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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.

European economy 20th May 2024

EC keeps Eurozone annual growth forecast for 2024 stable at 0.8%, while confirming 0.4% rebound in 1Q24

Bankinter: European Commission forecasts point to a soft landing for the economy.- GDP: +0.8% versus +0.8% previously in 2024 and +1.4% versus +1.5% previously in 2025. CPI: +2.5% versus +2.7% previously and +2.1% versus +2.2% previously respectively. Analysis: After the downward revision of growth for the Eurozone in the February report, the EC maintains its forecast for 2024 and revises the estimate for 2025 downwards very slightly. The institution continues…

Spanish economy 17th May 2024

House sales and purchases fall 19.3% in March

The sale and purchase of homes recorded a decline of 19.3% in March compared to the same month in 2023, to a total of 44,878 operations, according to the National Statistics Institute (INE), which revealed that this rate has fallen in thirteen of the last fourteen months. The data published by the National Statistics Institute (INE) leave the 5.8% rise recorded in February, with which the statistics broke a 12-month…

Spanish economy 17th May 2024

Bank of Spain announces intention to gradually implement 100bp Countercyclical Capital Buffer for banks

Jefferies | The Bank of Spain announced the intention to gradually implement a 100bp CCyB for the banks, alongside a revision of the methodology through which the buffer is set. The announcement should not come as a surprise, given recent debate during the 1Q24 earnings season. We see a manageable impact from the higher capital requirements, and no immediate risk to the banks’ stated CET1 ratio targets or capital distribution…

Spanish economy 16th May 2024

Criteria and TAQA negotiate to share Naturgy’s capital in hypothetical joint control

Banco Sabadell : According to press reports, Criteria and TAQA are negotiating the distribution of power in a hypothetical joint control within Naturgy. The same sources indicate that this could lead to a balance in the capital (Criteria and TAQA with very similar stakes) although initially Criteria would only intend to slightly increase its 26.7%. We recall that other sources pointed out yesterday that the main issue to be resolved…

World economy 16th May 2024

US inflation moderates to +3.4% year-on-year in April; core stands at +3.6%, three-year low

Banca March: US inflation is slowing down. The expected US CPI data came out in line with expectations and price growth moderated in April by one-tenth of a point to +3.4% year-on-year. In addition, the core rate – excluding the more volatile food and energy prices – also moderated by two tenths to +3.6%, its slowest growth rate in three years, supporting the view that inflation is gradually normalising. Turning…

Interviews 16th May 2024

“European funds are not reaching companies. There is total inefficiency”

Isabel Dutilh, director of Elecnor, Banco Alcalá and Millenium Real State explains in an interview with Mari Pinardo in the magazine Consejeros that “Europe has to have control of the funds and this requires a certain amount of bureaucracy, but in the end it is so much bureaucracy that it generates frustration and people give up applying for them”. Q – There are continuous and constant legislative changes, what do…

Spanish economy 16th May 2024

Brussels improves 2024 forecasts for Spanish growth (+2.1%) and deficit (3%)

The European Commission (EC), in its new macroeconomic estimates, has revised Spain’s Gross Domestic Product (GDP) growth in 2024 upwards, from 1.7% to 2.1%. This is well above the Eurozone average (0.8% and 1.4% respectively) and ahead of the major economies (Germany will have no growth this year and France and Italy just 0.7% and 0.9%), and is a four-tenths improvement on what the Commission thought would happen in February,…

Spanish economy 16th May 2024

SEPI continues acquisition and passes 8% threshold in Telefónica’s share capital

Link Securities | Telefónica (TEF) informs that on 13 May 2024, the public deed for the reduction of share capital in the amount of €80,296,591, through the redemption of 80,296,591 treasury shares, was registered at the Madrid Mercantile Registry. As a result, the share capital of the company has been set at €5,670,161,554, divided into 5,670,161,554 ordinary shares of €1 par value each, which confer a total of 5,670,161,554 votes…

European economy 15th May 2024

Logista acquires remaining 30% stake in Dutch company Speedlink Worldwide Express

Link Securities | Europe’s leading logistics operator, announced yesterday that it has increased its stake in Dutch company Speedlink Worldwide Express, a specialist in express (time critical) deliveries to and from the Netherlands. The company announced in February 2022 the acquisition of 70% of Speedlink in a deal that saw Logista’s stake increase to 100%, a milestone it has reached through the purchase of the remaining 30%. Speedlink, based in…

Spanish economy 15th May 2024

Blackrock, Norges Bank and Vanguard, over 10% of Sabadell’s capital, not in favour of defensive manoeuvres against takeover bids

Link Securities | The Minister of Economy, Trade and Enterprise, Carlos Cuerpo, has conveyed to the president of the supervisory board of the European Central Bank (ECB), Claudia Buch, his “concerns” regarding the hostile takeover bid launched by BBVA (BBVA) on Banco Sabadell (SAB) in a bilateral meeting. This was confirmed by Mr Cuerpo in statements to the media on his arrival at the meeting of Eurozone finance ministers. “We…

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