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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.
china real estate 1

In the World 28th August 2023

China offers more favourable terms to first-time homebuyers to revive property sector

Banca March: China is taking steps to revive the real estate sector. In order to support the real estate market and revive the economy, the Chinese government is once again focusing on demand. On the one hand, local governments in major cities are offering more favourable conditions to first-time homebuyers. On the other hand, for people wishing to buy a second home, the country had strong restrictions to avoid massive…

spain congress

Spanish Politics 28th August 2023

Dual-use votes in Catalonia

Fernando González Urbaneja | The “alcaldada” of the Congress that must be approved this Monday to allow ERC and Junts to form their own parliamentary group, with the economic and parliamentary advantages it entails, will use on this occasion a cruder formula than the previous ones. On other occasions, the number of deputies of the pretender was completed in order to reach the number of deputies foreseen in the regulations…

LNG regasification ship

European economy 28th August 2023

Europe’s gas storage at 90%

Santander | Europe’s gas storage reached 90% of storage capacity on August 16, well ahead of the EU’s requirement to reach that level by November 1, which marks the start of the winter heating season. European Energy Commissioner, Kadri Simson, commented that this “underlines that the EU is well prepared for winter, which will help to further stabilise markets in the coming months. The EU energy market is in a…

iberdrola avangrid eeuu 2

World economy 28th August 2023

Iberdrola, very active in the US, starts up photovoltaic plant to supply Meta in Texas and promotes first solar project in California

Link Securities | Iberdrola’s US subsidiary Avangrid has begun construction of the 240-megawatt (MW) True North photovoltaic plant in Falls County, Texas, which will provide renewable energy to supply operations in the region of Meta Platforms (META-US), Facebook’s parent company, according to La Vanguardia newspaper. The project aims to power Meta’s upcoming data centre in Temple City, its second such facility in Texas. Starting in 2020, the global operations forecast…

electricity1

Relevant News Item 27th August 2023

Iberdrola, Acciona benefit from 15% rise in Spanish spot price to €135/MW due to heat wave

Alphavalue / Divacons| The heat wave now sweeping Europe, and Spain in particular, is causing excessive energy consumption as a result of the increased use of air conditioning systems, driving up electricity prices. The spot price in Spain on Wednesday rose by 15% to €135/MW. This will undoubtedly benefit power generators present in the Iberian Peninsula such as Iberdrola, Acciona, EDP and ERG, with a spot exposure of 15-20%. Acciona…

Ferrovial

Relevant News Item 25th August 2023

Ferrovial, among companies with self-help plans, trading at P/E of 9.2x by 2025

Morgan Stanley: The consensus narrative has been improving thanks to the resilience of US macro data and the expectation of a soft-landing, but in an environment of still high rates and with the hasty deterioration of data in the Chinese economy, uncertainty remains around where we are in the economic cycle. In this context, it is important to find stocks that offer Alpha through self-help initiatives such as improved governance,…

Europarlament

Spanish Politics 25th August 2023

Hungary asks “Spain to solve its problems” of co-official languages before taking them to EU

The European Union is receiving with a certain scepticism the Spanish government’s intention to make Catalan, Galician and Basque official languages within the institutions. Although most countries do not yet have a fixed position, especially because the situation has arisen during the holiday period – Brussels is closed in August – many hope that Spain’s political problems do not end up spilling over into the EU-27 club. This is the…

eurozone banks

European economy, Relevant News Item 25th August 2023

Goodbye to the “soft landing”? Eurozone’s PMI slump foreshadows recession

Ana Racionero (Intermoney )| In Europe, the PMIs showed the bill that is being paid for the ECB’s rate hikes. The downturn was of great magnitude and, what is worse, anticipates recession in the eurozone, specifically, a contraction of around -0.2%/-0.3% in the third quarter, after having grown by 0.3% in the previous quarter. Although France’s manufacturing rose in August from 45.1 in July to 46.4, when a decline to…

grupo lar recurso 948

Companies 24th August 2023

Grupo Lar’s Vivia rental platform has 1,740 units of 5,000 estimated target portfolio

Link Securities| Vivia, one of the rental platforms that is expected to grow in the country in the coming years, already has 1,740 units in its portfolio projects, according to company sources, the newspaper Cinco Días reports today. Grupo Lar, together with the Primonial fund, launched this initiative in 2021 in which they intend to add 5,000 homes with an investment of €1 billion. When it is up and running,…

Tecnic

Companies, Relevant News Item 24th August 2023

Técnicas Reunidas closes in on 2023 contracting target with award of €520m project for QatarEnergy

Renta 4| The company has informed the CNMV that QatarEnergy has awarded it the additional engineering, procurement and construction (EPX) works for the off-plot Liquefied Natural Gas (LNG) facilities of the North Field South project. The contract is worth $560 million (€520 million), the fourth contract awarded by QatarEnergy to Técnicas Reunidas in the last 24 months. Assessment: Positive impact on the share price given the amount of the contract,…