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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.

In the World 17th May 2023

China: industrial production and retail sales up 5.6% and 18.4% in April, respectively

Banca March: Activity accelerates in China, but at a slower pace than expected. The April set of activity indicators showed a rebound in growth, as industrial production accelerated to 5.6% while retail sales advanced 18.4%. Although these data are very positive and confirm that the reopening of the economy is boosting activity, they fell short of expectations (10.9% and 21% respectively). On the consumer spending side, the best performing components…

Relevant News Item 16th May 2023

NY Empire Industrial Confidence Index plunges unexpectedly to -31.8 points in May vs. 10.8 points in April

Link Securities | The Empire State Manufacturing Index of manufacturing activity in New York, compiled by the New York Federal Reserve, unexpectedly slipped to -31.8 points in May, down from 10.8 points in April, and versus the expected reading of -3.75 points by the analyst consensus. The reading is the lowest in four months, pointing to a sharp drop in manufacturing activity in New York. New orders (-28.0 points vs…

World economy, World politics 16th May 2023

China and the US might not be decoupling but their technologies are bifurcating

Alicia García Herrero (Natixis) | The strategic competition between the US and China started in early 2018 when the Trump administration implemented untargeted import tariffs and reoriented most of its trade efforts towards widening the technology gap between China and the US with a special focus on deep tech, such as semiconductors. The Biden administration has pushed even further in that direction. However, one should not forget that well before…

In Spain, Spanish economy 16th May 2023

Brussels raises Spain’s growth forecast to 1.9%

The European Commission (EC) calculates that the Spanish economy will grow by 1.9% in 2023, five tenths above the winter forecast, and above the 1.1% forecast for the Eurozone and the 1% forecast for the European Union (EU) as a whole. Spain’s growth forecast for 2024 remains at 2%. The EC also reduced the Spanish inflation forecast to 4% for the current year, four tenths of a percentage point lower…

European economy, European politics 16th May 2023

BBVA falls more than 4% on stock market after uncertain elections in Turkey

Capital Madrid | The Turkish bet of the former BBVA president, Francisco González (currently indicted in court for the conspiracy to spy on politicians, businessmen, and private individuals), has not stopped growing, even after several recent incidents of corruption. Political instability, terrorism, and excessive volatility are reducing its profitability to a minimum. On the semi-holiday stock market day yesterday, Monday 15 May (Madrid was celebrating the day of its patron…

In Europe 16th May 2023

Ireland considers setting up sovereign wealth fund based on multinationals’ tax payments

Intermoney: Interesting news from Ireland is that the government is considering setting up a sovereign wealth fund to channel some of the tax revenues it is receiving from the many multinational companies based in the country. This would be an effort to strengthen public finances in the future, when annual revenues may be less reliable than they are now. The country has seen a significant increase in tax revenues since…

In Spain, Spanish economy 12th May 2023

Inflation confirmed at 4.1% in April, core inflation falls to 6.6% (vs. 7.5% previously)

Bankinter: April CPI (final) confirms +4.1% year-on-year preliminary announcement from +3.3% in March. In month-on-month terms it remains at +0.6% m/m preliminary (from +0.4% previously). The groups most affecting the monthly rise are Footwear and Clothing, Accommodation and Leisure Services. While Housing declined due to lower gas and electricity prices. Core CPI also remains at a preliminary +6.6% year-on-year and from +7.5% year-on-year previously. Annual CPI rateGeneral and core rate….

European economy, In Europe 12th May 2023

EU backtracks on veto on fund sales commissions

Banca March : According to press reports, a provisional draft is circulating that suggests Brussels is backtracking on plans to ban asset managers and insurers from paying financial advisers for recommending their investment products. The aim of the ban was, according to Brussels, to eliminate any conflict of interest and to improve the outcome for the end-investor but it now appears that the measure will not be implemented, limiting the…

Relevant News Item 12th May 2023

Spanish Banking System: strong liquidity position

Caixabank | Spanish banks are strongly focused on the retail segment, which provides a more stable source of funding in the long-term. Stable deposits and operational deposits (those that have proven to be harder to withdraw) account for over 60% of total deposits for nearly all Spanish banks. This has contributed both to a positive evolution of profitability in a context of rising interest rates, as well as to a…

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