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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.
mercados emergentes

World economy 19th June 2023

Moody’s HY default rate continues to rise (+0.2pp to 3.4% in May) and agency expects it to peak at 5% in 2Q24

Santander Corporate & Investment| Moody’s published on Thursday its monthly report where it announced that there were 16 defaults in May, matching the March figure which represented a monthly record since December 2020. This brings the balance for the first five months of the year to 62 defaults, with North America leading the way (42, more than double the 16 in the same period of 2022), followed by Europe (11),…

christine lagarde

European economy 19th June 2023

ECB: market gives 100% probability of another rate hike in July

Banca March: The ECB followed the script and at Thursday’s meeting increased the price of money once again, raising all its interest rates by 25 b.p., bringing the benchmark rate to 4% and the deposit rate to 3.5%. However, the most relevant aspect was economic expectations and clues as to the monetary authority’s future moves. In these sections, it should be noted that the ECB lowered its GDP growth forecasts…

nunez feijoo 777x400 1

Spanish Politics 19th June 2023

PP hands PSOE Barcelona mayoralty: “the trenches and blocs are over” says Nuñez Feijóo

Alberto Núñez Feijóo displayed his territorial power yesterday, Sunday, in the Retiro Park in Madrid, when he was accompanied by all the barons of his party, those who govern and those who will do so in a few days, as an example of what can happen on 23 July, in a general election. And Núñez Feijóo dedicated the event to defending the agreements reached by the PP to govern in…

solar panels

Spanish economy 19th June 2023

Iberdrola to build Europe’s largest on-site PV plant for Sabic in Spain with a €60-million investment

Alphavalue/ Divacons| The Spanish utility company has obtained the authorisations to begin construction of the largest on-site solar photovoltaic project for self-consumption in Europe, which it will build for Sabic at the industrial complex in Cartagena. Specifically, the installation, with a capacity of 100 MW, will involve an investment of more than €60 million and the creation of 450 new jobs during the construction period. It will supply renewable energy…

Ence2

Spanish economy 18th June 2023

Ence says it has signed a contract with a major brewery for conversion of thermal processes based on gas, fuel oil or coke

Link Securities| The company’s president, Ignacio Colmenares, has claimed that the company has signed a contract with a major brewery based on the transformation of thermal processes based on gas, fuel oil or coke by a pure electric solution or a mixed solution with biomass depending on the temperature and pressure at which companies need steam. The ENC executive also pointed out that before the end of this month the…

Acciona

Spanish economy 18th June 2023

Acciona and Sacyr chosen by Basque Rail Network to build section of Bilbao underground

Link Securities | A temporary joint venture (UTE in its Spanish initials) in which Acciona and Sacyr participate has been selected by ETS Euskal Trenbide Sarea (Basque Rail Network) to build the second section of Line 5 of the Bilbao Metropolitan Railway between Aperribai and Galdakao, with an extension of 2.8 kilometres, the digital portal CapitalBolsa.com reported yesterday. The works will include the platform and track superstructure of the section,…

china central bank

World economy 16th June 2023

PBoC sticks to script and lowers one-year rate to 2.65% from 2.75% previously

Bankinter : The People’s Bank of China (PBoC) lowers the 1-year funding rate to 2.65% from 2.75% previously (in line with estimates); (ii) Industrial Production +3.5% in May (year-on-year) vs. +3.5% estimated and +5.6% previously; (iii) Retail Sales +12.7% in May (year-on-year) vs. +13.7% estimated and +18.4% previously. Bankinter’s analysis: The PBOC sticks to the script and lowers one-year rates after doing the same on Tuesday with the REPO rate….

petroleo grua2CM

World economy 16th June 2023

IEA forecasts global oil demand to peak before end of decade

BancaMarch: The International Energy Agency (IEA) expects global demand for crude oil to peak before the end of the decade. According to the agency, consumption of crude oil as a transport fuel will begin to decline from 2026, due to the rise of the electric car and other measures put in place. Nevertheless, the IEA forecasts a 6% growth in global oil demand between 2022 and 2028, reaching 105.7 million…

PSOE

Spanish Politics 16th June 2023

PSOE lodges complaint against three newspapers for polls they get right

The Spanish Socialist Workers Party (PSOE) presented this Thursday before the Central Electoral Board (JEC) a complaint against ABC, El Mundo and El Español, and the opinion institutes that carry out their electoral polls -GAD3, Sigma2 and Sociométrica, respectively-, a measure that acquires special relevance when it comes to the main party that supports the Government. The Socialists’ number three, Santos Cerdán, demands from the accused, in the light of…

poor

In Spain 16th June 2023

AIReF denounces fact that MVI only reached 35% -284,000 households- of those entitled to it in 2022

The Independent Authority for Fiscal Responsibility (AIReF) has complained this Thursday that the Minimum Vital Income (IMV) approved by the Government has only reached 284,000 households since it was launched, that is, 35% of the 800,000 households that, in its opinion, could benefit from it. This is due, the organisation says, among other things, to the fact that almost 470,000 families entitled to receive this benefit – 58% of the…