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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.

In the World, World economy 30th July 2025

Trump ‘probably’ to impose 15-20% tariff on countries that have not negotiated agreements

Link Securities | The digital portal Bolsamania.com reported that President Donald Trump has indicated that he will ‘probably’ implement a general tariff of between 15 and 20% on imports to the United States from countries that have not negotiated separate trade agreements. ‘For the world, I would say it will be somewhere between 15 and 20%… I just want to be nice,’ the president said during a press conference with…

Companies, Relevant News Item 29th July 2025

Endesa’s results show solid cash generation and allow year guidance to be reiterated

Bankinter | Net profit in line and positive surprise in cash generation. Guidance maintained. 40% of the year’s share buyback programme completed. Key figures compared to market consensus: EBITDA €2.711 billion (up 12%) versus €2.719 billion estimated; Net profit €1.041 billion (up 30%) versus €1.046 billion estimated; Operating cash flow €2.400 billion (up 101%); Net debt €9,900 million versus €9,294 million in December 2024. Maintains guidance for 2025, with EBITDA…

Companies, Relevant News Item 29th July 2025

Iberdrola to hold 20% stake in data centre management joint venture with Echelon

Link Securities | Iberdrola (IBE) has announced an alliance with Irish group Echelon to launch a bid to conquer the data centre market in Spain, according to a report in Monday’s edition of Expansión newspaper. Echelon is owned by the Starwood Capital fund, known in Spain for its major forays into the real estate sector, where it has recently been involved in multimillion-pound deals. The newspaper notes that Iberdrola had…

Companies 29th July 2025

Enagás acquires 100% of Axent, expected impact of €15 million on 2025 net profit

Norbolsa | The company has agreed to acquire the remaining 51% of Axent for €37.5 million, thereby acquiring 100% of the capital. Axent operates in fibre telecommunications infrastructure and the transaction is expected to have a positive impact of €15 million on net profit in 2025. The transaction marks the exit of the Spanish fund Axión Infraestructuras de Telecomunicaciones from this fibre optic and radio link platform,created in partnership with…

European economy, In Europe 29th July 2025

M3 money supply in Eurozone expands at annual rate of 3.3% in June, compared to 3.9% in May

Link Securities | The European Central Bank (ECB) has reported that the M3 money supply expanded in the Eurozone at an annual rate of 3.3% in June (3.9% in May), slightly less than the 3.5% expected by FactSet consensus analysts. In addition, the ECB noted that bank loans to households in the Eurozone increased by 2.2% year-on-year in June (2.0% in May), representing the fastest pace of growth for this…

In the World, World economy 29th July 2025

Oil likely to stabilise at $60 with surplus figures in 2H25

Morgan Stanley | Following expected strength during the summer, our analyst Martijn Rats believes that the market will return to surplus figures and that prices will continue to weaken in 2H25 to $60/bbl. Large inventories have been built up during 1H25, but only 10% of these are in OECD commercial centres. Therefore, the expert expects that throughout the summer, the price will remain stable in the face of a more…

Companies 28th July 2025

Indra to acquire Aertec’s drone business to strengthen new armaments division

Alphavalue/ Divacons | The Spanish IT services and consulting company has agreed to acquire the drone business of Spanish firm Aertec. The main objective of this transaction, which is expected to be finalised this week, is to strengthen Indra’s new weapons division, called Weapons & Ammunition. Aertec, which in its last fiscal year (ended 31 August 2024) had a turnover of around €50 million, established the subsidiary Aertec Defence and…

Ibex 28th July 2025

Airlines and airports: rising despite uncertainty; IAG and Ferrovial, preferences in both sectors

Deutsche Bank | Since the publication of our latest transport leading indicators on 27 June, airlines (up 4%) and airport and infrastructure companies (up 2%) have slightly outperformed the market average (STOXX 600 +1%), despite higher oil prices (jet fuel rose 8% to $762/mt), continued uncertainty over tariffs and geopolitics, and some mediocre PMI data. Two of the French names we cover have been the most profitable within their subsectors,…

European economy, In Europe 28th July 2025

Car sales in Europe fall 7.3% year-on-year in June: decline in combustion vehicles, EV sales up

Bankinter | Car sales fell by 7.3% year-on-year in June. This brings the cumulative decline for the year to 1.9% year-on-year, with 5.58 million units sold. In June, the decline in combustion vehicles (34.1% diesel and 25.4% petrol) stood out, while electric vehicles led the way (electric up 7.8%, non-plug-in hybrids 6.1% and plug-in hybrids 41.6%). Bankinter analysis team’s view: The decline in registrations gained momentum in June. The sector…

Companies 28th July 2025

Mexico seeks €305 million from Iberdrola for damage to 13 combined cycle plants sold to Mexico Infrastructure Partners in 2024

Banco Sabadell | According to press reports, the president of Mexico is claiming more than $357 million (€305 million) from Iberdrola for damage to the thirteen combined cycle plants that Iberdrola sold to the state-owned entity Mexico Infrastructure Partners in 2024. Assessment: Regardless of how this lawsuit ends, the amount is low for a company of Iberdrola’s size (0.3% of market capitalisation), so we do not see any material impact…

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