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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.
acerinox industria acero

Companies, Ibex 27th August 2024

Arcelor and Acerinox: attractive valuations versus historical averages

Morgan Stanley | STEEL Alain Gabriel publishes today a recap presentation with the main figures and trends in European steel. His main OWs remain Arcelor and voestalpine (the latter he upgraded to OW last week) and Acerinox and Outokumpu in stainless steel. STEEL Arcelor- trades at a steep discount to its cyclical low multiple with normalised earnings and offers an interesting risk-return 12 months ahead. The new ebitda calculation perimeter,…

japan best cities tokyo

In the World, World economy 26th August 2024

Digital revolution speeds up in Japan

Capital Group | The winds of change are blowing in Japan. Corporate reform, wage growth and the digital revolution are ending decades of deflation and driving the market to highs not seen since 1989. Policymakers are urging companies to put shareholders first, and the government has created a digital agency to close the innovation gap with other countries. Digitalisation is a key issue to overcome demographic problems and boost productivity….

ACS Infraestructuras

Companies, Ibex 26th August 2024

Texas Department of Transportation buys back SH-288 toll road from Abertis and ACS

Santander | In a significant event, Abertis (BBB- e, BBB e) has announced that the Texas Department of Transportation (TxDOT) has decided to proceed with the repurchase of the SH-288 toll road in Texas, which has been owned by ACS Group and Abertis since November 2020. TxDOT will make a payment of $1.732bn, of which $520mn will be used to repay debt associated with the project, while Abertis will receive…

OHLA

Companies 26th August 2024

OHLA wins €140 million project in Brazil

According to press reports, OHLA has been awarded in consortium the execution of lot 3 of the Salvador de Bahia tramway between Aguas Bravas and Piata (construction of a 10.5 km section, 8 surface stations, an interchange station and a viaduct) for €140 million. Assessment: Positive news with limited impact. This contract represents ~2% of the Construction project portfolio.

ferrovial noche

Companies, Ibex 26th August 2024

Ferrovial begins €300 million share buyback programme, 4.1% of share capital

Link | Ferrovial announced on Friday that, in accordance with the authorisation granted by the General Shareholders’ Meeting of 11 April 2024, it has agreed to implement a share buyback programme, which will be executed in accordance with applicable law. The Programme will have the following characteristics: Purpose: To buy back own shares of FER in the framework of different corporate actions (such as, for example, share incentives for employees,…

China EU

In the World, World economy, World politics 23rd August 2024

China announces investigation against imports of certain EU dairy products

BancaMarch: China raises the tone in the trade war, now with dairy. China’s Ministry of Commerce announced on Wednesday that it will launch an investigation against imports of some dairy products from the European Union. According to the Chinese executive, the investigation is being launched at the request of the country’s Dairy Industry Association, which claims that products such as fresh cheese, curd and cream receive subsidies from the EU…

fed jerome 3mayo23

In the World, World economy 23rd August 2024

Fed acknowledges cuts could start in September if data hold

Bankinter: Fed minutes of the 30/31 July meeting: Main messages: (i) Current situation: the economy is advancing solidly, albeit at a markedly slower pace than in 2H23, the labour market is cooling and inflation is moderating, although it remains somewhat elevated. (ii) Outlook: lower growth in 2H24 due to a weaker labour market, but growth in 2025 and 2026 will remain in line with its long-term potential. Unemployment could pick…

eeuu mercado laboral

In the World, World economy 23rd August 2024

US economy created 818,000 fewer jobs than initially reported

Link Securities | The US economy created 818,000 fewer jobs than initially reported during the 12-month period to March 2024, the Labor Department reported on Wednesday. Thus, real job growth was almost 30% lower than the 2.9 million net new jobs initially reported in the period from April 2023 to March 2024. Analysts surveyed by Bloomberg had expected a smaller downward revision of 500,000 jobs. However, job creation over the…

avangrid

Companies, Ibex 23rd August 2024

Iberdrola receives SEC approval for purchase of Avangrid

Link | Iberdrola has received approval without objection from the Securities and Exchange Commission (SEC) for the purchase of Avangrid. The company expects the transaction to close by the end of 2024. The SEC has raised no objections to the merger prospectus for the acquisition of the 18.4% stake in Avangrid that IBE does not yet own. However, despite the SEC’s approval, the transaction is subject to obtaining all necessary…

BBVA vela atardecer

Companies, Ibex 22nd August 2024

BBVA places €1 billion in new twelve-year Tier 2 subordinated debt issue with seven-year redemption option

Link Securities | BBVA (BBVA) placed on Wednesday €1 billion in a new twelve-year Tier 2 subordinated debt issue with a seven-year redemption option, according to Bolsamanía.com. The price was set at mid swap + 200 basis points, lower than the starting price (mid swap + 225 basis points). BBVA points out in its press release that the market response has been significant, with demand exceeding €3 billion at times,…