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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.

Spanish economy 8th July 2024

Spanish industrial production shows less dynamism: activity falls 0.1% month-on-month in May

BancaMarch : In Spain, this Friday, industrial production data have been published showing a lower dynamism: the sector’s activity fell by -0.1% monthly in May and previous data were revised downwards, which places the growth rate against last year at +0.4%, a rebound of two tenths compared to the previous month. By sector, and in indices adjusted for seasonal and calendar effects, Non-durable consumer goods (+2.7%) presented the highest annual…

Spanish economy 8th July 2024

Repsol reaches agreement for sale of portfolio of generation assets for €140 million

Renta 4 : Agreement for the sale of a portfolio of distributed generation assets in France for €140 million. According to press reports, Repsol has reached an agreement to sell a portfolio of distributed generation assets in France to the French company Altarea for €140 million. These assets are part of the projects acquired in 2023 from the Asterion Industrial Partners fund, when it bought a portfolio of 7,700 MW…

Spanish economy 8th July 2024

Spanish stock market (PER 14x) trades at a significant discount to other European indices (Eurostoxx PER 16.2x)

Deutsche Bank | The Ibex trades at a significant discount to other European indices, with a 12-month PER (Price Earning Ratio) of 14x, compared to 16.2x for the Eurostoxx. The high weight of the financial and electricity sectors also means that the Spanish selective index has a particularly attractive 12-month expected dividend yield of over 5%, against the Eurostoxx’s 3.9%. Until the end of 2023, the selective Ibex index had…

In Europe 8th July 2024

Le Pen drops to third place and allows for a coalition of the left and Macron

In the second round of the French legislative elections, the leading force was the left-wing New Popular Front coalition, which won 182 seats in the National Assembly. This advance prevents a majority for the far-right National Rally – Marine Le Pen’s party – which won 143 seats and would thus be in third place, despite having won the first round. It also opens the door to a possible coalition between…

European economy 8th July 2024

Labour’s victory in UK could further support pound and British stock market with more constructive stance towards EU

Renta 4 | In the UK, Thursday’s elections were, in line with expectations, a historic victory for Starmer-led Labour (expected to achieve its largest majority since 1997). The Conservative leader, Sunak has already conceded defeat. Labour’s victory could continue to support the pound and the British stock market in the face of a more constructive stance on the EU and promised fiscal stability. To this could be added the Bank…

World economy 8th July 2024

Banco Santander launches plan to grow investment banking in US

Norbolsa | Banco Santander (SAN) has launched a plan to grow in investment banking in the United States, according to Expansión newspaper. The more than one hundred signings that Santander has made at Credit Suisse and other large investment banks will allow Santander to enter new areas of mergers and acquisitions (M&A), financing, stock market and debt. The daily also notes that the bank has special expectations for the leveraged…

Relevant News Item 5th July 2024

Landslide win for Starmer’s Labour in UK election, ending 14 years of Conservative rule

The Labour Party has won the UK general election with an absolute majority, ending 14 years of Conservative ‘dominance’. Keir Starmer, the party’s leader and the country’s new prime minister, ousted Rishi Sunak with a landslide victory. With some constituencies still to be confirmed, the count already confirms Labour’s absolute majority (more than 326 seats) by securing more than 400 seats out of 650. The centre-left party is on track…

Spanish economy 5th July 2024

BBVA holds an Extraordinary General Shareholders’ Meeting today to approve the bid for Banco Sabadell

BBVA is holding an Extraordinary General Shareholders’ Meeting today at the Palacio Euskalduna in Bilbao, at which it is expected to approve the takeover bid (hostile takeover bid) for Banco Sabadell, and the capital increase -of 20%- necessary to make the bid, at a ratio of one new BBVA share for every 4.83 Banco Sabadell shares. At the time the offer was made public, this offer represented a premium of…

Banco Sabadell and Amundi sign alliance to boost fund business in Spain

Relevant News Item 4th July 2024

Banco Sabadell restructures TSB’s costs in midst of BBVA’s takeover bid, branch closures and lay-offs to come

Alphavalue / Divacons | The Catalan financial institution is restructuring TSB’s costs in the midst of BBVA’s takeover bid. The bank began adjustments in the subsidiary in 4Q23 and now plans to close 36 branches and lay off 250 employees. The takeover bid will not force Sabadell to stop restructuring costs. Sabadell’s management team expects TSB to start to “give joy” from 2025. González- Bueno predicts a “transitional” 2024 for…

World economy 4th July 2024

CAF wins €50-million contract to supply trams to Omaha Streetcar Authority

Link Securities | Omaha Streetcar Authority, the inter-local agency created between the city of Omaha (Nebraska, United States) and Omaha Metro for the development of the city’s new tramway network project, has chosen Construcción y Auxiliar de Ferrocarriles (CAF) as the company to supply the units that will serve the aforementioned line, according to the digital portal Bolsamania.com. CAF will initially supply six trams with their corresponding parts and special…

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