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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.
euros prestamos

European economy 27th July 2023

ECB’s tight monetary policy starts to bite with corporate credit at record lows

Link Securities| According to the European Central Bank’s (ECB) bank lending survey published on Tuesday, 2Q2023 saw a record fall in demand for corporate loans to its lowest level since the survey began in 2003. According to banks in the region, credit conditions tightened more than expected in the quarter under review. Banks also tightened conditions and terms further in 2Q2023 The survey also reported that the net tightening since…

dollars

In the World 27th July 2023

US personal savings fall $5.5 tn since April 2020, pointing to a potential recession

Alphavalue / Divacons | A loss of $5.5 trillion since April 2020 is raising risks to the US economy. A sharp drop in Americans’ personal savings threatens to affect consumer spending, which has so far helped the US economy withstand recession warnings. The data comes from a study released on Tuesday by data, economics and technology company Barchart, drawing on data from Bloomberg. Earlier, another report by Oxford Economics predicted…

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Spanish economy 27th July 2023

Spain reaches all-time high of 21 million people in employment

CdM| Unemployment fell by 365,300 people in the second quarter of the year, which is 11.7% less than in the previous quarter, while 603,900 jobs were created (+2.9%), bringing the total number of employed for the first time in history to 21,056,700 people, according to data from the Labour Force Survey (EPA) published on Thursday by the National Statistics Institute (INE). The drop in unemployment experienced between April and June…

sanchez feijoo

Spanish Politics 27th July 2023

Election winner Nuñez Feijóo wants to go for the investiture

As the winner of the elections with 136 MPs (compared to the PSOE’s 122), Nuñez Feijóo wants to talk to the PSOE. Cuca Gamarra, Feijóo’s deputy, urges the Socialists and Pedro Sánchez “not to hinder” the PP from giving Spain “a government “with serenity and moderation”, which returns Spanish politics to “seriousness, maturity and responsibility” in order “not to break a series of unwritten rules” which, according to Gamarra, establish…

Repsol

Relevant News Item 27th July 2023

Repsol, which generates 20% of all energy consumed in Spain, reports €1.42 billion profit in first half of 2023

The company has already paid a final dividend of €0.35 gross per share in July, which together with the one paid in January brought the cash dividend for the year to €0.70 gross per share, 11% more than in the previous year. In addition, Repsol yesterday approved a new capital reduction through the cancellation of 60 million treasury shares, which will be added to the 50 million shares cancelled in…

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European economy 26th July 2023

Preliminary Eurozone PMIs for July disappoint, falling more sharply than forecast

Bankinter : Preliminary July PMIs disappoint as they fall more sharply than expected. – (i) Manufacturing PMI 42.4 vs 43.5 expected and 43.4 previous. (ii) Services PMI 51.1 vs 51.6 expected and 52.0 previous. (iii) Composite PMI 48.9 vs 49.6 expected and 49.9 previous. By countries: FRANCE. – (i) Manufacturing PMI 44.5 vs 46.0 expected and 46.0 previous. (ii) Services PMI 47.4 vs 48.5 expected and 48.0 previous. (iii) Composite…

spain tourism

Spanish economy 26th July 2023

IMF raises Spain’s growth forecast to 2.5% thanks to tourism

The International Monetary Fund believes that Spain’s GDP will grow by 2.5% this year, compared to the 1.5% it predicted in April, making Spain the engine of growth in the euro zone due to “the greater strength of services and tourism”. However, the effects of the tourism miracle will not last beyond 31 December 2023, as the IMF has kept its growth estimate for 2024 unchanged at 2%. Until now,…

Banco Santander office

Relevant News Item 26th July 2023

Santander achieves attributable profit of €5,241m in first half of 2023, up 7%

Santander achieved an attributable profit of €5,241 million in the first half of 2023, up 7% in both constant and current euros versus the same period last year, as strong growth in revenues, particularly in Europe, offset the year-on-year growth in provisions in North and South America. In the second quarter, attributable profit increased 17% versus the second quarter of 2022 to €2,670 million, as the number of customers the…

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In the World 25th July 2023

The danger of “disinflation” becoming a headwind

Morgan Stanley: Analyst Mike Wilson points out that “disinflation” is set to become a headwind in the US. 2023 has been a year of high assessments with falling inflation and cost savings. However, many positive factors are reversing next year. Fiscal stimulus is largely going to disappear, the savings glut is ending and student loan repayments return in October for 27m Americans. Disinflation is now affecting sales and investors will…

Naturgy Australia

Relevant News Item 25th July 2023

Naturgy reports €1,045M profit up to June and dividend yield over 5%

Naturgy reported a net profit of €1,045 million in the first half of the year, an increase of 87.6% compared to the same period in 2022, mainly due to the “good performance of the internal business activities” and the good management of purchases in a competitive market. The energy company headed by Francisco Reynés increased its investments to €839 million, 16% more, and investments for the five-year period 2021-2025 will…