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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.

European economy, In Europe 6th November 2023

Euro area aggregate GDP falls by one-tenth of a percentage point in 3Q23, highlighting credit tightening

Intermoney| Euro area aggregate GDP fell by one-tenth of a percentage point in 3Q23, highlighting the transmission of tighter credit conditions. But we should not magnify the stumble of the aggregate if we take into account that Germany, which accounts for 30% of GDP, fell by -0.3% q/qtr. However, we see a series of favourable factors for the EMU countries’ economies to hold up at moderate rates over the coming…

In Spain 6th November 2023

ERC and Junts demand transfer of supervision of La Caixa Foundation, with major holdings in Ibex35, to Generalitat

Link Securities| The pro-independence bloc formed by ERC and Junts demands the transfer to the Generalitat of the supervision and oversight of the La Caixa Foundation, which now depends on the Ministry of Economy, according to financial sources informed the digital newspaper VozPópuli. This is a strategic move for Catalonia, as the Foundation has major holdings in the Ibex-35 index. Through Criteria, its investment arm, it is the largest shareholder…

World economy 6th November 2023

China’s October Caixin PMIs point to a near stagnant economy

Renta 4: Opening higher (Eurostoxx futures +0.6%, S&P futures 0%), picking up Wall Street’s gains after the close of European markets and awaiting the US employment data. In the background, China’s October Caixin PMIs, like the official ones, show a slowdown and point to an almost stagnant economy: services 50.4 ( versus 51 estimated and 50.2 previously) and composite 50 (versus 50.9 previously). At the corporate level, Apple’s results yesterday…

In Spain 6th November 2023

Employment in Spain: Social Security gains 92,862 contributors in October, while unemployment rises by 36,936

CdM| According to data published this Friday by the Ministry of Inclusion, Social Security and Migration, unemployment in Spain rose by 36,936 people in October compared with 19,800 the previous month (+1.3%), weighed down by the end of the tourist season. This rise makes it three consecutive months of increases in unemployment. With these figures, the total number of unemployed remains above the 2.7 million mark, from which it fell…

In the World 3rd November 2023

Three out of four global listed companies already use ESG metrics for incentives

F.R.| 77.7% of listed companies in Europe and the US included ESG metrics in their 2022 annual reports on long-term incentive plans, 68% more than the previous year, according to the 2022 Global Report on ESG Metrics in Executive Incentive Plans prepared by Willis Towers Watson (WTW) based on an analysis of 1,073 such reports on both sides of the Atlantic. In the case of Europe, 90% of the sample…

World economy 2nd November 2023

Fed remains cautious and meets expectations, leaves rates at 5.25/5.50%

Bankinter| The US Federal Reserve (Fed) met expectations and left the benchmark interest rate unchanged at 5.25%/5.50%. Assessment: The Fed’s statement did not introduce any new developments and the decision met expectations by repeating rates once again. However, the key to the meeting was Powell’s message. In line with the previous meeting, the tone remained cautious. The Fed Chairman once again said that the central bank “will proceed carefully”, avoiding…

In Europe 2nd November 2023

Renfe to start operating Leo Express in Slovakia from December 10

Leo Express, the Czech railway operator in which Renfe holds a 50% stake, will start operating in Slovakia on 10 December with 21 Alstom trains on a 95-kilometre line along the Danube River linking the capital, Bratislava, and Komárno, on the Hungarian border. Ticket prices will start at €5.25.Slovakia will thus become the third country in which the Spanish public company operates, after Saudi Arabia and France. Leo express will…

In the World 2nd November 2023

IAG subsidiary Iberia to expand connections between Madrid and Latin America for next summer

Link Securities| Iberia, a member airline of IAG, announced its operations for next summer, with which it aims to expand its leadership in connections between Madrid and Latin America to strengthen its position as the main gateway between Europe and that region, the newspaper Expansión reported. Between April and October, the IAG subsidiary will operate 328 weekly flights to Latin America, with 3.1 million seats, 17.2% more than last year,…

European economy, In Europe 2nd November 2023

German GDP falls as CPI slows

Bankinter| Germany’s economy and inflation surprised positively in 3Q23. GDP declined -0.3% year-on-year in the period compared to -0.7% expected and +0.0% previous (it was revised up from -0.2%). On a quarter-on-quarter basis, growth was -0.1% compared to -0.2% expected and +0.1% previously (revised from +0.0%). On the CPI side, the headline rate rose by +3.8% year-on-year compared to +4.0% expected and +4.5% previously. On a month-on-month basis, inflation was…

In Spain, Spanish economy 1st November 2023

Preliminary CPI in Spain repeats at 3.5% in October, but core moderates to 5.2%

Bankinter: Preliminary CPI for October repeats at +3.5% year-on-year (vs. +3.8% expected and from +3.5% previously). The Underlying figure slackens to +5.2% year-on-year (compared to +5.6% expected and from +5.8% previously). On a month-on-month basis, the headline rate rebounds +0.3% and the core +0.4%. More details are available in the press release from the National Statistics Institute linked here. According to Bankinter experts, “the figure is better than expected. Headline…

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