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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.
ArcelorMittal

In Europe 29th January 2025

ArcelorMittal, among best-positioned companies to take advantage of improving business environment

Morgan Stanley | Alain Gabriel summarises the various changes in the European market environment that we could see during the year. Starting with the review of import quotas, which expire in June 2026, and whose review ends on 31 March 2025. Alain believes there is potential for a reduction in quotas, implementation of quotas on an individual level and/or tariff increases. An anti-dumping investigation of HRCs from Egypt, India, Japan…

Ferrovial construcción

European economy 29th January 2025

Ferrovial completes sale of 50% stake in AGS for €535 million

Intermoney | Ferrovial (FER) (Hold, PO €35) announced on Tuesday after the market closed that it has completed the sale of its 50% stake in AGS, which groups a number of airports in the UK, to AviAlliance UK Limited for £450 million, around €535 million. Macquarie, owner of the other 50%, has also sold this position for the same amount. Ferrovial confirms that in its Q1 25 results it will…

Puigdemont

In Spain 29th January 2025

Spain: Without the Fugitive, There is No Law

The President of the Government, Pedro Sánchez, had to retract and concede again publicly yesterday, accepting the demands of the fugitive Puigdemont – leader of Junts, who with his seven deputies in Congress decides which laws move forward and which do not – in order to push through an “omnibus” Decree Law with 29 measures, which include everything from pension increases to subsidies for public transport passes or aid for…

Aena nuevo

In Europe 28th January 2025

Aena calls Ryanair’s elimination of 12 routes and 800,000 seats at regional airports by summer 2025 “blackmail”

Norbolsa | Aena’s conflict with Ryanair over airport charges continues. The airline has reduced regional flights in Spain and is demanding incentives to expand. Aena, backed by the government, rejects its demands, accusing it of blackmail, while the airline defends its low-fare model as key to tourism and connectivity. Last week, Aena president Maurici Lucena and the Irish airline’s CEO Eddie Wilson clashed in a debate organised by Hotusa. Lucena…

EEUU deficit comercial

In the World 28th January 2025

Trump’s new trade threat: now wants universal tariffs “much higher” than 2.5 per cent

Norbolsa | The US president again spoke of his intention to set global tariffs to protect the country’s economy, stating that he is not going to do so immediately, but that he sees the tariff level clearly above 2.5%. This level has been put in the mouth of Treasury Secretary Bessent, although Trump does not believe that this is what Bessent supports and he himself sees a clearly higher tariff….

unemployment spain

Spanish economy 28th January 2025

Spain: 21,857,900 million employed… but over 831,000 “fixed discontinuous” employees not working and seeking work

According to data from the Active Population Survey (EPA) published this Tuesday by the National Institute of Statistics (INE), unemployment decreased by 265,300 people in 2024, which represents a 9.3% decrease compared to 2023, while employment grew by 468,100 jobs (3.8%), closing the year with a new record of 21,857,900 employed and a number of unemployed lower than 2.6 million. It is true that this figure does not include the…

Repsol

Spanish economy 28th January 2025

Repsol plans to enter data centre business with project worth around €4,000 million and 400+ MW

Renta 4 | According to press reports, Repsol is preparing a new leap in its diversification process, with the entry into the data centre business with a project of just over 400 MW. The plan is to be developed in Escatrón, Zaragoza, where it will take advantage of the land, electrical installations and water supply it currently has in the area, which now houses a combined cycle power plant it…

Talgo new

In Spain 28th January 2025

Jupiter Wagons to submit higher offer for Talgo higher than Sidenor group, looking to acquire more than 30% of shares

Alphavalue/ Divacons | Indian group Jupiter Wagons continues with its plans to launch a takeover bid for Talgo and has hired Lazard and Eversheds Sutherland as advisors, according to sources close to the process, Cinco Días reported. Jupiter Wagons is expected to submit a financial offer higher than that of industrial group Sidenor and seek to acquire more than 30% of Talgo’s capital. Talgo shares rose 1.73% on Friday. For…

IAG nuevita

In Europe 27th January 2025

As UK equities bottom out, IAG stands out as stock with upside potential

Morgan Stanley’s Bruna Sarika, our UK macroeconomist, estimates GDP growth of 0.9% for the UK (consensus is 1.3%) and expects five rate cuts this year. Marina Zavolock, despite the country’s macroeconomic challenges, believes that UK equities have bottomed and sees several stocks with local exposure with upside potential: Barratt Redrow, Tesco, British Land, Severn Trent, National Grid, and Barclays and with global exposure: Experian, IAG, and Reckitt; plus Next.

china componentes

In the World 27th January 2025

China PMIs deteriorate more than expected

Link Securities | China’s official manufacturing PMI came in at 49.1 in January, below the consensus forecast of 50.1, which had also been the previous month’s reading. Recall that a reading above 50 points indicates expansion in activity relative to the previous month, while a reading below that level indicates contraction. Thus, the reading reflected contraction, and is the lowest level since last August. Production fell into contraction after three…