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Articles by The Corner

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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.
european banks2

Relevant News Item 12th May 2023

80% of European banks beat expectations in pre-tax profit, +35% year-on-year and +4% quarter-on-quarter

Morgan Stanley: This has been another quarter in which banks have once again posted excellent results. 80% of banks beat in terms of PBT, up +35% year-on-year and +4% quarter-on-quarter, with capital beat also 830bps better, and no signs of deterioration in asset quality (provisions were -26% below our expectations and cost of risk remains conservative at around 55bps in 2023. The management teams highlighted that in deposits the mix…

interestatal 85 georgia

Relevant News Item 11th May 2023

Ferrovial awarded near-€71-million highway improvement contract in Georgia

Link Securities | The infrastructure group Ferrovial (FER) will carry out improvement works on a section of the US I-85 highway, located in the state of Georgia, specifically in the city of Atlanta, after being awarded a contract valued at around €71 million ($79 million), according to Expansión newspaper on Tuesday. According to Ferrovial, the contract was awarded by the Georgia Department of Transportation to its US subsidiary Ferrovial Construction,…

Sanchezbuilder 2

Spanish economy, Spanish Politics 11th May 2023

Pedro Sánchez, builder

On the left, Pedro Sánchez promises “93,000 affordable homes for young people and families” at a rally in Toledo on 21 April. On the right, at a rally in A Coruña, a week later, on 28 April, he was already promising 183,000 homes at affordable prices for… And with weeks of election campaigning left.

Alemania IPC

European economy, In Europe 11th May 2023

German inflation falls to 7.2 per cent in April from 7.4 per cent in March

CoM| Headline inflation in Germany fell to 7.2% year-on-year in April from 7.4% in March, matching the consensus forecast and the first estimate. The harmonised rate declined by 0.2 p.p. to 7.6%, also in line with the first estimate and the consensus. The underlying rate, which excludes energy and food, remained at 5.8 per cent. “The inflation rate has weakened for the second month in a row, but remains at…

Gestamp China

Relevant News Item 11th May 2023

Gestamp’s sales reach €3,144 M in 1Q23, up 39.4% year-on-year

Norbolsa | Gestamp, a multinational company dedicated to the design, development, and manufacture of automotive components, released its 1Q23 results on Tuesday at market close, coming in above consensus expectations in both sales and EBITDA. Revenues reached €3,144m in the quarter (+8.8% vs. consensus) with a growth of +39.4% year-on-year, and EBITDA came in at €336m (versus €312m estimated by the consensus). In terms of margins, the company reported an…

escriva

Spanish economy, Spanish Politics 11th May 2023

The anger of civil servants

Fernando González Urbaneja| The government has not shied away from criticising employers for their labour management and for allegedly poor relations with unions and workers. They say that the beam in your own eye is less obvious than the speck in someone else’s. On labour relations, the government has little to boast of; its performance is abysmal, and the consequences for the customers of public services and for citizens are…

Alemania industria

Relevant News Item 10th May 2023

Harsh blow for European industrial sector: Eurozone services/manufacturing PMI gap returns to all-time highs

Santander Corporate & Investment: China’s imports plunged almost 8% (-0.3%e) in April, consolidating doubts about the evolution of the global manufacturing sector. And, for example, the services/manufacturing PMI gap in the Eurozone has recently returned to record highs. This is a harsh blow for a European industrial sector that: (1) was expected to benefit from China’s reopening, (2) is already trading at pre-war lows a few months before autumn (albeit…

BCE Atril

European economy, In Europe 10th May 2023

Philip Lane (ECB) says still “plenty of momentum in food prices”

Link Securities | European Central Bank (ECB) chief economist, Ireland’s Philip Lane, said in a recent speech that there is still plenty of momentum in food prices and core inflation. He also noted that real wages have fallen as inflation has outpaced wages in recent years, but that he believes real wages will recover in the coming years. In this regard, Lane said that he sees wage inflation peaking this…

Australiaok

World economy 10th May 2023

Australia: Slightly expansionary budget laying ground for possible RBA hikes

Alicia García Herrero (Natixis) | Australia’s FY2023-24 budget was slightly expansionary supported by an improved fiscal position. The underlying cash balance for FY2022-23 is expected to be a small surplus (+0.2% of GDP), the first surplus in fifteen years. Revenues expanded by +8.8% on the back of higher commodity prices and larger personal income tax from the resilient labor market.On the back of surging inflation, the Labor Government has launched…

Europe SMEs

Spanish economy 10th May 2023

26,000 SMEs close in Spain in 2022, 10% more than in 2021

According to the National Institute of Statistics, the average increase in the gross profit of Spanish companies was 15% in 2022, with Ibex companies’ profits growing by 35%. According to Antoni Cañete, president of Pimec, the employers’ association of small and medium-sized Catalan companies, “it is clear that, if the Ibex earns 35% more and the average is 15%, there are others who have to earn much less… The extraordinary…