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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.
alemania reichstang

European economy, In Europe 12th August 2024

Germany’s inflation rises to 2.3%: falling energy prices fail to offset higher services prices

CdM: Germany’s inflation rose by one tenth of a percentage point in July to 2.3%, Destatis, the Federal Statistical Office, has confirmed, blaming the rise on higher services prices. “The fall in energy prices is holding down inflation,” but “on the other hand, we continue to see above-average price increases in services,” said the agency’s president, Ruth Brand. Specifically, prices for services were 3.9% higher than in the same month…

eeuu empleo 1

In the World, World economy 12th August 2024

US unemployment benefit claimant numbers fall by 17,000 to 233,000

Link Securities | According to data from the Labor Department, the number of jobless claims fell by 17,000 to 233,000 in the week ending 3 August, below the consensus forecast of 240,000 claimants. Despite the drop, the actual figure remains significantly above the annual average, indicating that while the US labour market has historically been tight, it has softened since its post-pandemic peak. Also, the four-week moving average of initial…

gestamp edificio

Companies 12th August 2024

Gestamp terminates buy-back programme after reaching maximum number of shares

Link Securities | Gestamp (GEST) notified the National Securities Market Commission (CNMV) that, having reached the maximum number of shares set under the Programme after the last of its operations (i.e. a total of 3,014,319 shares, representing 0.52% of the Company’s share capital), it is terminating the Programme with effect from 9 August 2024 and, therefore, prior to its expiry date (set for 20 December 2024).

Cellnex new

Companies, Ibex 12th August 2024

Cellnex continues with divestment plan of non-strategic assets and sells business in Austria for €803 million

Bankinter | Cellnex (CLNX) has reached an agreement to sell 100% of its business in Austria, its subsidiary On Tower Austria, for €803 million. Part of the payment (€272 million) will be deferred in December 2028. Opinion of the Bankinter analysis team; Good news for Cellnex. This divestment is part of the process of selling non-strategic assets and will allow Cellnex to continue reducing debt, with the objective of reaching…

Acciona energia

Companies, Ibex 9th August 2024

Acciona buys Darby’s network business (1,200 km of power lines and 30 substations) in Peru for €220 million

Banc Sabadell | Acciona (ANA) has reportedly reached an agreement to acquire Darby’s network business in Peru, which would include 1,200 km of high-voltage lines and 30 substations in a 30-year concession project. The deal is reportedly worth €220 million. Acciona currently manages 820 km of high-voltage lines and more than 20 substations in Peru. Assessment: Positive news with limited impact due to the size of the transaction (~1.1% of…

eeuu europa banderas

In the World, Markets, Relevant News Item, World economy 9th August 2024

Latest US employment data confirms business cycle divergence with Europe

Renta 4 : European stock markets open moderately higher (Eurostoxx futures +0.3%) after positive US closes, in a session where the S&P 500 posted its best daily performance since November 2022. Yesterday’s better than expected initial jobless claims in the US (233,000 4-week low) helped to alleviate some fears about the US labour market. This helped equity markets, and we also saw a steepening in fixed income, with the US…

airbus A320

Companies, Relevant News Item 9th August 2024

Despite short-term hurdles, Airbus’ medium-term growth outlook remains attractive: Overweight

Morgan Stanley | Following a road show with the company’s management team in NY, Ross Law (analyst) reiterates his investment thesis: despite near-term headwinds, he believes the medium-term growth outlook remains attractive (5Y EPS of €23-28 and a mid-teens FCF CAGR). As such, with the stock trading near cycle lows (9x MSe FY3 EV/EBIT) Ross reiterates Overweight (OW). More specifically, the analyst highlights that: a) engine supply has not fully…

ohla torre espacio

Companies 9th August 2024

OHLA awarded contract with Swedish Transport Agency for new railway project worth €160 million

Link Securities | OHLA (OHLA) continues to boost its portfolio in Europe after being awarded a contract by the Swedish Transport Agency (Trafikverket) for a new railway project worth €160 million. Specifically, the company will carry out improvements to the Ostlänken railway line in Gerstaberg, 80 kilometres south of Stockholm, and will undertake the start of the new high-speed railway line linking this city and Norrköping. This infrastructure will be…

repsol refineria exterior

Companies, Ibex 8th August 2024

Libyan National Oil Corporation confirms production cuts due to protests at Repsol’s Sharara oil field

Link Securities | The Libyan National Oil Corporation (NOC) confirmed on Tuesday the reduction in crude oil production due to a blockade by protests at the Sharara oil field, the most important in Libya operated by the Spanish company Repsol (REP), as elEconomista reported. The social leader of the Libyan region of Fezán, Bashir Sheikh, who has claimed responsibility for blockades in the past, disassociated himself two days ago from…