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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.
eeuu precios

World economy 29th January 2024

US: PCE moderates to 2.9% in December, 11 months of improvement

Bankinter| The Underlying Personal Consumption Expenditures (PCE) moderated to 2.9% year-on-year in December 2023 (from 4.9% Dec 2022). The Personal Consumption Expenditures rebounded to 2.6% year-on-year; 0.2% month-on-month as anticipated (from negative 0.1% average). The Underlying Deflator improved to 2.9% year-on-year (from 3.2% pre and 3.0% expected). Month-on-month it met the 0.2% estimate (0.1% month-on-month previously). Personal Income was up 0.3% month-on-month, meaning no surprises. Personal Spending rose 0.7% m/m…

Europa

European economy 29th January 2024

Eurozone money supply unexpectedly rises by 0.1% in December

BancaMarch: In the euro zone, money supply unexpectedly rebounded in December: M3 growth accelerated and returned to positive territory by 0.1% year-on-year versus a fall of 0.9% in the previous month. On the lending side, there was a mixed performance. Lending to households slowed down again by 0.3% year-on-year versus 0.5% previously, while lending to non-financial corporations returned to positive territory by +0.4% versus 0.0% previously.

acerinox industria acero

Spanish economy 29th January 2024

Acerinox pays interim dividend of €0.31 in cash for 2023

Alphavalue / Divacons| The stainless steel company will pay this Friday an interim dividend for the financial year 2023, payable in cash, in the amount of €0.31/share to each of the existing and outstanding shareholders of the company entitled to receive it, as approved by its Board of Directors last December 20th. In accordance with the dividend policy of the company specialising in the manufacture of stainless steel and high-performance…

unemployment office

Spanish economy 29th January 2024

Unemployment falls by 24,600 and employment by 19,000 in 4Q23

The National Statistics Institute (INE) published on Friday that according to the Labour Force Survey (Encuesta de Población Activa, EPA), the number of unemployed people decreased in 4Q2023 by 24,600 people compared to 3Q2023, to 2.831 million unemployed, while the number of employed people decreased by 19,000, to 21.247 million. Thus, Spain’s unemployment rate fell to 11.76% from 11.84% in 3Q2023, bringing the rate below the 11.9% expected by FactSet’s…

iag aireuropa

European economy 27th January 2024

IAG: EC’s detailed review of Air Europa acquisition neither prejudges outcome nor changes forecast of final decision by 4Q24

Banco Sabadell: The EC said yesterday it is launching a detailed (phase II) investigation into Iberia’s proposed takeover of Air Europa as it wants “the transaction not to adversely affect prices or quality of services”, according to Vestager. The EC now has 90 working days (until 7 June 2024) to take a final decision, provided it does not request additional information from the parties involved, in which case the clock…

acciona

World economy 26th January 2024

Acciona to bid for Line 7 of Riyadh metro together with Siemens, Samsung and Alayuni, and against FCC and its consortium

Link Securities | Acciona and FCC are part of two consortiums formed to bid for the construction of the new Line 7 of the Riyadh metro in Saudi Arabia, according to sources consulted by the newspaper Expansión. Specifically, Acciona has formed an alliance with Siemens, Samsung and Alayuni. In addition, FCC, as part of the consortium that won in 2013 one of the lots to design and build the first…

industrial production worker

Spanish economy 26th January 2024

Inflationary pressure eases: Spain’s producer prices fall 0.3% in December

BancaMarch: In Spain, industrial producer prices fell again in December. Specifically, they registered a fall of -0.3% month-on-month, which brings the drop compared to the same period last year to 6.3% from the previous 7.6%. Data that continue to show lower inflationary pressures, derived from lower energy prices compared with the high levels recorded in 2022.

tecnicas reunidas 777x400 1

World economy 26th January 2024

Técnicas Reunidas opens offices in USA to invest €55 billion in decarbonisation technologies by 2030

Singular Bank | The Spanish multinational engineering and infrastructure construction company for the oil and gas sector has opened offices in the US. In doing so, it hopes to address the current need to increase green energy and will invest around €55 billion in decarbonisation technologies, hydrogen, biofuels and carbon capture by 2030. It has also confirmed that thanks to its alliance with the Chinese oil company Sinopec, it has…

Spanish mortgages market

Spanish economy 26th January 2024

Mortgages continue to fall: down 19% year-on-year in November

According to data published yesterday by the National Statistics Institute (INE), the number of mortgages taken out on dwellings fell by 19.1% in November in year-on-year terms (-22.3% in October), making a string of 10 months of year-on-year falls. The INE also reported that the average amount of mortgages on dwellings fell by 0.5% year-on-year in November, to €145,894. At the same time, the capital loaned decreased by 19.5%, to…

ACS novisimo

European economy 26th January 2024

French motorway tax could affect Abertis dividend, around €300m for ACS

Banc Sabadell| The new motorway tax in France, whose impact would be ~-€85m on Abertis (~2% of its EBITDA 2023e; ACS’ 45% stake in Abertis net of minority interests), could have an impact on a future review of Abertis’ rating unless corrective measures such as a dividend cut are taken, following comments by S&P in a recent report, according to press reports. In this regard, Abertis plans to pay out…