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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.

In Europe 30th August 2024

German headline inflation in August at 1.9% vs. 2.3% in July, core at 2.8% vs. 2.9% previously

Singular Bank: According to the preliminary reading from Destatis, the year-on-year rate of change in Germany’s headline CPI for August came in at 1.9% (vs. 2.3% in July), below the analysts’ consensus estimate (2.1%) and registering its lowest level since March 2021. This is a trend that has been accelerated by the reduction in the cost of energy. On a monthly basis, prices fell by 0.1% in August (vs. 0.3%…

World economy 30th August 2024

Atlanta Fed urged not to take any decision on September rate hike before PCE, CPI and employment data released

Bankinter | Atlanta Fed President Bostic said that with inflation moving back towards target and unemployment levels slightly above what they anticipated, it makes the most sense to implement the first rate cut at the September 18 meeting. However, he added that before taking any decision, the two remaining inflation data until the meeting (PCE and CPI) and above all the employment data (6 Sept.) will be crucial. Under this…

Spanish economy 30th August 2024

Ferrovial leads consortium building T1 at New York’s JFK airport, USA’s largest public-private project

Alphavalue / Divacons | The company headed by Rafael del Pino is leading the consortium building T1 at New York’s JFK airport, according to Expansión newspaper. This is the most important project currently under way in the US city. The investment amounts to $10,000 million (about €9,200 million), including a historic green bond issue of 2,550 million. It is also the largest public-private project in the United States. Ferrovial took…

In the World 30th August 2024

China now controls export of crucial semiconductor materials, affecting Western supply chains for advanced chips and military hardware

One aspect that should not be neglected is an international trade that, especially where China is concerned, is becoming more tense. While the EU and the US have already taken the step of increasing their tariffs, it is now Canada that has announced a 100% tariff on imports of Chinese electric vehicles and another 25% tariff on steel and aluminium imported from China. More than the material effects of the…

In Europe 30th August 2024

ACS now controls 79.1% of German construction company Hochtief after investing €50m 1Q24

Link Securities | The company continues to consolidate its shareholding position in the German construction company Hochtief, increasing its control position thanks to the purchase of shares in the subsidiary and thus approaching the threshold of 80% of the German company’s capital. Specifically, and as reported yesterday by the newspaper Expansión, ACS already controls 79.1% of the German construction company after the latest financial investments made. In this regard, Expansión…

Spanish economy 29th August 2024

Sacyr agrees financing with CBP consortium for construction of bridge over Calcasieu River in Louisiana

Alphavalue / Divacons | The Spanish construction company rose +0.56% yesterday after announcing that the Calcasieu Bridge Partners (CBP) consortium had reached financial closure for the bridge over the Calcasieu River. This is the design, construction, operation and maintenance for 50 years of the bridge over the Calcasieu River, part of the Interstate Highway (I-10), located in Louisiana (USA). According to the company itself, the financing includes a $1,333 million…

World economy 29th August 2024

US consumer confidence rises to 103.3 versus 101.0 expected and 101.9 previously

Bankinter | Consumer Confidence has improved more than expected in August. It has risen to 103.3 versus the 101.0 expected and 101.9 previous (revised from 100.3 points). Both components improve: Expectations to 82.5 from 81.1 (revised from 78.2) and Current Situation to 134.4 from 133.1 (revised from 133.6). Case-Shiller House Prices barely decelerated in June, highlighting the robustness of the real estate sector: +6.47% year-on-year in June versus +6.50% expected…

In Spain 29th August 2024

CPI falls six tenths in August to 2.2%; core inflation moderates one tenth to 2.7%

The Consumer Price Index (CPI) stagnated in August compared to the previous month but cut its year-on-year rate by six tenths, to 2.2%, its lowest figure since June 2023, when it stood at 1.9%, according to data released Thursday by the National Statistics Institute (INE). The agency has explained that the moderation of the CPI to 2.2% is due to the cheapening of fuels, which rose in August 2023 and,…

Spanish economy 28th August 2024

Pension spending reaches a record €12,828 million in August, up 6.5%

The ordinary monthly payroll for pensions exceeded €12,000 million for the first time in July 2023 and this month marks a new record again after the increase in contributory pensions by 3.8% for 2024. Of the €12,828 million spent in August on the ordinary payroll of contributory pensions, three quarters (73.1%) went to the payment of retirement pensions, which totalled €9,378.6 million, 6.8% more than in August last year. At…

In Spain 28th August 2024

Government rejects Magyar Vagon’s takeover bid for Talgo on “national security” grounds

The Government has decided to reject the takeover bid for Talgo presented by the Hungarian group Ganz Mavag (Magyar Vagon) on the grounds of national security and strategic interests. This has been decided by the Foreign Investment Board of the Ministry of Economy, Trade and Enterprise, which has denied the operation presented by the consortium to take over the entire Spanish train manufacturer for €617 million. “Talgo is a strategic…

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