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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.
eurozone.a tope

European economy 1st December 2023

Relief for ECB as eurozone inflation falls to 2.4% in November, lowest since July 2021, and close to target

Ulrike Kastens (DWS) | Eurozone inflation fell surprisingly in November. The increase in the cost of living was only 2.4%, down from 2.9% in October, its lowest reading since July 2021, according to Eurostat’s flash estimate. Across Europe, falling oil prices and easing gas and electricity prices had a notable impact. The energy price component fell by 11.5%. Food prices, on the other hand, hardly eased the situation. In this…

China ghost towns

In the World 1st December 2023

Through the looking glass: China’s property crisis and its implications

Alicia García Herrero (Natixis)| China’s real estate crisis has lingered for over two years. While the recurring headlines from Evergrande to Country Garden have dampened foreign investors’ sentiment on China-related assets, the brewing spillovers have dragged domestic consumer and business confidence. What is new is that policymakers seem to believe that the problems have reached a tipping point recently. Although many policy changes have largely fallen short of expectations, the…

Eurozone banks deposit facility rate.

In Spain 1st December 2023

Loans to companies fall -4.3% year-on-year in Spain and -0.3% in eurozone, first decline since 2015

Santander| Slight improvement in lending to the private sector in October, although corporate lending is already contracting in the eurozone (for the first time since August 2015) and more sharply in the periphery. The ECB has now released eurozone private sector lending data, with a slight improvement in October to +0.4% YoY vs +0.2% in September, although this is a minimal rebound within its clearly downward trend since the peak…

IPC carburantes

Spanish economy 1st December 2023

Spanish CPI moderates to 3.2% in November, core inflation to 4.5%, narrowing the gap between the two

CdM| The Consumer Price Index cut its year-on-year rate by three tenths to 3.2% (compared to the 3.6% expected), thanks to lower fuel and package holiday prices, and a less pronounced rise in those of food, than that experienced a year earlier, Europa Press reported yesterday, according to data released by the National Statistics Institute (INE). On the other hand, electricity prices fell less than they did in November 2022….

OCDE recurso TC

In Spain 30th November 2023

OECD lowers 2024 growth forecast for Spain to 1.4% and calls for greater fiscal adjustment

The OECD has revised down to 1.4% its economic growth forecast for Spain in 2024, a figure well below the 2% expected by the government. In its half-yearly Outlook report published on Wednesday, the Organisation for Economic Co-operation and Development (OECD) sends a clear message to Pedro Sánchez’s new government: further budgetary adjustment is needed to keep public debt under control. The report stresses that “stronger and sustained fiscal consolidation…

ley hipotecaria

Relevant News Item 30th November 2023

Number of mortgages granted in Spain falls by -29.6% year-on-year in September, and -17.2% in year to date

Ibercaja| The number of mortgages on homes granted in Spain fell by -29.6% year-on-year in September, the average amount remained stable (0.0% at €143,186) and the total amount granted fell by -29.7%. So far this year, with data accumulated from January to September, the fall in the number of mortgages granted is -17.2%, in the average amount -2.1% and in the total amount granted -18.6%. The number of mortgages granted…

ECB night

European economy, In Europe 29th November 2023

Debate opens at ECB on whether to end bond buybacks to accelerate balance sheet reduction

Banca March: The European Central Bank will consider ending bond buybacks to accelerate balance sheet reduction. As announced by Christine Lagarde at the European Parliament Hearing, it is expected to tighten monetary policy by reducing bond purchases next year. The €1.7 trillion Pandemic Emergency Purchase Programme (PEPP) provided for the reinvestment of asset gains until the end of 2024. However, the debate has opened up between the hawks, who defend…

Indra aeropuertos

In the World 29th November 2023

Indra to provide Vancouver International Airport (Canada) with most advanced control tower in the world

Link Securities| The Spanish company will supply Vancouver International Airport (Canada) with the world’s most advanced control tower. In a press release issued by Indra, the company explained that it is a digital system to control the movement of aircraft on the apron with which the Canadian airfield manager will start its own programme of digitalised apron management services. Indra will deliver an integral digital tower solution equipped with a…

sanchez elections

In Spain 29th November 2023

Foreign multinationals ask Sánchez for economic and regulatory stability to attract investment

Foreign multinationals established in Spain yesterday asked the Prime Minister, Pedro Sánchez, for a stable macroeconomic policy that is predictable and reduces the regulation that affects the work of companies, with the aim of attracting more foreign investment. The Multinacionales con España (Multinationals with Spain) association, which brings together around 60 large foreign companies operating in the country, presented the President of the Government, Pedro Sánchez, with a report on…

Ferrovial

Relevant News Item 29th November 2023

Ferrovial sells its 25% stake in Heathrow Airport for £2.368 billion

Ferrovial (FER) has announced in a Significant Event to the CNMV (National Securities Market Commission) that it has reached an agreement to sell its entire stake (approximately 25%) in FGP Topco, parent company of Heathrow Airport Holdings Ltd. for £2,368 million (approximately EUR 2,735 million). The current sterling value of FER’s stake in Heathrow Airport Holdings Ltd, according to FER’s consolidated accounts, is €0. The deal has been reached by…