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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.

Spanish economy 29th February 2024

CAF’s 2023 turnover to be €3,825m, up 21%, due to higher sales in both rail and buses

Norbolsa| The company presented full year results, with revenues exceeding estimates to €3.825M (21% versus FY22 and +4% against FY23e), thanks to higher sales in both rail (€3.006M versus €2881M) and buses (€819M versus €804M). Margins improved to an EBIT margin of 4.7%, in line with expectations, in what seems to be a recovery for Solaris. Net profit was +13% higher than expected at €89M (€77M FY23e), thanks to financial…

World economy 28th February 2024

US banks ready to use Fed funding mechanism, Standing Repo Facility, that has been dormant for over two years

Norbolsa| Banks are finally signing up for a US Federal Reserve funding mechanism that has been largely dormant for more than two years, putting them in a stronger position to cope with any stress. It is unclear, however, whether they will want to use it in the event of a crisis. The Standing Repo Facility allows banks to borrow emergency overnight cash from the Federal Reserve through a repurchase agreement,…

European economy 28th February 2024

Lagarde points to broader Capital Markets Union and venture capital to promote energy transition

Banca March| Christine Lagarde has spoken out on independence and investment strategies in the eurozone. On the one hand, she stressed the need to be more self-sufficient in energy, by boosting investment in renewable energies such as green hydrogen and a smart grid system. The leader of the ECB provided numbers that would favour greater progress: 620,000 million euros per year in climate objectives and 125,000 million in the digital…

In Spain 28th February 2024

Spending on pensions reaches record €12,668 million in February, 6.2% up on February 2023

Social Security allocated a record €12,668 million to the payment of the ordinary monthly payroll of contributory pensions in February, 6.2% more than in the same month in 2023, according to the Ministry of Inclusion, Social Security and Migration, which reported on Tuesday. Following the rise in pensions in line with the CPI applied since the beginning of the year, the average retirement pension increased by 4.8% year-on-year in February,…

European economy 28th February 2024

Company and household credit frozen in eurozone

Link | The European Central Bank (ECB) published yesterday that in the Eurozone the monetary aggregate M3 rebounded 0.1% year-on-year in January (+0.2% in December), below the 0.3% increase expected by FactSet analysts. In addition, and also according to ECB data, bank lending to households in the euro area increased by 0.3% at a year-on-year rate in January (+0.4% in December) to €6.87 billion, slightly less than the 0.4% increase…

Spanish economy 27th February 2024

EC foresees significant competition concerns in IAG’s purchase of Air Europa

Banc Sabadell: The European Commission (EC) would see significant competition problems in the purchase of Air Europa by IAG (IAG), much more than in 2019, when the operation was initially considered, due to the greater weight of the Spanish market since then. It should be recalled that the EC communicated at the end of January that it was initiating a detailed investigation (phase II) into the proposed acquisition of Air…

European economy 27th February 2024

Utilities have lower positioning in both European and international funds; Iberdrola one of 35 companies with lowest position in Europe

Morgan Stanley| The SX6P has had the worst start in relative terms since 1986 (-10% versus SXXP YTD) as a result of the fall in energy prices. Last week our strategy team published an update of the European sector positioning tracker and one of the conclusions is that Utilities is one of the sectors with the lowest positioning by both European and International Funds. ENEL, National Grid and Iberdrola are…

World economy 27th February 2024

Japan’s January inflation eases for third month in a row to 2.2% vs. 2.6% previously due to mirror effect in energy prices (-12.1%)

Bankinter : January CPI in Japan reaches +2.2% year-on-year vs. +1.9% expected and +2.6% previous. Underlying: +3.5% vs. +3.3% expected and +3.7% previously. Analysis: The price indicator decelerates for the third consecutive month, although it defies expectations in both readings. This slowdown is mostly due to a mirror effect in energy prices (-12.1% year-on-year). Since, after the strong rebound in energy, as of February 2023, the government implemented subsidies to…

In Spain 27th February 2024

Percentage of population at risk of poverty or social exclusion in Spain rises to 26.5%, according to INE

The percentage of the Spanish population at risk of poverty or exclusion rose half a point in the last year to 26.5%, while the population with “severe material and social deprivation” climbed to 9%, the highest rate since 2014 and 1.3 points higher than the previous year, according to the National Statistics Institute (INE). With this, severe poverty has shot up to its highest level in a decade, mainly due…

Relevant News Item 27th February 2024

Neinor Homes share capital set at €615.49 M and 74.96 M ordinary shares with a par value of €8.21 each

Link Securities | The socimi informed the CNMV that on February 21, 2024, the public deed to reduce its share capital by €39.73 million by reducing the par value of the company’s shares by €0.53 was registered in the Vizcaya Mercantile Registry. As a result, the share capital of Neinor Homes has been set at €615.49 million divided into 74.96 ordinary shares with a par value of €8.21 each, which…

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