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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.

European economy 1st February 2023

January electricity price in Spain (€70/MWh) half that of large European economies (€140/MWh)

ASE Group | Renewable generation reached 13,559 GWh in January, beating its previous record in March 2018 (13,204 GWh). The pull from wind and hydro has allowed renewables to respond to 65.1% of electricity demand, its highest mark to date. Wind power leads the mix with 32.4% of the total, after producing 38.1% more than a year ago. Meanwhile, hydroelectric power increased by 94.2% compared to a year ago, according…

Spanish economy, Spanish Politics 1st February 2023

Populist Sánchez announces new increase in minimum wage (€1,080), blames employers for Spaniards’ loss of purchasing power

“Let’s talk in depth about what the two processes are that have led to the loss of purchasing power by the middle and working class in our country. The first process is that real wages have been falling for more than a decade”, the president explained yesterday in his debate with Nuñez Feijóo, leader of the opposition, adding that “big companies do not raise their employees’ wages by a single…

World economy 31st January 2023

Personal consumption growth in Spain and US begins to slow notably

Personal consumption is Spain and the US has begun to slow down at a delicate moment in view of the demanding valuations in the credit market after January’s rally. In this context, and after a new warning from the UK flash PMIs, the second one came on Thursday. The country that accounted for most of the growth in employment in the EU during 1H22, Spain, saw its unemployment rate rise…

Companies, Ibex, Spanish economy 31st January 2023

Iberdrola tops 7,500 employees in US, its main investment destination

Norbolsa | Iberdrola has surpassed 7,500 employees at its US subsidiary Avangrid, while at the same time generating a total of 70,000 jobs in the country through its purchases and investments. As the electricity company explained in a statement, the United States is the main destination for its investments, with more than $21,500 million (€19,723 million) for the three-year period 2023-2025. Regulatory stability and the commitment of the different administrations…

Spanish economy 31st January 2023

Rate of temporary workers in Spain’s public sector (30.2%) doubles that of private sector (14.8%)

According to the USO union, temporary employment in 2022 was slightly reduced compared to 2021, but that of the public sector continues to be higher than in 2020 and 2019. The latest Active Population Survey, at the end of 2022, reflects that the greater precariousness of employment occurs in the public sector, which doubles the rate of temporary employment in the private sector. Thus, temporary employees of all kinds in…

In the World, World economy 31st January 2023

China eyes consumption as main engine of growth

The Chinese government is looking to consumption as the “main engine of growth” for the Chinese economy this year, mainly as a result of the abandonment of China’s “zero covid” policy. Li Keqiang, China’s prime minister, said this weekend that the consumption of the country’s 1.4 billion people is “a key step to expand domestic demand”.

European economy 31st January 2023

Consensus remains optimistic, expecting +1.3% for Euro Stoxx 600 EPS.

Santander Corporate & Investment : First serious test for credit markets. After the several buckets of cold water coming from the Fed and the ECB since Jackson Hole, the last one in mid-December, here comes a new test for the markets. And especially in the US in view of the 50bp cut still expected for 2H23. And with the equity market still not clear on the S&P500, with 70% of…

Spanish economy 30th January 2023

Inflation in Spain rises to 5.8%, one point higher than expected

Banca March : This morning, the preliminary inflation figure for Spain was published, which came as a surprise in January, rising by one tenth of a point compared with the previous figure to +5.8% year-on-year, well above the +5% forecast. According to the INE, this evolution is mainly due to the fact that fuel prices rose more than in January 2022, and that the fall in clothing and footwear prices…

World economy 30th January 2023

Mild Winter Recession in Germany

ifo | “High inflation rates have driven the German economy into a winter recession.” This is how Timo Wollmershäuser, Head of Forecasts at ifo, responded when Germany’s Federal Statistical Office reported that economic output in the fourth quarter of 2022 had fallen by 0.2 percent. The Federal Statistical Office had originally expected growth to be flat, based on provisional figures. “The usual definition of a recession is when gross domestic…

Spanish economy 30th January 2023

Spain has Europe’s only known coltan reserve

Victor Relaño (Capital Madrid) | Strategic Minerals is a company with US and Spanish capital that is in charge of the exploitation of the Penouta mine, located in the municipality of Viana do Bolo in the province of Orense. In June last year, the Xunta de Galicia granted permission for the extraction of 50 million tonnes of ore. The mining company will allocate €40 million for this initiative. Penouta is,…

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