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Articles by The Corner

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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.
repsolrenovables

In Spain 19th November 2023

Repsol sells 49% stake in renewable assets of Ebro project to Pontegadea for €363 million

Bankinter| Repsol (REP) has sold a 49% stake in renewable assets of the Ebro project, 618MW, to Pontegadea for €363 million. This represents a valuation of the entire portfolio €740 million. It comprises twelve wind farms in Huesca, Zaragoza, Teruel, Valladolid, Albacete and Cádiz. Assessment: Positive news because it strengthens alliances with Pontegadea, with whom it has already closed three operations in renewables (49% of the Delta project for €245…

utilities

In Spain 18th November 2023

Endesa, Acciona Energía and Iberdrola to be most affected by new government, with impact on EPS due to tax on windfall profits

Morgan Stanley | Pedro Sanchez won an absolute majority in the congressional investiture vote, which should allow him to continue as Prime Minister for the next four years. However, the Spanish government will be an eight-party coalition, similar to the previous coalition government, which will include PSOE and Sumar, along with regionalist parties ERC, Junts, PNV, Bildu, BNG and CC. Analyst Rob Pulleyn expects the confirmation of the new Spanish…

sanchez

In Spain 17th November 2023

Sánchez proposes social agenda in health, housing and education; implementing it depends on autonomous communities, where PSOE is weak

Aurelio Medel / Cinco Días | All the cards have been dealt to play the 15th legislature of Spanish democracy, which should last until 2027, something that today seems a chimera. Pedro Sánchez and Yolanda Díaz, leaders of the PSOE and Sumar, will be the key figures in the next government thanks to the support of all the Basque and Catalan nationalist and pro-independence parties. To achieve this, they have…

Roig Boluda

In Spain 17th November 2023

Sánchez’s government pact “leads to a destructive and divisive drift” summarises president of Valencian entrepreneurs

The president of the Asociación Valenciana de Empresarios (Valencian Association of Entrepreneurs), Vicente Boluda, has expressed his “concern” about the pacts that Sánchez has agreed to continue in the Moncloa and has denounced that the Government pact of Pedro Sánchez “leads to a destructive and divisive drift”. According to him, the government is leading citizens to confrontation and struggle between employers and workers, between some regions and others… And he has…

Eurozona PMIs chunguis

In Europe 16th November 2023

Brussels revises GDP growth downwards, eurozone industrial production falters

Bankinter: The European Commission has revised its growth forecasts for 2023 and 2024. downwards GDP: +0.6% and +1.2% in 2023 and 2024 vs. +0.8% and +1.3% previously. CPI: +5.6% and +3.2% vs. 5.6% and +2.9% previously. (ii) Industrial Production showed weakness again in September: -6.9% vs. -6.3% expected and -5.1% previously. Assessment: The downward revision by the European Commission shows the slowdown of the economy registered by some macroeconomic indicators…

BCE Sept 2023 4

European economy 16th November 2023

Profit margins provide sufficient cushion for prices to rise less than wages; ECB to wait for wage deceleration before starting cuts

Morgan Stanley: Eurozone inflation is clearly on a downward trajectory. After October’s 2.9%Y in October, we expect inflation to be 2.4%Y in 2024 and 2.0%Y in 2025 and although the main risk is the pass-through of wage growth to prices we believe that profit margins provide a sufficient cushion to keep prices from rising as much as wages. However, inflation will continue to be exposed to gas price increases as…

spanish PM pedro sanchez

In Spain 16th November 2023

Sánchez, to be elected president today, justifies amnesty: “the circumstances are what they are”

Just one piece of information: imagine what Pedro Sánchez’s investiture speech was like yesterday when, at the end of his speech in Parliament, the journalist from El País, the Sanchista newspaper par excellence, acknowledged that “she would have preferred a less divisive speech”. Half of his speech was devoted to building a wall against the 171 MPs who will not support his investiture today, against the PP which, according to…

Talgo

In Europe 16th November 2023

Germany, Denmark and Spain projects put Talgo’s 3Q23 revenues higher than 3Q22’s

Norbolsa| The company yesterday presented its 3Q23 results, with revenues of €470.3m, which were +34% higher than in 3Q22, thanks to projects in Germany, Denmark and Spain. EBITDA margin grew by +68% to EUR 64.5m versus 3Q22 to reach 13.7% (10.9% previous), thanks to the implementation of the risk mitigation measures being carried out. Finally, the company improved margin guidance to 13% (12% previous), slightly increased DFN/EBITDA ratio to 2.5x…

Alemania Exportaciones

In Europe 16th November 2023

Germany’s current account surplus reaches €28.1 billion in September compared to €12.5 billion in same month last year

Link Securities| Germany’s central bank, the Bundesbank, yesterday published that Germany’s current account surplus reached €28.1 billion in September compared to €12.5 billion in the same month last year. The goods surplus increased to €22.5bn from €11.1bn in September 2022, as imports fell by 18.6% and exports by a noticeably smaller 9.2%. For its part, the primary income surplus increased to €15.8 billion from €12.4 billion in the same month…

eurozone

European economy, In Europe 15th November 2023

Eurozone GDP down 0.1%, employment up 0.3% in Q3

CdM| In the third quarter of 2023, seasonally adjusted GDP declined by 0.1% in the euro area and remained stable in the EU, compared with the previous quarter, according to a flash estimate released by Eurostat, the statistical office of the European Union. In the second quarter of 2023, GDP had grown by 0.2 per cent in the euro area and remained stable in the EU. Compared with the same…