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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.
caixabank2

Spanish economy 3rd February 2023

CaixaBank earns €3,145 million in 2022, 30% more on a comparable basis

CABK increased its net interest income by 15.7% year-on-year, to EUR 6,916 million, while its net commissions reached EUR 4,009 million (+8.2% year-on-year). In this way, the gross margin increased by 12.8% year-on-year, standing at €11,594 million, also exceeding (+2%) the figure expected by the FactSet- consensus. On the other hand, recurring administration and amortization expenses increased by 1.5% year-on-year, to €6,020 million, which raised the net or operating margin…

ECB's president Christine Lagarde

European economy 2nd February 2023

ECB hikes policy rates by 50bp

Annalisa Piazza (MFS Investment Management) | The ECB hiked policy rates by 50bp and pre-committed to hike by another 50bp in March. The depo rate now stands at 2.50%. Looking ahead, the ECB is widely committed to keep rates in restrictive territory to reach the inflation target in the medium term. The overall communication by the ECB remains relatively hawkish as the policy stance remains restrictive. That said, the market…

unemployment spain

Spanish economy 2nd February 2023

Unemployment rises by 70,744 in January, unemployed number over 2.9 million

Spain closed January with 215,047 fewer people affiliated to the Social Security system and 70,744 more unemployed, according to data published on Thursday by the Ministries of Social Security and Labour. Unemployment increased in January by 70,744 people to 2,908,397, according to data from the Ministry of Labour. Unemployment has increased by 2.5 % compared to the previous month and represents a decrease of 6.9 % compared to January 2022….

fata morgana

European economy, Markets 2nd February 2023

The Fata Morgana, or how markets ignore that the greatest risk for 2023 lies in overestimating economic growth

Banca March | Sometimes, when the sun’s rays hit the sea water and there is a big difference in temperature, an optical illusion takes place which creates visual effects that can lead us to think that a boat is capable of “flying” several metres above the horizon. This effect, a mirage, is called Fata Morgana. Is this effusive start to 2023, in which global stock markets are up more than…

santander puerto rico

Spanish economy 2nd February 2023

Santander increases profit 18% to €9,605mn in 2022, earnings per share up 23%

Banco Santander (SAN) reported a profit of €9,605 million in 2022 (+18% in current euros), after gaining €2,289 million (+1%) in the fourth quarter. Annual net interest income rose to €38,619 million (+16%). The bank pointed out that “the effect of the rise in interest rates on net interest income has not yet been fully reflected in Spain, Portugal and the United States”. On the dividend policy, it said that…

pedro sanchez preocupado

Spanish economy, Spanish Politics 2nd February 2023

Sánchez goes to Rabat, Mohamed VI calls him from Gabon

Mohamed VI’s approach to Pedro Sánchez tarnishes the High Level Meeting (HLM) between Morocco and Spain, which La Moncloa expected to be “historic”. The Alaouite monarch did not receive the President of the Government yesterday on his arrival in Rabat for a bilateral summit that had not been held in this way for eight years, and limited himself to dealing with diplomatic formalities via a phone call from Gabon. Over…

BBVA Holvi

Spanish economy 1st February 2023

BBVA earns 6,420mn (+38%) in 2022 and announces €0.31 dividend

BBVA has now published its Q4 results. According to Morgan Stanley “net profit of €1.58bn in the last quarter of 2022 beat consensus by 2.5%, with NII (Net Interest Income) 1.4% higher than expected, fees and commissions 2% lower and overall total revenues in line with expectations. Operating profit before provisions and costs were also in line. Good capital data, with CET1 16 bps quarter-on-quarter up (+30 bps vs. consensus)…

euro new

World economy 1st February 2023

Eurozone GDP rises 0.1% quarter-on-quarter in 4Q22 and 3.5% for whole of 2022

Singular Bank: In Q4, according to Eurostat, the euro zone’s GDP rebounded 0.1% from the previous quarter (vs. +0.3% in Q3). In year-on-year terms, output in the eurozone rose by 1.9%, compared with 2.3% in the previous quarter. Thus, in 2022 as a whole, GDP increased by 3.5% compared with 2021. By countries, France’s GDP in Q4, according to the Insee, registered a slight increase of +0.1% vs. the previous…

REE-grids

European economy 1st February 2023

January electricity price in Spain (€70/MWh) half that of large European economies (€140/MWh)

ASE Group | Renewable generation reached 13,559 GWh in January, beating its previous record in March 2018 (13,204 GWh). The pull from wind and hydro has allowed renewables to respond to 65.1% of electricity demand, its highest mark to date. Wind power leads the mix with 32.4% of the total, after producing 38.1% more than a year ago. Meanwhile, hydroelectric power increased by 94.2% compared to a year ago, according…

sanchez

Spanish economy, Spanish Politics 1st February 2023

Populist Sánchez announces new increase in minimum wage (€1,080), blames employers for Spaniards’ loss of purchasing power

“Let’s talk in depth about what the two processes are that have led to the loss of purchasing power by the middle and working class in our country. The first process is that real wages have been falling for more than a decade”, the president explained yesterday in his debate with Nuñez Feijóo, leader of the opposition, adding that “big companies do not raise their employees’ wages by a single…