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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.

In the World 5th December 2024

Cyber Monday online sales reach $13.3bn, increasing 7.3% against 5.8% in 2023

Bankinter | Cyber Monday online sales total $13.3 billion according to Adobe Analytics, increasing 7.3% against 5.8% in 2023. During the five-day period between Thanksgiving Day and Cyber Monday, online sales totaled $41.1 billion, 8.2% up on the same period last year. On these days, the National Retail Federation (NRF) estimates that total spending (physical + online sales) amounted to $235 billion, showing an increase of 3.5%. For the entire…

In Spain 5th December 2024

India’s Jupiter Wagons potentially interested in Talgo

Banc Sabadell | Indian manufacturer Jupiter Wagons (19.24% owned by Slovakian train manufacturer Tatravagonka), which designs passenger cars, freight wagons and parts) is reportedly in contact with various players involved in the Trilantic succession process to apply to become an industrial partner (without control), according to elEconomista. No further details have been given on the status or scope of the negotiations. Assessment: The appearance of more interested parties would be…

European economy 5th December 2024

Eurozone unemployment rate remains at record low of 6.3% in October

Bankinter: The October Unemployment Rate repeats at 6.3%, as expected. No surprises and no market impact. In any case, it is an excellent historical low level within a slightly downward trend during the last years. Eurostat estimates that in October 10.841 million people were unemployed in the Eurozone. Compared to September, unemployment decreased by 3,000 people in the Eurozone. Compared to October 2023, unemployment decreased by 411,000. By Eurozone countries,…

In Spain 4th December 2024

Tourism in Spain up 10.8% to record levels – 83 million visitors by October

Spain received 82.9 million tourists by October, which represents a 10.8% increase compared to the same period last year, according to data from the National Statistics Institute (INE). This data also shows that these tourists spent €110.984 billion in our country, an increase of 16.8%.The main source countries were the United Kingdom, which sent 16.5 million tourists (a 7.1% increase), France (with nearly 11.5 million and an 11.1% increase), and…

In Spain 4th December 2024

Cementos Molins: first listed company to return to Catalonia after ‘procés’

The board of directors of the cement group has unanimously agreed to return its headquarters to Catalonia, as announced in a statement sent to the National Securities Market Commission (CNMV).Seven years later, Cementos Molins is leaving its current headquarters on the Paseo de la Castellana in Madrid, where it moved its tax residence, and is returning to the town of Sant Vicenç dels Horts in Barcelona, marking the first return…

In Spain 4th December 2024

CAF awarded second batch of trains for Metro de Madrid for more than €400 million

Bankinter | CAF (CAF) announced on Monday the award of the second batch of trains, some 40 narrow gauge trains, for Metro de Madrid, which will cost more than €400 million. The first batch was also awarded to CAF in June 2024. Opinion of Bankinter’s analysis team: Good news after a weaker than expected third quarter. This contract represents 3% of the total order book. In addition, this second batch…

In Europe 3rd December 2024

Sacyr starts operating A21 project in Italy, with €800 million investment planned for concession

Intermoney | The Italian consortium SIS, formed by Fininc and Sacyr (Buy, PO €4.4), has begun operating five sections of the A21 Turin highway, totaling 320 kilometers. This contract, awarded by the Italian Ministry of Infrastructure and Transport, is expected to generate traffic revenues in excess of €2.9 billion over the 12-year concession period. The concession includes the design and execution of the works to improve these sections, with an…

In the World 3rd December 2024

China’s November manufacturing PMIs, both official and Caixin, beat expectations

Link Securities | China’s official manufacturing purchasing managers’ index, manufacturing PMI, came in at 50.3 in November, versus 50.2 expected by the analyst consensus and following 50.1 in the previous month, for its second consecutive month in expansionary territory. We recall that a reading above 50 points indicates expansion of activity with respect to the previous month, while a reading below that level indicates contraction. Production and new orders showed…

In Spain 3rd December 2024

Bank of Spain warns: Spain growing due to public spending but losing competitiveness with eurozone due to labour costs

Following the latest and controversial revisions by the National Statistics Institute (INE), Spain’s GDP exceeds the pre-COVID level by 5.7%, compared to 4.2% in the eurozone, thanks to public consumption, as household spending and investment are “lagging”, as the Bank of Spain points out.However, not everything is bright in the progress of the Spanish economy. On one hand, it has lost competitiveness compared to the eurozone as a whole due…

In Spain 3rd December 2024

DBRS upgrades Spain’s rating to A+ from A, with stable outlook

Bankinter | DBRS upgrades its rating to A+ from A. Stable outlook. Based on strong economic growth, reduction of external debt and improvement in public finances. Deficit is expected to fall to 3% of GDP this year and public debt to 100% of GDP by 2026. Analysis team’s view: Good news for Spanish debt, whose 10-year bond trades with a yield of 2.79% and a risk premium of +70bp against…

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