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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.
Spanish banks and housing market

Spanish economy 12th December 2023

Mortgages in Spain fall 22% year-on-year in October

According to preliminary data, released yesterday by the Association of Registrars, 44,454 home sales and purchases were signed in October, representing a decrease of 11.4% year-on-year. In the same month, and according to the same source, the decline in the number of mortgages on homes was more pronounced, falling 22.4% year-on-year, to 30,850 transactions. Moreover, in October the total number of sales and purchases (including all types of property) fell…

Deoleo

Companies, Relevant News Item 12th December 2023

Deoleo aims to double growth in India to 8m litres in 2026 from 4m sold in 2022

Link Securities| The company wants to double its size in India, where it is growing by more than 10% a year, over the next three years, Expansión reports today. It wants to sell eight million litres in 2026, compared to four million in 2022. Deoleo is increasing its diversification with the Figaro Baby line, and will launch a shampoo to take advantage of the cosmetic use of olive oil in…

cop28logo

Relevant News Item 11th December 2023

Outrage at COP28 over OPEC’s attempted blocking of fossil fuel deal

BancaMarch: There is outrage at COP28 over OPEC’s attempt to block the fossil fuels deal. The 200 countries attending the summit are discussing phasing out fossil fuels as a major cause of climate change. The OPEC Secretary General urged in his letter to OPEC members to reject any proposed COP28 agreement affecting fossil fuels. One of the summit delegates has described this move as a “sign of panic”. Saudi Arabia…

eeuu mercado laboral

In the World 11th December 2023

US non-farm job creation surprises positively and unemployment rate falls two tenths to 3.7%

Bankinter| Non-farm job creation surprised positively in November and the unemployment rate fell by two tenths, to 3.7%. Non-Farm Employment: +199K versus +185K estimated versus +150K previous. Private Sector Employment: +150K versus +159K estimated and +85K previous (revised from +99K). Manufacturing Employment: +28K versus +30K expected vs -35K previous. Unemployment Rate: 3.7% versus 3.9% expected and previous. Labour Participation: 62.8% versus 62.7% expected and previous. Average Earnings/Hour (year-on-year): +4.0%, same…

Montero

In Spain 11th December 2023

Fiscal Policy Council meets today without Catalan minister, absent because she already has a “singular negotiation” with the State

This Monday marks the first meeting of the Fiscal and Financial Policy Council. This is the first meeting of this body in nearly a year and a half, and it had been frequently requested by the autonomous regions governed by the Partido Popular, which after this year’s regional elections are in the majority. Natàlia Mas, the minister responsible for these policies in Catalonia, will not attend, and in her place…

iberdrolaTC

Spanish economy 8th December 2023

Iberdrola wins five-year, €395-million renewables contract with Metro de Madrid

Alphavalue / Divacons| The utility has been awarded the supply of electricity with guaranteed origin from renewable energy sources for Metro de Madrid for a total amount of around €395 million over the next five years. Specifically, the energy company has been awarded the five lots put up for grabs by the Community of Madrid for the high and low voltage supply points of the metro network for the period…

telefonica logo nuevo

In Spain 8th December 2023

Telefónica prepares to replace Huawei in mobile network, in line with Western veto of Chinese companies

Link Securities | Telefónica is finalising the tender to hire a new technology provider for part of its core 5G mobile network in Spain. The decision will mean the definitive exit of Huawei from its network, in line with the Western veto of Chinese companies. The newspaper notes that Ericsson or Nokia are the favourites to win the new contract worth many tens of millions. US government restrictions, as well…

Airbus 320

European economy 7th December 2023

Airbus aircraft deliveries up to 623 so far this year, 13% more than in 2022, 113 new orders

Banc Sabadell | Airbus (AIR) reported 64 aircraft deliveries during November (against 68 in November 2022 and 71 in October 2023) bringing the total in 2023 to 623 (against 550 in November 2022; up 13%). On the other hand, a total of 113 new orders and 52 cancellations were recorded during the month. Considering cancellations for the year as a whole, net orders until November 2023 stand at 1,395 (against…

Repsol's plan of acquisitions

In Spain 7th December 2023

Government to consider withdrawing windfall tax on energy companies

Banco Sabadell : According to the press, the vice-president for Ecological Transition (Teresa Ribera) said in a statement that it is necessary to see if energy companies continue to make these extraordinary profits and to take into account the large investments required for the energy transition, in the context of the application of the current windfall tax on these companies. These statements come after the European Commission declared last week…

bancos espanoles

Spanish economy 7th December 2023

Household deposits now pay 2.4% in Spain, versus 3.3% in eurozone

The interest rate paid on European deposits has risen to its highest level in 14 years, but is still well below the ECB deposit rate and with significant divergence by country. The shift from overnight deposits to time deposits and money markets continues. The ECB has also published the interest rates paid on bank deposits in the eurozone, with the rate paid on household term deposits rising by two tenths…