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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.

Spanish economy 19th July 2024

AIReF revises Spain’s GDP growth upwards to 2.4% for 2024, but only 1.9% and 1.6% for 2025 and 2026

Bankinter | The Independent Authority for Fiscal Responsibility (AIReF) assesses the Government’s Economic Situation Report. It considers the macroeconomic scenario for the years 2024-2027 to be optimistic. AIReF has updated its macroeconomic scenario and projects GDP growth of 2.4% for 2024 (up 0.4pp); 1.9% for 2025; 1.8% for 2026 and 1.6% for 2027 (against 2.4% 2024; 2.2% 2025 and 2% in 2026 and 27 of the Government’s macroeconomic projections announced…

World economy 19th July 2024

Japan’s trade balance surprises and unexpectedly enters surplus in June: ¥224.000 million against -¥185.700 million estimated

Bankinter: Japan’s Trade Balance went into surplus in June. It stands at ¥224,000M vs -¥185,700M estimated and -¥1,220,000M estimated. The indicator surprises and enters surplus unexpectedly. However, its breakdown shows a weak evolution. Exports slow down, despite the weak yen (+5.4% year-on-year from +13.5% previously and versus +7.2% estimated), and Imports (+3.2% year-on-year from +9.5% previously and +9.6% estimated). It is precisely the slowdown in this last item, which points…

Spanish economy 19th July 2024

Repsol and EDF Renewables to work together on offshore wind off Iberian Peninsula coast

Repsol and EDF Renewables have reached an exclusive agreement to join forces for future offshore wind tenders in Spain and Portugal, given that the Iberian Peninsula offers significant growth opportunities, the two companies said in a statement on Thursday. REP has stressed that renewable generation projects are one of the strategic pillars of the company’s energy transition process. To develop its portfolio of renewable projects, the company has set an…

Spanish economy 19th July 2024

Spanish industry turnover returns to negative rates in May: – 1.4%

Industry turnover fell by 1.4% in May compared to the same month in 2023, according to data released on Thursday by the National Statistics Institute (INE). With the decline in May, industry sales return to negative rates after having registered in April its highest increase since October 2022, with a year-on-year rise of 14.2%.Adjusted for seasonal and calendar effects, industry sales fell by 0.5% year-on-year in the fifth month of…

World economy 19th July 2024

ACS wins 3-year €137.5 million open pit mining contract in Canada

Intermoney | ACS (Buy, PO 46), through its subsidiary Thiess, itself part of Cimic, has won a mining services contract for an open pit project in Ontario (Canada) for a period of three years worth €137.5 million. The contract is with Vale, one of the world’s largest integrated mining companies, specialising in iron and nickel, headquartered in Rio de Janeiro, Brazil and employing around 125,000 people in more than 30…

European economy 19th July 2024

ECB keeps all three policy rates on hold at neutral July meeting

Peter Goves (MFS Investment Management) | As widely expected, the ECB kept all three of its policy rates on hold at the neutral July meeting. The deposit rate therefore remains at 3.75% following the cut at the June meeting. The central bank still considers prevailing rates are contributing to lowering inflation and that monetary policy is keeping financing conditions restrictive. Future decisions will still ensure that the policy rates remain “sufficiently…

World economy 18th July 2024

IMF warns of possible persistence of inflation but maintains growth projections for 2024 at 3.2%

BancaMarch: The IMF warns of the possible persistence of inflation, in the face of potential trade and geopolitical risks and service prices that remain high due to wage growth. The IMF’s report forecasts high interest rates for longer. Moreover, chief economist Gourinchas said that the Fed can afford to wait to cut rates to avoid inflationary surprises. Regarding their GDP growth projections, they have kept the previous April estimate for…

European economy 18th July 2024

Investors’ and analysts’ expectations for future of German economy worsen in July

Link Securities | Expectations (economic sentiment) among major investors and analysts for the future of the German economy worsened in July, with the index measuring them falling from 47.5 points in June to 41.8 points, according to the German ZEW institute yesterday. FactSet consensus analysts had expected a slightly higher reading of 42.0 points. July’s decline was the first drop in a year for this indicator. The decline was mainly…

Spanish economy 18th July 2024

Bankinter: 2Q24 First Take – Sequential NII growth a surprising beat vs. consensus

Jefferies | 3% PBT beat vs. consensus in 2Q24, driven by better NII, fees and costs, only offset by a small miss on impairments. The print confirms NII trends are still positive, with 1% quarter-on-quarter growth (while cons was expecting a step down), as margin dynamics still prove supportive (cost of deposits flat in the Q). Costs were 1% lighter than cons. and trending better than the LSD-MSD year-on-year growth…

Relevant News Item 18th July 2024

July’s ECB cheat sheet: The less I know the better

ING | The ECB is weighing sticky inflation and wages with a softening growth outlook, French political turmoil, and more dovish Fed expectations. Cutting again this week is out of the question, and giving new rate guidance is probably an undesirable path too. Once again, less is more in ECB communication, and the impact on rates and FX should be limited As discussed in our full European Central Bank preview,…

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