supreme Court decided that it will be the customer’s duty. The way in which the highest court has managed the decision making process puts into question its credibility.

Two economic policies likely to change with Democrats in control of House

World politics 7th November 2018

Two Economic Policies Likely To Change With Democrats In Control Of House

Steven Pressman via The Conversation | Perhaps the biggest surprise in the midterm elections was that, unlike 2016, there wasn’t one. Polls and pundits expected Democrats would take control of the House and Republicans would keep the Senate, and that’s exactly what we’re getting. The likely result: two years of congressional gridlock on economic policy, which requires both houses of Congress to agree on the same legislation. So, we can expect that the status quo on economic policy will mostly prevail.

Preparing for a new normal in German politics

In Europe 6th November 2018

Preparing For A New Normal In German Politics

Jens Bastian | With Merkel’s gradual retreat from German politics, a new sense of political timing is set in motion across capital cities in Europe. How will Athens react to the gradual changing of the guards in Berlin? While much air time and social media is being consumed with domestic political quarrels in Greece, both government representatives and opposition parties will be well-advised to look closely at the next developments in Germany.

PKO Bank Polsky, DNB Bank and Santander are the strongest European banks to face an adverse scenario

In Europe 5th November 2018

PKO Bank Polsky, DNB Bank And Santander The Strongest European Banks To Face An Adverse Scenario

The EBA published the results of the latest stress tests on 47 European banks, plus one in Norway. These covered 70% of banking assets in the EU and revealed that in adverse scenario they would produce a negative impact of -395 base points in the capital ratio CET1 fully loaded (-410 base points of the transitory definition) to place itself in 10% at the end of 2020 (10.3% transitory). The four Spanish banks, Santander, BBVA, Caixabank and Sabadell, overcame the tests although they came out a little below the average.

President Trump is right: The Federal Reserve is a big problem

World economy 2nd November 2018

President Trump Is Right: The Federal Reserve Is A Big Problem

The Federal Reserve is more or less protected from the demands of political parties. But what about the influence from ‘special interest groups’ such as the banking industry on Fed policymaking? “There is hardly be any doubt that the Fed caters, first and foremost, to the needs of commercial and investment banks, ” says a report from Degussa.