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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.
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In Europe 5th March 2024

Brussels fines Apple €1.84 billion, just 0.06% of its market cap, for preventing competition from music streaming rivals

Bankinter: The EU has fined Apple €1.8 billion for abuse of dominant position in the music streaming segment, following a lawsuit filed by Spotify. Apple has indicated that it will appeal the fine as it considers that no conclusive evidence of harm to consumers or competition in the market has been presented. Analysis: Although the news is undoubtedly negative and in the short term the stock fell yesterday, we note…

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World economy 5th March 2024

Macro hedge funds outperform equities as volatility rises

J. P. Morgan | At the beginning of the year, both the equity and bond markets were positioned for an aggressive monetary policy easing cycle. However, with core inflation remaining persistent and the US economy proving resilient, markets are now reassessing how many rate cuts central banks will make this year. In an environment where markets continue to be affected by data surprises, we expect to see elevated volatility. In…

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Spanish economy 5th March 2024

Unemployment in Spain falls by 7,452 in February

According to data published yesterday by the Ministry of Labour, the number of unemployed people registered in the offices of the State Public Employment Service (SEPE) fell in February compared to January, by 7,452 people (-0.27%), to 2,760,408 unemployed. In seasonally adjusted terms, unemployment fell somewhat more, by 28,249 persons. In February 2023 unemployment rose by 2,618. Over the last 12 months, unemployment in Spain has fallen by 150,607 persons…

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Spanish economy 4th March 2024

Norwegian Pension Fund raises its stake in Spanish stock market to €12,407 M, up 23% from the previous year

Link Securities| The Norwegian Pension Fund has €12,407 million invested in companies listed on the Spanish stock exchange, according to the 2023 report from Norges Bank Investment Management (Nbim), up 23% from the previous year, Expansión newspaper reports today. Among its investments, it holds 3.36% (3.59% in 2022) of IBERDROLA (IBE), valued at €2,491.2 million; 2.26% (3.36% in 2022) of BANCO SANTANDER (SAN), valued at €1.355.6 million; 2.84% (2.09% in…

oil

World economy 4th March 2024

OPEC+ members agree to extend voluntary production cuts of 2.2 million barrels of oil per day through 2Q2024

Link Securities| Members of the alliance between the Organization of the Petroleum Exporting Countries (OPEC) and its allies, called OPEC+, led by Saudi Arabia and Russia agreed on Sunday to extend their voluntary production cuts of 2.2 million barrels per day of oil during 2Q2024, giving extra support to the market, in an environment of concern about global growth, and the increase in production of countries outside this alliance. Saudi…

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Spanish Politics 4th March 2024

PP calls for immediate resignation of President of Congress for involvement in corrupt masks plot

The Balearic government presided by Francina Armengol, now president of the Congress, paid €3.7 million to the corrupt scheme of Koldo García (then advisor to the all-powerful Minister of Transport and Secretary of Organisation of the PSOE, José Luis Ábalos, who last week left the PSOE and joined the mixed group in Congress) a week after its technicians verified that the masks purchased were of poor quality and unusable for…

unicaja

Relevant News Item 4th March 2024

Unicaja launches €100m share buyback programme

Link Securities | Unicaja (UNI) has informed the National Securities Market Commission (CNMV) that, once it has obtained the relevant authorisation from the European Central Bank, it will carry out a programme to buy back its own shares, in accordance with the resolutions adopted by the Ordinary General Shareholders’ Meeting held on 31 March 2021 and by the Board of Directors. The Repurchase Programme will have the following characteristics: 1….

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European economy 4th March 2024

New signs Portuguese economy is holding up better than expected thanks to labour market and fall in CPI

Bankinter: Good data battery for the Portuguese economy. (i) CPI (Feb): +2.1% year-on-year against +2.3% previously; Underlying: +2.2% versus +2.4% previously. (ii) Unemployment rate (Jan): 6.5% compared to 6.6% previously. (iii) Final GDP (4Q 2023): +2.2% year-on-year against +2.2% preliminary and +1.9% in Q3; In the quarter: +0.8% quarter-on-quarter versus +0.8% preliminary and -0.2% in Q3. Analysis: New signs of an economy that is holding up better than expected, supported…

inflationCM copia

World economy 1st March 2024

G20 considers global inflation close to being “effectively tamed”

The G20 finance ministers, meeting in São Paulo (Brazil), consider that inflation is not far from being “effectively controlled” and affirmed that they will continue to pay “close attention” to its trajectory in order to avoid an upturn, Brazilian official sources reported on Thursday. The director of International Affairs of the Central Bank of Brazil, Paulo Picchetti, who participated in the two days of work of the G20 Finance, said…

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Spanish economy 1st March 2024

Aena say IAG’s takeover of Air Europa would strengthen Barajas hub and Spanish economy

Link Securities| The president of Aena, Maurici Lucena, has defended the increase in airport taxes by 4.09% from 1 March despite obtaining record profits in 2023, which he has justified, in part, by the “efficiency” in its operations, the newspaper Expansión published yesterday. He argued his position because it complies with the law that regulates Aena and, secondly, out of respect for Aena’s shareholders. In addition, Lucena has expressed his…