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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.
Acciona energia

Companies, Ibex 9th August 2024

Acciona buys Darby’s network business (1,200 km of power lines and 30 substations) in Peru for €220 million

Banc Sabadell | Acciona (ANA) has reportedly reached an agreement to acquire Darby’s network business in Peru, which would include 1,200 km of high-voltage lines and 30 substations in a 30-year concession project. The deal is reportedly worth €220 million. Acciona currently manages 820 km of high-voltage lines and more than 20 substations in Peru. Assessment: Positive news with limited impact due to the size of the transaction (~1.1% of…

eeuu europa banderas

In the World, Markets, Relevant News Item, World economy 9th August 2024

Latest US employment data confirms business cycle divergence with Europe

Renta 4 : European stock markets open moderately higher (Eurostoxx futures +0.3%) after positive US closes, in a session where the S&P 500 posted its best daily performance since November 2022. Yesterday’s better than expected initial jobless claims in the US (233,000 4-week low) helped to alleviate some fears about the US labour market. This helped equity markets, and we also saw a steepening in fixed income, with the US…

airbus A320

Companies, Relevant News Item 9th August 2024

Despite short-term hurdles, Airbus’ medium-term growth outlook remains attractive: Overweight

Morgan Stanley | Following a road show with the company’s management team in NY, Ross Law (analyst) reiterates his investment thesis: despite near-term headwinds, he believes the medium-term growth outlook remains attractive (5Y EPS of €23-28 and a mid-teens FCF CAGR). As such, with the stock trading near cycle lows (9x MSe FY3 EV/EBIT) Ross reiterates Overweight (OW). More specifically, the analyst highlights that: a) engine supply has not fully…

ohla torre espacio

Companies 9th August 2024

OHLA awarded contract with Swedish Transport Agency for new railway project worth €160 million

Link Securities | OHLA (OHLA) continues to boost its portfolio in Europe after being awarded a contract by the Swedish Transport Agency (Trafikverket) for a new railway project worth €160 million. Specifically, the company will carry out improvements to the Ostlänken railway line in Gerstaberg, 80 kilometres south of Stockholm, and will undertake the start of the new high-speed railway line linking this city and Norrköping. This infrastructure will be…

repsol refineria exterior

Companies, Ibex 8th August 2024

Libyan National Oil Corporation confirms production cuts due to protests at Repsol’s Sharara oil field

Link Securities | The Libyan National Oil Corporation (NOC) confirmed on Tuesday the reduction in crude oil production due to a blockade by protests at the Sharara oil field, the most important in Libya operated by the Spanish company Repsol (REP), as elEconomista reported. The social leader of the Libyan region of Fezán, Bashir Sheikh, who has claimed responsibility for blockades in the past, disassociated himself two days ago from…

RBI

In the World, World economy 8th August 2024

Royal Bank of India keeps benchmark interest rate unchanged at 6.5%

Bankinter : The Royal Bank of India (RBI) meets expectations and maintains the benchmark interest rate at 6.50%. It has revised its inflation forecasts upwards for the coming quarters: +4.4% in Q3 versus 3.8% previously and +4.7% in Q4 versus +4.6% previously. It maintains its growth forecast for this fiscal year at +7.2%. Opinion of Bankinter’s analysis team: No surprises. We estimate that it will keep them at the current…

telefonica letrero entrada 1024x648 1

Companies, Ibex 8th August 2024

UK private equity fund Marshall Wace increases its bearish bet on Telefónica to 1.21%

Link Securities | British private equity fund Marshall Wace has increased its bearish bet on Telefónica (TEF) to 1.21% from 1.12%, according to Bolsamania.com. Never before has Marshall Wace had such a large bearish position. According to the National Securities Market Commission (CNMV), the bearish fund first took a short position of 0.5% in April 2024, but has been increasing in recent weeks. Marshall Wace’s entry coincides with the increase…

bank of japan

In the World, Relevant News Item, World economy 8th August 2024

Bank of Japan says no rate hikes as long as markets are unstable

Bankinter | The Bank of Japan says it will not raise rates while markets are unstable. Bank of Japan Governor Shinichi Uchida stated that interest rates will remain at current levels for as long as market volatility persists. He also suggested that the BOJ will carefully consider financial market conditions before making future rate decisions. Bankinter’s research team’s view: Uchida’s dovish message has helped calm markets. The shift towards a…

mercosur UE

In the World, Relevant News Item, World economy 8th August 2024

EU and Mercosur closer to trade deal that could save more than €4 billion a year in tariffs

BancaMarch | The European Union and the five South American countries that make up Mercosur – Argentina, Brazil, Uruguay, Paraguay and Bolivia – are moving closer on the most sensitive issues and aim to conclude a trade agreement before the end of the year. The agreement would create a market of 780 million people and, according to the European Commission, would save the EU bloc’s companies more than €4 billion…