Top Stories

Articles by The Corner

About the Author

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.
Spanish banks and housing market

Spanish economy 28th May 2024

Mortgage signings fall 18% in March, average is now €137,000 at 23 years and 3.41%

The number of mortgages taken out on dwellings fell by 18.1% in March compared to the same month in 2023, to 29,653 loans, with an average interest rate higher than that of the previous month, according to data released on Monday by the National Statistics Institute (INE). Specifically, the average interest rate for mortgages on housing reached 3.41% in March, compared to 3.33% in February. With the exception of January…

mercado Laboral trabajadores

European economy 28th May 2024

Concerns about wage growth to make ECB more cautious

Martin Wolburg (Generali AM) | Markets remain concerned in the home stretch of the fight against inflation that central banks should only reluctantly ease rates. Recently, ECB Governing Council members such as Schnabel and de Guindos warned about wage growth developments as an upside risk to inflation. Last week, German official wage data for the first quarter (+6.2% year-on-year) pointed in that direction and, at the eurozone level, negotiated first…

bbva sabadell

Spanish economy 28th May 2024

Merger with BBVA has “more pros than cons” for Sabadell’s long-term credit ratings, says DBRS

Alphavalue / Divacons | MorningStar credit rating agency DBRS issued a new report last Friday on BBVA’s takeover bid for Sabadell banks in which it considers it to have “more pros than cons”. From a credit profile point of view, the deal will have a positive impact on Sabadell’s long-term credit ratings, which are positioned two notches below BBVA’s DBRS rating. It explains that the rating of the bank led…

Spain industrial production

Spanish economy 27th May 2024

Spain’s industrial cost disinflation continues with -0.2% monthly drop in April

March | Industrial production costs continue to fall in Spain, albeit at a slower pace. April’s data showed a -0.2% monthly fall in industrial production prices, bringing the year-on-year decline in industrial costs to -6.6% from -8.2% previously. With this figure, producer prices have now fallen for more than a year (they entered negative territory in March last year), while in terms of the underlying rate (excluding energy), industrial cost…

Longitudinal de la Sierra Tramo 4 1024x599 1

World economy 27th May 2024

Sacyr and OHLA among shortlisted bidders in tender for toll road concession in Peru with €950m investment

Link Securities | Sacyr (SCYR) and OHLA (OHLA), together with five other rivals, have been shortlisted in a tender in Peru for a toll road concession that will require an investment of $1,026 million (around €950 million). This is the “Longitudinal de la Sierra Tramo 4” project, which includes the design, financing, construction, operation and maintenance of 965 kilometres of toll roads over a concession period of 25 years. The…

madrid stocks inside

Spanish economy 27th May 2024

20th MidCap forum kicks off at Spanish Stock Exchange

The MedCap forum, organised by Bolsas y Mercados Españoles, celebrates its 20th edition between Tuesday 28th and Thursday 30th May. Designed as a meeting point between the main small and mid-cap companies and national and international institutional investors, this year it will be attended by more than a hundred issuers and other market operators. The main objective of MedCap is to boost the liquidity and financing capacity of listed small…

oliu torres

Spanish economy 27th May 2024

Cost of insuring Sabadell’s debt (104 bp) is double that of BBVA (42 bp)

Accuracy | The downward trend in the CDS (5Y Senior Debt) spreads of the main Spanish banks over the last 12 months continues, thanks to the market’s improved perception of the risk of default on debt issued by banks. The ghosts of contagion from the US mid-market banking crisis have been completely banished. Sabadell continues to be the Spanish bank with the highest spread, at 104.8 bps at the end…

Acciona windpower

Spanish economy 27th May 2024

Acciona Energy expects to reach capacity increase target in 2024, but acknowledges this does not currently allow it to generate €1.1 billion Ebitda

Intermoney | Acciona (Buy, PO €200) and Acciona Energía (Buy, PO €29) have published their 3-month trading statements (TS), in which they do not provide P&L data, only operational data. The companies will not hold conference calls. Acciona Energy’s key operating data is shown in the attached table, along with our forecasts for 2024e as a whole. Overall, ANE expects to reach its capacity increase target of 1,700 MW in…

matricula

European economy 27th May 2024

EU car registrations up 13.7% year-on-year in April vs. 5.2% drop in March

Link Securities | The European Automobile Manufacturers Association (ACEA) yesterday reported that European Union (EU) passenger car registrations rose 13.7% year-on-year in April (-5.2% in March) to 914,000 units, driven by solid increases in all major markets. Sales in most EU markets recorded gains, including Spain (23.1%), Germany (19.8%), France (10.9%) and Italy (7.7%). In turn, electric car registrations in the EU grew by 14.8% to 108,500 units and their…

eurozona mapa billete 1

European economy 24th May 2024

Eurozone economic recovery accelerates: new orders rise at fastest pace in more than a year

CdM | The economic recovery in the eurozone gained momentum in May. “It seems that the results could not have been better”. The PMI index “reveals that the euro area economy is strengthening further”. Indeed, the pace of expansion was solid, accelerating for the second month in a row to the fastest in twelve months. The overall expansion was again driven by the services sector, with business activity increasing for…