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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.

Relevant News Item 2nd April 2025

CNMV admits Naturgy’s application to formulate self-tender offer for processing

Link Securities | The National Securities Market Commission (CNMV) agreed on 1 April 2025 to admit for processing, in accordance with the provisions of the Law, the authorisation request submitted by Naturgy (NTGY) on 26 March 2025 for the formulation of a voluntary takeover bid (OPA) for its own shares, on the understanding that the prospectus and the other documents submitted comply with the provisions of said article. The admission…

European economy 2nd April 2025

Inflation in Europe: preliminary data in Germany eases one-tenth in March to 2.2% year-on-year, Portugal from 2.4% to 1.9%

Bankinter | Inflation (preliminary data) in Germany eases one-tenth in March to 2.2% (versus expected 2.2% versus previous 2.3%). Today the EMU CPI was published, standing at +2.2% versus the previous +2.3%. For now, inflation is improving in Germany, Spain (+2.3% versus +3.0% previously) and Portugal (+1.9% versus 2.4% previously), remains stable in France (+0.8%) and is picking up in Italy (+2.0% versus +1.6% previously). Indeed, in Portugal, the preliminary…

European economy 1st April 2025

Telefónica to look into any consolidation options for business arising in Spain, Germany and UK

Link Securities | The company has set itself the goal of strengthening its position as a strategic company at the European level, for which it will analyse any consolidation options for its business that arise in Spain, Germany and the United Kingdom, as revealed yesterday by the operator’s new CEO, Emilio Gayo, reports Bolsamania.com. ‘In Spain, Germany or the UK, Telefónica, which wants to play a strategic role at the…

In Europe 1st April 2025

Iberdrola to co-invest €5 billion with Masdar in UK’s East Anglia 3 offshore wind farm

Banco Sabadell | According to press reports, Iberdrola is finalising the sale to Masdar (Abu Dhabi) of a 49% stake in the East Anglia 3 offshore wind farm (United Kingdom) for around €2 billion (2% capitalisation, 4% NFD), which will strengthen their alliance to co-invest around €5 000 million in this facility. Assessment: News with little impact. Although yet to be confirmed, it would be part of Iberdrola’s growth strategy…

World economy 1st April 2025

Chinese Composite PMI remains in economic expansion zone after rising to 51.4 points in March

Bankinter | The Composite PMI remains in the economic expansion zone after rising to 51.4 points in March (versus 51.1 previously). The Manufacturing PMI rises to 50.5 points (versus 50.4 expected against 50.2 previously) with the Services PMI at 50.8 (versus 50.6 expected against 50.4 previously). Bankinter analysis team”s view: This is good news, but with limited impact. The figures do not yet reflect the impact of the new tariffs…

In the World 1st April 2025

PCE rebounds: negative data reinforces arguments for Fed to move more slowly

Bankinter | The US PCE Private Consumption Deflator (February) was published last Friday with the following results: up 2.5% year-on-year versus the 2.5% expected and previous. Core PCE up 2.8% year-on-year against the 2.7% expected and previous (revised up from 2.6%). Personal Income (February): up 0.8% month-on-month compared to the 0.4% expected and the 0.7% previous (revised from 0.9%). Personal Expenditure: up 0.4% month-on-month versus 0.5% expected and a drop…

European economy 1st April 2025

Eurozone money supply up 4% year-on-year, 2/10 pp above previous month, highest level since November 2022

Banca March | In the Eurozone, the money supply has accelerated to its highest level since November 2022: the M3 registered an increase of 4% year-on-year, two tenths above the previous month. This improvement shows greater dynamism in credit, with loans to non-financial companies growing by 2.2%, two tenths more than the previous month, and loans to households also accelerating to a year-on-year increase of 1.5% (against 1.3% previously). These…

Relevant News Item 1st April 2025

Iberdrola’s largest US solar project, €341-million True North farm, starts operating

Link Securities | The Spanish electricity company Iberdrola (IBE), through its US subsidiary Avangrid, has put into commercial operation its largest solar project in the United States to date, the True North plant, with an installed capacity of 321 MW located in Falls County (Texas, United States) and an investment of $369 million (about €341 million), as reported on Monday by Expansión. Specifically, the project supplies electricity to the Texas…

In Spain 1st April 2025

Spanish pension system’s sustainability ‘not improved’ after reforms say Airef

The Independent Authority for Fiscal Responsibility (Airef) has criticized the methods used by Social Security to balance its calculations and has warned about the lack of sustainability of pensions, which ‘has not improved after the reforms,’ pointed out Airef President Cristina Herrero, who noted that ‘the dynamics of pensions are now worse than before’ the reforms promoted by former Social Security Minister José Luis Escrivá, which included revaluation with inflation…

In Spain 31st March 2025

Spain’s per capita income as far from European average as it was in 1999

Eurostat, the European statistical office, estimates that Spain is as far from the European average per capita income as it was in 1999, 25 years ago, according to the newspaper El Mundo today. Progress since then has been zero, measured in terms of Gross Domestic Product per capita and purchasing power. It’s not that Spanish income hasn’t grown in this first quarter of a century. Eurostat estimates it at €27,770…

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