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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.
EEUU Infraestructuras

World economy 10th June 2024

US employment confirms strength with 272,000 payroll increase

BancaMarch: US employment data again surprises on the upside, although other indicators point to a contained moderation. On Friday, the Payroll Survey revealed an unexpected increase in job creation in May, up to 272,000 jobs, well above the 180,000 estimated and the 175,000 previously reported. The same survey also showed an increase in average hourly earnings of 4.1% year-on-year, up from 3.9% expected and 4% previously. Financial markets have interpreted…

The Bank of Spain

Spanish economy 10th June 2024

Hernández de Cos ends term at Bank of Spain

The governor of the Bank of Spain, Pablo Hernández de Cos, will conclude his six-year term at the helm of the institution tomorrow, Tuesday 11 June, and the government has yet to take a firm decision on his replacement. The Minister of Economy. Carlos Cuerpo, has explained that there is still time to designate a successor to Hernández de Cos, whom he has recognised for his “excellent work” at the…

PP

In Spain 10th June 2024

PP wins the European elections with 34% of vote and 22 seats, 30% and 20 seats for PSOE

With a turnout of 49%, Alberto Nuñez Feijóo’s Partido Popular has increased its lead over the PSOE to 4 points (700,000 votes) (when in the general elections a year ago the lead was less than 1.5 points) and has won 22 of the 61 MEPs that Spain sends to the European Parliament. Yesterday, Pedro Sánchez’s PSOE held on, with 30% of the vote and 20 seats, largely at the expense…

Caixabank

Spanish economy 7th June 2024

CaixaBank and CEOE agree credit line of up to €40 billion (14% up on 2023) to support Spanish companies

Link Securities | The chairman of Caixabank, José Ignacio Goirigolzarri, and the president of the Spanish Confederation of Business Organisations (CEOE), Antonio Garamendi, have renewed their agreement on Thursday to support the growth and modernisation of Spanish companies, as reported by the digital portal Bolsamania.com. Specifically, they have established a line of financing of up to €40 billion (14% more than last year) to provide an ‘effective response to the…

comercio minorista alimentos

European economy 7th June 2024

Eurozone retail sales fall 0.5% in April

CdM | Eurozone retail trade sales fell by 0.5% in April compared with the previous month, while compared with the same month in 2023, volumes remained stable, according to data from Eurostat, the European Union (EU) statistics office. Across the EU, retail trade recorded a 0.6% fall in sales on a month-on-month basis and a 0.1% fall on a year-on-year basis. In the monthly comparison, in the euro area, volume…

inteligencia artificial

In the World 7th June 2024

US competition authorities open AI market power investigations into Nvidia, Microsoft and OpenAI

Norbolsa | US competition agencies on Thursday opened market power investigations into artificial intelligence market power at Nvidia, Microsoft and OpenAI. The Federal Trade Commission will focus on investigating the market power of Microsoft and OpenAI, while the Department of Justice will focus on Nvidia. For the time being, not much impact is expected from the investigation, which we understand is in its early stages and may take time.

spain savings rate

Spanish economy 7th June 2024

IMF raises growth forecast for Spain by half a point to 2.4% but warns investment not taking off

The International Monetary Fund, yesterday raised its growth forecast for the Spanish economy this year by half a point to 2.4%, although it also warned that inflation is reluctant to moderate and that sluggish investment and rigidities in the labour market could weigh down developments in the medium term. The Fund recalls that investment remains below 2019 levels, which is weighing on productivity growth per hour worked and could stifle…

employment office

Spanish economy 7th June 2024

Permanent contracts in Spain account for 43% in May, but this percentage steadily declining

Intermoney | In Spain, the labour market behaved very favourably as unemployment continued to fall, reaching a total of 2,607,850 people in May, the lowest figure for a month of May since 2008 and also the lowest figure since August of the same year in question. On a month-on-month basis there are 58,650 fewer people unemployed, i.e. a cut of 2.2%. And if we look at the year-on-year terms, unemployment…

iberdrola offshore

European economy 6th June 2024

Iberdrola or Engie could finance purchase of Electricity North West but better synergies expected with Iberdrola

Morgan Stanley | Rob Pulleyn raises the scenario of the purchase of the grid company Electricity North West by Iberdrola (IBE) or Engie, as they are mentioned in press articles: Iberdrola, in the final bid for Electricity North West as potential buyers (expansion.com). Rob sees no problems in financing the operation in either of the two, at the valuation that has been put forward in the press (€4-5bn). In both…

bank of japan

World economy 6th June 2024

BoJ Preview: To further adjust policy as early as June even with glass half full

Alicia García Herrero (Natixis) | Recently, the virtuous circle between wages and inflation has begun to strengthen. Following the highest wage hike in the past thirty-three years at the spring wage negotiation, nominal base wage surprised on the upside by rising +2.3% year-on-year in April, the largest increase since July ’94. Furthermore, with inflation expectations remaining above 2%, corporate service prices also picked up by +2.8% year-on-year in April. On…