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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.
bbva sabadell

European economy 9th September 2024

ECB approves BBVA’s takeover bid for Sabadell and passes buck to CNMV

Norbolsa | The ECB will not oppose Sabadell’s takeover bid, its analysis being on the solvency of both entities (without entering into competition). The ball is now in the court of the National Securities Market Commission (CNMV), which has 20 days to authorise the operation; this decision could come before the authorisation by the National Markets and Competition Commission (CNMC), which would delay the operation further, implying the entry of…

ACS nuevo

Spanish economy 9th September 2024

ACS US subsidiary Turner to renovate San Francisco Airport Terminal 3 for $2,600

Intermoney | The construction company (Comprar, PO 46 €), through its North American subsidiary Turner, has been awarded the contract for the renovation of San Francisco airport, which will involve an investment of €2.35 billion, according to Expansión newspaper. The work will focus on Terminal 3, extending the surface area of this facility by 200,000 square metres, while at the same time refurbishing a further 650,000 square metres and erecting…

industria central alemania

European economy 7th September 2024

Germany’s industrial production plunges in July to -5.3% year-on-year vs. -3.7% previously, and -2.4% month-on-month vs. +1.7% previously

Bankinter: German industrial production data was released this morning: -5.3% year-on-year vs. -3.5% estimated and -3.7% previous (revised from -4.1%). Month-on-month -2.4% in July vs. -0.5% estimated and +1.7% previously (revised from +1.4%). On the other hand, the Trade Balance came in at €16.8 bn in July vs. €20.9 bn estimated and €20.4 bn previous. Exports +1.7% vs +1.1% estimated and -3.4% previous. Imports +5.4% vs. +0.7% estimated and +0.2%…

EEUU deficit comercial

World economy 7th September 2024

US records largest trade deficit in two years: up +7.9% from previous month to $78.8bn

Intermoney | US foreign trade posted a $78.8 billion deficit in July, which was within our forecast, widening the gap to the highest level in two years, driven by a surge in goods imports. But it also reflected the intention of companies to ensure adequate supply in the face of a possible dock workers’ strike, which led the value of imports of goods and services to rise by 2.1%. And…

Housing2

Spanish economy 6th September 2024

Housing Law one year on: prices already growing twice as much as when it was passed

Economía Digital | The price of housing was growing at 3.6% a year ago and has shot up to 7.8%. The lack of supply still means skyrocketing prices Although there are many factors behind a market as complex as the housing market, the truth is that the effects of the Housing Law passed a year ago by the Government are striking: only one year later the increase in market prices…

EEUU

World economy 6th September 2024

End of US yield curve inversion: for first time in 26 months, 10-year bond vs. 2-year bond shows positive slope

Banca March: More than two years after the 10-year – 2-year slope began the inversion – the short 2-year sovereign rate was higher than the long 10-year rate – today the US benchmark has a positive slope for the first time. In this case, the inversion of the curve has lasted 26 months, the longest period since the 1980s. Historically, the last six recessions have been preceded by an inversion…

MasOrange logo

Spanish economy 6th September 2024

MasOrange announces voluntary redundancy plan for maximum of 795 workers

Alphavalue / Divacons | MasOrange, the telecommunications company resulting from the merger of Orange and Masmovil in Spain, announced a voluntary redundancy plan for a maximum of 795 workers, which represents 9.5% of the 8,400 employees that make up the company’s current workforce, according to an internal communiqué sent to employees. Yesterday, MasOrange agreed with the government to maintain the workforce, although it is a question of voluntary redundancies, and…

inflacion eurozona

European economy 5th September 2024

Services sector in Spain grows to 54.6 points in August, compared to 53.9 previously, and 52.9 in Eurozone

Singular Bank: In August, the final Eurozone services PMI rose to 52.9 (vs. 51.9 in July), representing its highest level in the last three months. In turn, this trend explained the rebound of the composite indicator to 51.0 (vs. 50.2 in July), slightly below the analysts’ consensus estimate (51.2). In Germany, the services PMI fell to 51.2 (vs. 52.5 in July), in an environment marked by the deterioration in private…

Iberdrola edificio

World economy 5th September 2024

Qatar’s sovereign wealth fund wants to increase stake in Iberdrola to more than 10% from current 8.69%

Banco Sabadell: According to press reports, the Qatar Investment Authority wants to raise its stake in Iberdrola from the current 8.69% and will seek to allow it to pass 10%. Assessment: Positive news with limited impact pending confirmation. Qatar would continue to hold the largest stake in the company, followed by Blackrock (5.395%) and Norges (3.116%). An increase in Qatar’s shareholding would have no consequences for the management of the…

populus

Spanish economy 5th September 2024

INE revises volume of GDP upwards by 1.1%, €13,184 million more, due to effect of higher population

The National Statistics Institute (INE) published this Tuesday the preview of the results of the Statistical Review 2024 on the National Accounts, which has resulted in an increase of nominal GDP of €13,184 million in the reference year 2021, which means an increase of 1.1% over the level of the previous accounting base. This impact, the INE clarifies, is transferred to the years following the reference year, 2022 and 2023,…