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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.

World economy 13th September 2024

OHLA wins two new contracts in US valued at around €330m

Link Securities | The company has been awarded, through its subsidiaries OHLA Building and OHLA USA, two new projects in the US for a combined value of $350 million (about €330 million), according to the portal Bolsamania.com. The largest contract, valued at $228 million (around €214 million) and awarded to OHLA Building, includes the design and construction of new facilities for the correctional and rehabilitation centre in Miami-Dade County, Florida.

European economy 12th September 2024

ECB to cut rates

Ben Nichols, Managing Director of RAW Capital Partners | Today’s decision aligned with market expectations, and recent macroeconomic data – such as Q2 GDP growth of 0.3% in the Eurozone – supports the ECB’s ongoing monetary easing strategy. Although inflation hasn’t yet hit the central bank’s 2% target, the Eurozone appears to be on a stable path to recovery, with GDP projected to grow by 1% in 2024. With the…

In the World 12th September 2024

OPEC projects weaker oil demand in 2024 and 2025 as China’s demand slumps

Bankinter | OPEC projects weaker oil demand for 2024 and 2025 in its monthly report. It estimates that it will grow in 2024 +1.99% year-on-year (versus +2.07% previously) or 2.03M bpd (versus 2.11M bpd previously) and in 2025 +1.67% (versus +1.71% previously) or 1.64M bpd (versus 1.74M bpd previously). This is the second consecutive month of downward revisions to global oil demand. Opinion of the Bankinter analysis team: Bad news…

Spanish economy 12th September 2024

Telecoms sector records good summer, now at +9% ytd: in Spain, Equalweight Telefónica

Morgan Stanley : After a tough start to the year, the sector has had a good summer and is now +9%YTD. That said, after +2%Y growth in Q1, mobile service revenues have slowed in Q2 to 0%Y. This slowdown was mainly driven by the trend in the UK where the deceleration was more pronounced, with revenues declining from 5% in Q1 to 1% in Q2. In Germany, growth also decelerated…

World economy 12th September 2024

Most economists polled by Reuters believe Fed will cut rates by 25 bps at each meeting for remainder of year

Link Securities | According to a Reuters poll, a majority of economists surveyed believe that the Federal Reserve (Fed) will cut its policy rate by 25 basis points at each of the three remaining policy meetings this year (September, November and December). Moreover, only nine economists out of 101 surveyed expected a cut of half a percentage point next week, when the Federal Open Market Committee (FOMC) meets, while 92…

In Spain 12th September 2024

Listed companies demand regulatory change to facilitate exclusively telematic general shareholders’ meetings

Only four companies on the Spanish stock exchange have held their meetings exclusively by telematic means this year. And the major Spanish listed companies agree on the need to reform the current regulations in Spain to facilitate this procedure and allow each company to freely choose how to hold its General Shareholders’ Meeting. The experts point out that in Spain the regulation of general meetings lacks the necessary flexibility to…

Spanish economy 12th September 2024

Inditex: Deserving Of Even More Credit

Jefferies | ITX confirmed that it firmly belongs to the small group of consumer stocks still delivering handsomely for shareholders. Suspicion around the sustainability of sales delivery likely has been key to ITX’s derating versus relevant peers (we estimate by >25% in the past 18 months). And yet the group’s competitive moat is becoming wider, and relative revision momentum stronger. PT upped to €54 as we expect the valuation gap…

In Europe 11th September 2024

Novo Nordisk’s slimming pill in development meets safety profile

Bankinter | Phase II trial of amucretin-based slimming pill has met targets. Patients lost 13% of their weight in 12 weeks. The drug candidate has the same gastrointestinal side effects, such as nausea and vomiting, as other incretin-based slimming agents. The company will present the study results next week at the European Association for the Study of Diabetes congress. Novo Nordisk will decide in 2025 whether to advance to Phase…

In the World 11th September 2024

Apple unveils new iPhone 16 to lukewarm market reception

Bankinter | Apple unveiled its new iPhone 16 on Monday to a lukewarm reception from the market. The expectation was high for the presentation of the new iPhone 16 model, given that they were the first models focused on taking advantage of AI. In this aspect, new functions stand out, such as the integration of ChatGPT within its voice assistant “Siri” and the ability to focus on an object with…

World economy 11th September 2024

Chinese import growth signals buoyant domestic demand, but exports deteriorate

Bankinter : Trade Balance (August): $91,020M vs. $81,100M expected vs. $84,650M previous. Exports: +8.7% vs. +6.6% expected vs. +7.0% previous. Imports: +0.5% vs. +2.5% expected vs. +7.2% previously. Opinion of Bankinter’s analysis team: Import growth marks a two-year high, reflecting the dynamism of domestic demand, which is increasing this month. However, the sharp slowdown in exports, which were the key to the recovery of GDP in 2Q24, is a negative…

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