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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.
FederalReserve

World economy 10th March 2025

Atlanta Fed forecasts US GDP to contract by 2.8% quarter-on-quarter in Q1 2025, compared to 2.3% growth expected two weeks ago

Last week, nearly all sectors of the S&P 500 weakened. The financial sector lost significant ground on the 4th (-4.67%), with stocks like Citi and Wells Fargo showing very poor performance. In the technology sector, the biggest setbacks were seen in Intel (-6.2%) and Tesla (-4.5%). President Donald Trump’s tariff policies can be seen as an act of ‘throwing stones on his own roof’ as they create uncertainty, which has…

España bancos

In Spain 8th March 2025

Spanish banks: Headwinds in 1H25 due to risks of somewhat weak NII; downgraded target prices and recommendations, except for Santander, BBVA and Bankinter

Deutsche Bank | Spanish banks have experienced a strong rebound in late 2024 and early 2025 (up 30% year-on-year), significantly outperforming their European peers. Driven by resilient NII, prospects for more stable interest rates and a generally benign macroeconomic environment in Spain supporting activity and asset quality, this positive trend could face potential temporary headwinds. Despite the encouraging results of Q4 2024 and the broadly positive outlook for 2025, the…

repsol banderines

World economy 8th March 2025

As US withdraws Chevron’s licence to export crude from Venezuela, what will happen to Repsol’s strategic assets in Tomoporo and La Ceiba?

Banco Sabadell | According to press reports, the US has withdrawn Chevron’s licence to export crude oil from Venezuela, with the effective date of 3 April. This decision is in response to the failure of the Maduro government to fulfil its electoral commitments and is part of a package of extended sanctions that will also affect companies such as Halliburton, Schlumberger, Barker Hughes and Weatherford, which will have to suspend…

Closed

Spanish economy 7th March 2025

Small businesses in Spain closing at rate of 26 shops a day

Small businesses have experienced a negative trend over the past year, with up to 26 small businesses closing each day, amounting to 9,739 shops that have shut down in the last twelve months, according to data provided by the self-employed association, Uatae. Uatae claims that these figures demonstrate that “small businesses are still in crisis,” due to rising costs, disparities in digitalization, and the strong competition posed by large platforms…

turismo playa

Spanish economy 7th March 2025

Spain receives 5.1 million international tourists in January, spending up almost 9%

CdM | In January, 5.1 million international tourists visited Spain, 6.1% more than in the same month last year, with total spending up 8.9% to €7.132 billion, according to data provided by the National Institute of Statistics (INE). The United Kingdom was the main country of residence, with 863,286 tourists and an increase of 3.6% compared to January 2024. 641,201 came from France (12.2% more) and 537,842 tourists from Germany…

Pharmamar

Relevant News Item 7th March 2025

JPMorgan Chase acquires 3.12% stake in Pharmamar, valued at €56.8 million

Link Securities | The largest US bank yesterday notified the National Securities Market Commission (CNMV) of a 3.12% stake in the bio-pharmaceutical company Pharmamar. JPMorgan Chase, which reached this threshold last Monday, owns this package directly in shares (2.54%) and the rest (0.57%) through financial instruments (equity swap). With this operation, carried out through different companies and investment funds, this stake would be valued at €56.8 million. Other PharmaMar shareholders,…

No Picture

In the World 7th March 2025

China sets growth target for 2025 at 5%, with budget deficit rising to 4% from 3% in 2024

Banca March | China sets growth target for 2025 at 5%, with budget deficit rising to 4% (from 3% in 2024). The The government document presented by Prime Minister Li Qiang to parliament sets the GDP target at 5% for the third consecutive year, a demanding goal that will require more aggressive stimulus measures. The focus is on strengthening consumption and counteracting deflationary pressures – the government has lowered its…

IAG

World economy 6th March 2025

IAG fears Trump’s trade war: 17% of 2024 income -€5,406 million- depended on US

Link Securities | The holding company IAG (IAG) fears that the trade war unleashed by US President Donald Trump since his arrival at the White House will affect its business with higher prices and less appetite for flying in general and, in particular, on routes to the United States, one of its main markets, according to Expansión. Last year, 17% of IAG’s income, or €5.406 billion, depended on the United…

CAF Bombardier

Relevant News Item 6th March 2025

CAF selected as ‘preferred bidder’ for €1,695-million renewal of train fleet in Belgium

Bankinter | The company announced yesterday that it has been selected as the preferred bidder for the contract to supply a new train fleet for the Belgian operator NMBS/SNCB (Société Nationale des Chemins de Fer Belges). The operator has approved the purchasing process with the selected company, pending the finalisation of the award. If the agreement is finally reached, it would involve an initial commitment of around €1,695 million (54,000…

Indra radares

European economy 6th March 2025

With European defence sector benefiting from geo-strategic environment, Indra trades at lowest multiples

Bankinter: The good momentum in the sector continues and our thematic portfolio is up 30% for the year, especially thanks to European stocks. In February the Munich Security Conference ended without a preliminary agreement to put an end to the war between Russia and Ukraine, but with a clear conclusion: Europe must be prepared and significantly increase its defence spending. In line with this argument, some NATO countries have already…