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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.
SalvadorIlla

Spanish Politics 12th May 2024

Socialists win elections in Catalonia, pro-independence parties fail to add up… A difficult victory to manage

Salvador Illa, the candidate of the Socialist Party of Catalonia (PSC), with 27.9% of the vote and 42 seats, has won the elections in Catalonia. Carles Puigdemont and Junts obtained 21.5% of the votes and 35 seats, but their great partner in the “procés”, Esquerra Republicana de Catalunya (ERC), which until now had been in charge of the government of the Generalitat, has suffered a debacle and has been left…

industria 1

Spanish economy 11th May 2024

Industrial production in Spain falls by 1.2% year-on-year in March, compared with an increase of +1.3% previously

Link Securities | The National Statistics Institute (INE) published yesterday that industrial production in Spain fell by 0.7% in March compared to February, in seasonally and calendar adjusted figures. In the month, all sectors presented negative growth rates in their production, although the largest decreases were seen in Capital Goods and Energy (both with a variation of -1.6%). In year-on-year terms, industrial production in Spain fell by 1.2% in March…

property market

Spanish economy 10th May 2024

Home sales down 13.7% in March; average price per square metre rises by 4.2%

Link Securities | According to data from the General Council of Notaries, released on Thursday by Expansión, the number of home sales and purchases fell by 13.7% in March in year-on-year terms, to 56,559 units, while the granting of mortgage loans for the purchase of housing fell by 4.5%. By type of housing, sales of flats fell by 13.9% year-on-year to 43,761 units, while single-family homes fell by 13.2% to…

spain foreign policy

Spanish economy 10th May 2024

The Spanish economy surprises the most optimistic

Oriol Aspachs (Caixabank Research) | Everything pointed to the Spanish economy’s growth rate continuing to be vigorous, as we have been pointing out in the pages of the CaixaBank Research Monthly Report over the last few months. Job creation shows no signs of slowing down and, in fact, accelerated in Q1 of the year. Business activity indicators have picked up, both in the services sector and in industry. Industrial production…

Iberdrola guapa

Spanish economy 10th May 2024

Iberdrola can continue operating “comfortably” with “BBB+” rating after implementation of new 2024-26 strategic plan, says S&P Global

LLink Securities | S&P Global expects Iberdrola to continue operating “comfortably” within the financial margins of its “‘BBB+” credit rating with the implementation of its new 2024-2026 strategic plan, which it presented to the market last March, according to Europa Press. In a report, the rating agency estimates that the energy company will operate with a funds from operations (FFO) to net debt ratio of 19%-20%, above the 17% in…

CAF

European economy 9th May 2024

CAF wins Oslo metro contract to supply 20 trains for €150m

Renta 4 | CAF has informed the National Securities Market Commission (CNMV) that it has been awarded a contract with Oslo Metro for the supply of 20 trains and related fleet parts for more than €150 million. The contract includes an option to extend the contract by 90 additional units. Assessment: Positive news, but no impact on share price given the amount of the contract which represents around 1% of…

xi jinping macron ok

World economy 9th May 2024

Xi’s visit a hard reality check for EU-China relations

Alicia García Herrero (Natixis) | President Xi Jinping’s European tour, his first in five years, has shown how much EU member states, at least those in the core of Europe, need a reality check. Not only has Xi taken quite some time to visit the continent but in doing so he chose to visit his staunchest European allies, Serbia and Hungary, beyond France. President Emmanuel Macron was an important target…

BBVA Sabadell

Spanish economy 9th May 2024

BBVA launches hostile takeover bid for Banco Sabadell

BBVA maintains the same conditions that it offered to the board of Sabadell (SAB) and that the latter rejected, so now “the ball is in the court” of the shareholders of Sabadell (SAB), who will determine whether the operation goes ahead or not. BBVA shares received the news with declines of 5% while those of Sabadell (SAB) rose 4%. As Jefferies pointed out in its analysis of the offer, “Despite…

Telefonica

Spanish economy 9th May 2024

Telefónica’s net income reaches €532m in 1Q24, up 79%

Telefónica today presented its results for the first quarter of 2024, a period in which it reported net incomeof €532 million, 78.9% higher year-on-year. In this first quarter of the implementation of the GPS (Growth, Profitability and Sustainability) plan. Telefónica increases its revenues to €10,140 million (up 0,9% versus 1Q23). The company accelerates EBITDA growth to 1.9%, up to €3,205 million. The Group confirms targets for 2024: revenue growth of…