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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.
iberdrola megachuli

Spanish economy 6th May 2024

Two largest international proxy advisors recommend voting in favour of all items Iberdrola submits to AGM

Alphavalue/DIVACONS | The two largest international proxy advisors, ISS and Glass Lewis, recommend voting in favour of all the items that Iberdrola (IBE) will submit to its General Shareholders’ Meeting, to be held on 17 May. Specifically, both US voting advisors, which have a share of more than 70% in advising large investors, such as fund managers, pension funds and insurance companies, advise the more than 600,000 shareholders of the…

EEUU empleo

World economy 6th May 2024

US labour market loses steam: job creation slows down

Norbolsa: The April employment report provided signs that the labour market is losing strength as job creation slowed in the month, below expectations (175,000 versus 240,000 against 303,000 previously revised downwards by 12,000) and the unemployment rate rebounded slightly (up 3.9% versus 3.8% year-on-year). Additionally, pressure on wages continued to moderate (up 0.2% month-on-month versus 0.3% year-on-year; up 3.9% year-on-year versus 4.1% year-on-year), a welcome move by the FED in…

ArcelorMittal

World economy 6th May 2024

ArcelorMittal earns €875 M in 1Q24, 14.4% lower than in 1Q23

Link Securitites | The company achieved a turnover of $18.501 billion in 1Q2024, 12% lower than in 1Q2023, EFE reported yesterday. In turn, ArcelorMittal achieved operating cash flow or EBITDA in 1Q2024 of $1,956 million, 8.6% lower than in the same period of 2023. Finally, the group’s attributable net profit amounted to $ 938 million (€875 million) in 1Q2024, 14.4% lower than in 1Q2023. It should also be noted that…

Spain tourism

Spanish economy 6th May 2024

Spain received 16 million tourists (+17%) in 1Q24

Spain received 6.3 million international tourists in March, 21% more than in the same month of 2023. In the first three months of 2024 (1Q2024), the number of tourists visiting Spain increased by 17.7% year-on-year to more than 16.1 million. According to data from the National Statistics Institute (INE), The United Kingdom was the main country of origin, with more than 1.2 million tourists and an increase of 13.3% compared…

Ferrovial

Spanish economy 6th May 2024

Ferrovial plans Nasdaq debut for May 9

In a statement sent to the Spanish Securities and Exchange Commission (CNMV), the company has informed that after completing the regulatory review process, it has filed an acceleration request asking the US Securities and Exchange Commission (SEC) to declare the registration form effective on 8 May 2024. As a result, Ferrovial expects the shares to debut on the Nasdaq on or about 9 May. The ordinary shares will be listed…

Puig

Spanish economy 3rd May 2024

Puig opens on stock exchange this Friday with €24.5/share placement price, discount of 15.6% compared to sector average

Bankinter: Trading starts this Friday at 12.00h. The placement price has been €24.5/share. The group, valued at €14,000 M, has placed 32% of its capital among qualified investors. Preliminarily, based on available information, we estimate that the exit price represents a discount of 15.6% versus the sector average (L’Oreal, Estee Lauder, Shiseido, Coty, Interparfums) in terms of EV/EBITDA 2023 and -34.4% versus the sector leader, L’Oreal. We believe that a…

globalizacion construccion

World economy 3rd May 2024

OECD revises 2024 growth forecast upwards by 2/10 pp to +3.1%: activity remains resilient

Renta 4: European stock markets open flat on a day that will be dominated by the official US employment report (14:30h), where moderation is expected (in line with Wednesday’s ADP private employment survey and JOLTS job openings), but showing a still solid labour market and tightening in wages (yesterday 1Q24 unit labour costs +4.7% year-on-year vs +4% estimated). Consensus expects 240,000 estimated non-farm payrolls versus 303,000 estimated previously, unemployment rate…

China stocks markets

World economy 3rd May 2024

The dual objective of China’s competition quest: mitigating structural deceleration and great power rivalry

Alicia García Herrero (Natixis) | The Chinese economy has been decelerating for over a decade and will likely continue to do so, given the structural forces pushing it in this direction, such as an increasingly low return on assets but also aging. China’s single ‘silver bullet’ to mitigate such structural deceleration is innovation. To counter the downward pressures to development, and to increase domestic productivity, the central government is doubling…

BBVA Sabadell

Spanish economy 3rd May 2024

BBVA + Sabadell – In the Making

Jefferies | BBVA (Buy) submitted an offer for Sabadell (Restricted) less than 24 hours after BBVA’s interest was leaked to the press. The deal implies c4% EPS enhancement and a 30bps capital cost for BBVA, in line with our baseline published yesterday (3% and -20bps respectively) as the higher premium (30%) is offset by larger cost synergies (€850m vs. our €550m estimate). Deal logic is sufficiently clear and valid for…