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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.
empleo eurozona

In the World 15th November 2023

OECD countries’ unemployment remains at record low 4.8% in September, Spain highest at 12%

The unemployment rate in the countries of the Organisation for Economic Co-operation and Development (OECD) stood at 4.8% in September, remaining unchanged at the lowest level in the historical series, which began in 2001, as reported on Tuesday by the organisation, which also points to Spain as the member country with the highest unemployment rate, at 12%. In the ninth month of the year, the unemployment rate remained unchanged in…

PSOEJUNTS

In Spain 15th November 2023

PSOE and PP former ministers and senior officials sign manifesto against amnesty, “a fracture of basic principles of the rule of law”

Former ministers, former presidents of Congress and the Senate and former senior officials of the PSOE and the PP have signed a manifesto against the amnesty and the investiture pacts of Pedro Sánchez in which they consider that they represent “a fracture of basic principles of the rule of law”.The text has been signed by eighteen ministers, most of them from the PP and UCD, but also including socialists such…

inflacion eurozona

In Spain 15th November 2023

Final Spanish inflation figure for October confirmed: 3.5% headline and 5.2% core

Bankinter : October’s final CPI is confirmed at +3.5% year-on-year preliminary and equal to the previous one. The Underlying figure moderates to +5.2% year-on-year, in line with the preliminary announcement and from +5.8% previously. On a month-on-month basis, the anticipated data are also confirmed; the headline rate rises +0.3% year-on-year and the core +0.4% year-on-year. Assessment: The final data confirms a positive evolution in October, as the preliminary data already…

airbus A320

In Europe 14th November 2023

Airbus close to signing 350-aircraft order with Turkish Airlines

Banc Sabadell| According to Bloomberg, Airbus (AIR) is close to closing an order with Turkish Airlines for about 350 aircraft (4% of the current backlog) of which 250 would correspond to the A321 model, and the remaining 100 to the A350 model (“widebody” model). Assessment: Positive news, if confirmed, as this is a significant order that demonstrates the current strong demand for aircraft. We particularly highlight the order for close…

ManifestacionCibeles

In Spain 14th November 2023

Proposed amnesty law: “The government talks of “concord” and what it generates is discord”

“The Government talks about “concord” and what it generates is discord, promoting its amnesty against half of the country”, explains El Mundo in its editorial today, entitled “A monument to the arbitrariness of power”. And it explains that “The Amnesty Bill registered by the Socialist Group in Congress is the greatest example of arbitrariness and the consecration of institutional lies that our country has known in recent decades. The primary…

Cepsa

In Spain 14th November 2023

Cepsa buys Ballenoil’s 220 low-cost petrol stations

Cepsa, with a 12% market share, only behind Repsol (25%), has announced the purchase of the Spanish leader in low-cost petrol stations, Ballenoil (with sales of 470 million in 2022 vs. 300 million in 2021) for an undisclosed amount, which investment analysts estimate at around 300 million. Cepsa, the energy company controlled by Mubadala and Carlyle, will thus exceed 2,000 petrol stations on the Iberian Peninsula, more than 1,500 in…

naturgy

In Spain 14th November 2023

Supreme Court authorises Naturgy to temporarily close five gas-fired power plants but rejects compensation

Link Securities | As reported on Friday by the digital newspaper Bolsamania.com, the Administrative Chamber of the Supreme Court (SC) has authorised the temporary closure of the combined cycle power plants of Palos de la Frontera 1 and 3, Cartagena group 2 and 3, and Sagunto group 3, under the terms contained in the application filed on 25 May 2017 by Naturgy (NTGY) with the Administration. However, the SC has…

ECB buying corporate

In Europe 13th November 2023

ECB’s Bank Lending Survey clearly shows contraction in credit supply and demand

Peter Goves (MFS Investment Management)| We believe ECB policy rates have most likely peaked for this cycle. This argument is based on three pillars: growth dynamics, the inflation outlook and what the ECB itself is communicating. On growth, the euro area is currently operating in a quasi-recessionary environment. Although we don’t technically have two quarters of negative GDP prints, Q3 growth was -0.1% and below ECB expectations. The vast majority…

eeuu madeinCM

World economy 13th November 2023

Moody’s maintains US debt rating, but downgrades outlook

Bankinter | Moody’s has maintained its US debt rating, but worsened the outlook. The credit rating agency maintains the rating at AAA, but changes the outlook to “negative” from “stable”. In its report Moody’s refers to the worsening fiscal situation and the polarisation of politics as long-term concerns for the US economy. Assessment: Rising interest rates, the sharp increase in public debt and a polarised Congress that is unable to…

SpainConstitucionalCourt

Spanish Politics 13th November 2023

Changing the Constitution via a bill arouses misgivings in Brussels

José Carlos Díez explains that last week the investiture session was resolved. The result of 23 July was uncertain and required an agreement with Junts and the complexity of negotiating with its leader in Brussels, where he has been on the run from justice since 2017. Since 1993 we have been accustomed to negotiations of this type to form majorities. However, there are two nuances that differentiate the current situation:…