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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.
Grenergy

In the World 30th October 2024

Grenergy signs deal with Chinese supplier CATL for supply of batteries in Phase 4 of Oasis Atacama project, largest in Latin America

Renta 4 | According to press reports, Grenergy has signed an agreement with the Chinese supplier CATL for the supply of 1.25 GWh of battery storage, thus covering Phase 4 of the Oasis Atacama project (out of a total of 1.25 GWh). Assessment: Positive news. Currently, Grenergy only has BYD as its exclusive battery supplier (Phases 1, 2 and 3 of Oasis Atacama). The introduction of new suppliers should increase…

porsche logo

In Europe 30th October 2024

Porsche, BMW and Mercedes most exposed to higher tariffs on cars imported from Europe

Morgan Stanley, Javier Martinez Olcoz and Ross MacDonald study the possible scenarios of a tariff increase on imported cars from Europe and possible tax cuts. European cars have a tariff increase of 2.5% while American cars sold in Europe have a tariff increase of 10%. Tariffs for trucks and vans are 25%.The cars most at risk of a rate increase are SUVs and sedans, but precisely the price elasticity is…

banco sabadell

In Spain 30th October 2024

Sabadell partner Zurich increases 3% stake in bank to become fourth largest shareholder

Link Securities | According to reports filed with the Spanish Securities and Exchange Commission (CNMV), Zurich, a bancassurance partner of Banco Sabadell (SAB) for the past 16 years, has increased its stake in the bank’s capital to 3%, according to Expansión newspaper. This is the first communication of a major stake taken by the Swiss insurer in the bank. The transaction, registered with the National Securities Market Commission (CNMV) last…

Grifols nueva

In Spain 29th October 2024

Brookfield fund delays Grifols takeover bid for second time after failing to raise required €10,000 million

Bankinter | Brookfield fund has failed to raise the nearly €10,000 million needed to acquire 70% of the company and restructure the debt. This is negative news that casts doubt on whether there will be a takeover bid for Grifols. On 8 July we learned that Brookfield was analysing a takeover bid for Grifols, almost four months have passed since then. At the end of September, the fund asked the…

Banco Santander office

Spanish economy 29th October 2024

Santander reports 3Q24 attributable profit of €3,250m, 4% above company-compiled consensus

Iñigo Vega (Jefferies) | Santander 3Q24 First Look – Solid Dynamics Despite Still Ongoing Neg. Argentine Impact A 4% beat at bottom line, again impacted by negative adjustments in relation to Argentina. Ex-Argentina, net income was a 7% beat (5% beat at PBT). Revenue dynamics trending in line, with strong trading and other income and NII in line. Across the Group, better OpEx and CoR dynamics. Beats coming from key…

telefonica letrero entrada 1024x648 1

Spanish economy 29th October 2024

Spain to authorise Saudi Arabia’s 10% stake in Telefónica, valued at €2.3 billion

Banco Sabadell : The Ministry of Defence will unblock the purchase of 9.9% of TEF by STC (it already holds 4.9% directly). Thus, according to this information, in the next few days the Government will approve the acquisition of this stake, valued at ~2,300 M euros. Assessment: Expected news, no impact. Other shareholders are: SEPI (10%), Criteria (9.99%), BBVA (4.94%), Vanguard (3.56%).

Endesa nocturnal

Spanish economy 29th October 2024

Endesa interested in Acciona’s hydroelectric business: 626.5 MW spread over 34 plants, concession life between 12 and 39 years

Banco Sabadell : According to press reports, Endesa has shown interest in the hydroelectric assets that Acciona has recently put up for sale. Specifically, they would comprise 626.5 MW spread over 34 plants and with a concession life of between 12 and 39 years. According to the news, Acciona Energía aims to obtain around €1,000 million in a process that is still in its initial stages, and in which the…

banks general 777x400

In Spain 28th October 2024

Spanish Banks’ 3Q24: Asset quality shows no signs of deterioration

Iñigo Vega (Jefferies) | Spanish Banks’ 3Q24 earnings season kicked off with BKT; we preview SAN, UNI, CABK and BBVA. We expect the focus to remain on domestic NII resilience despite falling rates. While fees are expected to remain under pressure in the quarter, asset quality shows no signs of deterioration. We see the NII miss at BKT as idiosyncratic and don’t read-across to other peers. No major changes in…

extranjeros inversion inmobiliaria

Spanish economy 28th October 2024

Mortgages taken out on dwellings in Spain in August reach 30,676, 8.8% up on same month in 2023

Link Securities | According to the National Statistics Institute (INE), the number of mortgages taken out on dwellings in August in Spain was 30,676, which represents an increase of 8.8% year-on-year. The average amount of these operations was €145,352, which represents a year-on-year increase of 5.3%. For its part, the average number of mortgages on the total number of properties registered in the land registries (from previously executed public deeds)…