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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.
Eurozona IPC

European economy 1st August 2023

Eurozone: inflation slows two tenths to 5.2% in July, while GDP grows 0.3% in Q2 2023

The year-on-year inflation rate in the euro area fell by two tenths of a percentage point in July compared to the previous month, reaching 5.3%, which is the lowest increase in prices since January 2022, according to Eurostat’s preliminary estimate, which nevertheless maintains the underlying rate at 5.5%. The moderation in the rise in prices in July is mainly due to the 6.1% fall in the cost of energy, compared…

IAG new

Companies 1st August 2023

IAG: passenger revenues grow in 2Q23 to 121% of 2019 levels (+6% quarter-on-quarter)

British Airways and Iberia (IAG) aircraft at Barajas airportMorgan Stanley| IAG’s passenger revenue (PRASK) accelerated sharply in 2Q23 to 121% of 2019 levels (+6% q/q), with management indicating that the bookings they have seen so far have shown no signs of weakness, implying that this pace can be sustained. With 80% of the 323 already sold, Conor Dwyer (analyst) has revised its estimates of PRASK to match it with management’s…

jackson hole2019

Relevant News Item 1st August 2023

No news from central banks until Jackson Hole at end of August

Bankinter : No news from central banks until Jackson Hole (24/26 August). This week, RBA (Australia, Tuesday) and BoE (UK, Thursday) will probably follow the same pattern as the Fed and the ECB, rising +25p.b, linking next steps to the macro data yet to be known. If so, the main drivers for the stock markets will be corporate earnings and macro data (inflation, GDP and employment). This week, companies of…

España economia

Relevant News Item 31st July 2023

INE preliminary data shows Spain’s growth slows to 0.4% in 2Q23, while inflation rises to 2.3% in July

The Spanish economy grew by 0.4% between April and June compared with the previous quarter, one tenth of a percentage point less than in the previous quarter, while its year-on-year rate eased by more than two points, from 4.2% in the first quarter to 1.8% in the second, due to the lower contribution of the foreign sector. According to the advance National Accounts data published on Friday by the National…

microsoft feriaCM

In Europe 31st July 2023

EU to investigate whether Microsoft violated competition rules by linking Teams app to installation of Office

Banca March| The European Commission announced on Thursday that it is launching a formal investigation into whether Microsoft violated EU competition rules by linking its Teams video calling app to the installation of Office software. The investigation stems from a complaint to Brussels by its competitor Slack in July 2020. Underlying the complaint is Brussels’ fear that Microsoft is abusing its position by restricting competition from other providers of cloud…

ebrofoods fabrica

Relevant News Item 31st July 2023

Ebro Foods: Top rice exporter India bans non-basmati white rice exports

Alphavalue / Divancons: The Spanish rice and pasta company is to publish its 2Q23 figures today. On the other hand, India, which is the main rice exporter, took the decision to ban the export of non-basmati white rice. This move is significant as India accounts for about 40% of the world’s rice trade, and the ban will affect a quarter of its total exports. The main objective behind this decision…

fed jerome 3mayo23

In the World 28th July 2023

Fed delivers, raises interest rates +25 bps to 5.25%/5.50%, and leaves door open for more hikes

Bankinter | The Fed met expectations and raised its benchmark interest rate (Fed Funds) by +25 b.p. to 5.25%/5.50% on Wednesday, leaving the door open for more hikes. Assessment: The most relevant thing is that it leaves open the possibility of a new tightening in September by maintaining a data-dependent approach. The most relevant aspect of this meeting was Powell’s message. In the dot plot of the June meeting, the…

caixabank sunset

Spanish economy 28th July 2023

CaixaBank earns €2,137 million in June, up 35.8%, and announces €500-million buyback

The positive market dynamics, together with the strategies derived from the integration with Bankia and the reduction of doubtful balances, have boosted CaixaBank’s profit to €2,137 million, up 35.8% compared to the €1,573 million recorded in the same period of the previous year. In the entity’s accounts, the improvement in the indicators of profitability and efficiency stand out, while ROE reached 10.2% and the recurrent efficiency ratio fell to 45.7%,…

España bancos 1

Relevant News Item 28th July 2023

Spanish banking sector NPL ratio rises in May to 3.59%, up from 3.55% in previous month

Link Securities | According to data published by the Bank of Spain and reported by Expansión, the banking sector’s non-performing loans ratio rose in May to 3.59% of total credit, up from 3.55% the previous month, making it two months in a row of increases. However, it remains at the lowest level since December 2008. Compared with the rate in May 2022, the financial sector’s NPL ratio fell by 0.59…