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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.
china cierre ciudades

World economy 13th July 2024

China’s trade surplus grows in June to €99.05 billion from $69.8 billion a year ago

Link Securities | According to data from the General Bureau of Customs, China’s trade surplus increased in June to $99.05 billion, up from $69.8 billion in the same month a year ago, and exceeding market forecasts for a surplus of $85 billion. It thus becomes the largest amount of trade surplus in a month since July 2022, as exports increased, while imports decreased. Specifically, exports grew by 8.6% year-on-year, their…

Repsol

Spanish economy 13th July 2024

Repsol captures 40% of €794 million in European aid awarded by Spanish government for hydrogen production

Norbolsa | Repsol’s projects in Bilbao and Cartagena for the production of green hydrogen have captured 39.67% of the European aid awarded by the Spanish Government, within the European Hy2Use programme. In total, the Government has awarded €794 million, of which Repsol has obtained €315 million for projects in Muskiz and Cartagena. Iberdrola will receive €242 millions for Puertollano. EDP €209 million for Los Barrios, Avilés and Teruel, and Endesa…

ArcelorMittal

World economy 12th July 2024

ArcelorMittal employees reject agreement and will continue strike

Morgan Stanley: According to Reuters, employees have rejected the agreement to end the strike at the Lázaro Cardenas plant, which has been in place since 24 May. Alain Gabriel (analyst) points out that the blockade is likely to have a significant impact on the North American division (the plant represents almost half of the division’s capacity). In this sense, an 80% utilisation would imply an annual production of up to…

Vox

In Spain 12th July 2024

Vox breaks with PP and leaves government of five autonomous communities up in the air

Vox, the party led by Santiago Abascal, has carried out its threat: to stop supporting the five autonomous governments in which it participates (Valencia, Extremadura, Murcia, Aragon and Castile and Leon) if the PP accepted, as it has done, the distribution of 110 immigrant minors who will leave the Canary Islands to decongest that Autonomous Community on their way to those five Communities where 11 million citizens, according to Vox,…

enagas logo

Spanish economy 12th July 2024

€1 billion in cash from sale of Tallgrass Energy stake to benefit Enagás’ credit profile

Santander Corporate & Investment | Enagás (Baa2u e, BBB e, BBB e) has announced the sale of its 30.2% stake in Tallgrass Energy to Blackstone for $1.1 billion (equivalent to €1.018 billion). The company noted that the sale is part of the asset rotation programme announced in the 2022-30 Strategic Plan. Enagás will record an accounting loss of €360 million, but also noted that the divestment will have a very…

arcelormittalCM 1

World economy 12th July 2024

US slaps 25% tariffs on steel and 10% on aluminium not smelted in Mexico, US or Canada

BancaMarch: The United States is trying to act on Chinese steel and aluminium entering through the Mexican border. The Biden administration has included tariffs of 25% on steel and 10% on aluminium not smelted in Mexico, the United States or Canada. In this way, it aims to prevent the entry of Chinese metal circulating through Mexico in order to avoid the tariffs already imposed in May on various products of…

eeuu inflacion precios

World economy 11th July 2024

US consumer credit data improves to $11.354 billion, up sharply from previous month

BancaMarch: In the US, Monday’s highlights were consumer credit data which improved in May to $11.354 billion, a figure that points to a revival in consumer credit as this figure is well above the previous month’s $6.485 billion. On the other hand, the New York Fed’s inflation expectations survey also showed a slowdown in inflationary pressures with consumer inflation expectations for the next 12 months at +3.02% versus +3.17% previously….

iberdrola offshore

Spanish economy 11th July 2024

Iberdrola sells lease rights and all developments of Kitty Hawk North offshore wind farm project to Dominion Energy

Link Securities | The company has reached an agreement with Dominion Energy for the sale to this group of part of the assets it is developing in offshore wind power in the US, according to the newspaper Expansión. Specifically, it will transfer the lease rights and all the developments carried out to date in the Kitty Hawk North offshore wind farm project. Iberdrola will keep the adjoining project, Kitty Hawk…

France

European economy 10th July 2024

Only 19% of CAC 40 index is dependent on French economy

Matthieu de Clermont Head of Insurance and Regulatory Strategies (Allianz GI) | Amid a hung parliament, should investors hang around? While a hung parliament was expected, the second round of the French election still delivered a shock result: the far-right National Rally was pushed into third place in a result that triggers days if not weeks of negotiations between the parties to form a government. With the most seats, France’s…

Repsol novedad

In the World 10th July 2024

Repsol, with Eni, discovers oil well of potentially 400 million barrels in Mexico

Renta 4 | Repsol (REP), in alliance with Eni as operator with a 50% stake, has made an important oil discovery in Mexico. According to information published by the Italian company, the field is located some 63 km off the coast of Mexico, in the medium-deep waters of the Salina Basin in the Southeast Basin. The well has been drilled to a depth of 525 metres and has reached a…