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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.
Santander

Spanish economy 25th April 2023

Santander reports attributable profit of €2,571 million driven by 13% increase in income

The recent AGM approved a final cash dividend against 2022 of 5.95 euro cents per share, payable from 2 May 2023, meaning the total cash dividend charged against 2022 is up 18% versus the previous year at 11.78 euro cents. The board has approved a new remuneration policy, increasing payout from 40% to 50% of attributable profit in 2023. While loan-loss provisions were up year-on-year, mainly due to the normalization…

Avangrid

Spanish economy 25th April 2023

Court ruling allows Avangrid (81.5% Iberdrola) to continue construction of power line between US and Canada

As reported by Europa Press, Avangrid, the US subsidiary of Iberdrola (IBE), has won a court battle in the United States for a large power line that would transport renewable energy between Canada and the New England region (United States). A Maine jury has granted a reprieve for Avangrid’s proposed $1 billion (around €911.4 million) New England Clean Energy Connect (Nec) transmission line. The transmission line between Quebec (Canada) and…

eeuu madeinCM 1

In the World, World economy 24th April 2023

US composite PMI rises more than expected (53.5) as both services and manufacturing improve

BancaMarch : In the US, business confidence data was also released and in this case was positive as confidence in both services and manufacturing improved. Notably, the composite PMI rose more than expected to 53.5 from 52.3 and well above the expected 51.2. At the sectoral level, the improvement came both on the services side, with the confidence indicator rising to 53.5 from 52.3, and on the manufacturing side, which…

Brasserie servicios

European economy, In Europe, Markets 24th April 2023

Surprise bounce in services flash PMIs in France and Germany means new dilemma for ECB

Santander Corporate & Investment’s flash services PMIs released this morning will once again be a headache for the ECB, as they show an unexpectedly strong rebound in France at a delicate time of rallies (56.3, 53.5e, 53.9p). But also in Germany (55.7, 53.4e, 53.7p). And at a time when services inflation remains one of the real workhorses as our economists recalled after the release of the final March figure a…

electricidad1CM

Relevant News Item 24th April 2023

Price volatility kills off one in ten electricity companies in Spain

Price volatility in the electricity market is having ruinous effects on independent electricity suppliers. So far this year, a dozen have gone under, at a rate that is not far short of one per week. This can be seen in the permanently updated census of electricity retailers kept by the National Markets and Competition Commission (CNMC). The smaller distributors are falling victim to the tsunami of prices in the electricity…

When the Supreme Court adds to the lack of confidence in Spanish politics

In Spain, Spanish economy, Spanish Politics 24th April 2023

Judges and Prosecutors to go on indefinite strike from 16 May

The Professional Association of the Judiciary, the Francisco de Vitoria Judicial Association, the Independent Judicial Forum, the Association of Prosecutors and the Professional and Independent Association of Prosecutors have announced in a joint communiqué their intention to call an indefinite strike in the judicial and prosecutorial careers from 16 May. For the moment, the association Judges and Judges for Democracy and the Progressive Union of Prosecutors have not joined the…

bolsa espana reloj

Ibex, Markets, Relevant News Item 22nd April 2023

Ibex 35 closes week at 9,415 points after dropping 0.37% on Friday

Nicolás López (Singular Bank) | Friday’s session closed in Europe with a mixed tone and slight variations in the main stock market indices. After the rises of the last few weeks, which have brought the indices back to their highs before the banking crisis, investors have been cautious in general as they wait for new references. In particular, the results season that has just started and the central banks’ meetings…

Spain ratings

In Spain, Spanish economy, Spanish Politics 22nd April 2023

Public debt rises to €1.52 trillion in February, 5.4% more than a year ago

CoM | Government debt according to the Excessive Deficit Protocol rose to €1.52 trillion in February, which represents a growth rate of 5.4% in year-on-year terms and an increase of 2% compared with the previous month, according to data released by the Bank of Spain. Specifically, public debt has added €30,208 million in one month and €78,436 million in the last year. The balance of government debt rose to €1.349…

GAP

Relevant News Item 21st April 2023

Record gap between US1M and US3M IRRs

While the US 3 month IRR has recovered all after the SVB effect … it is striking that the 1M IRR has continued to fall. The spread between the two has reached 140bps earlier this week … the last time it reached this level was in October 2008 … coinciding with the Lehman crisis.