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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.

Companies, Markets 3rd September 2025

eDreams reiterates goal of more than 1 million new PRIME members in 2026, but cuts free cash flow forecast

Singular Bank | The company reported first-quarter results for fiscal year 2026 in line with expectations, confirming its targets for the year in terms of PRIME member growth and Cash EBITDA generation, although with a decline in free cash flow due to higher taxes and refinancing costs. The PRIME base increased by 205,000 members to 7.5 million, at the high end of the guidance, and the revenue margin grew by…

Companies, Markets 3rd September 2025

Telefónica considers delisting from NYSE with aim of saving costs and simplifying business

Bankinter | The company could delist from the New York Stock Exchange (NYSE). According to the media, the measure will be announced in the new strategic plan scheduled for November and is in line with the objective of saving costs and simplifying the business. The reporting and regulatory compliance requirements of the NYSE are high, and Telefónica believes that the return does not offset the costs. Analysis team’s view: We…

In Spain 3rd September 2025

Government turns regional debt write-off demanded by partners into new attack against PP, which rejects it

While Puigdemont demanded an amnesty from Sánchez in exchange for his support for the investiture, ERC demanded a write-off of the Catalan government’s debt. Sánchez accepted both agreements, and yesterday, the Council of Ministers approved the draft law that will allow a write-off of €83.252 billion for all regions except the Basque Country and Navarra, which are not under the common regime. To make the measure more palatable, the government…

Companies, Relevant News Item 2nd September 2025

Iberdrola leads bid for Australian electricity grid worth estimated €2.24 billion

Banco Sabadell | According to press reports, the Spanish energy company is leading the bid for the VNI West project in Australia, an electricity transmission line with an estimated value of €2.24 billion. Iberdrola is competing in a consortium with Australian companies Capella Capital and AusNet. The project faces public opposition due to the overhead route, which has delayed its launch until at least 2030. Assessment: Positive news if confirmed,…

Companies, Ibex 2nd September 2025

Citigroup ups stake in Amadeus to 4.02%

Alphavalue / Divacons | Citigroup increased its total stake in Amadeus IT Group’s share capital to 4.02%, according to a notification sent to the Spanish National Securities Market Commission (CNMV). CitiGroup’s current position breaks down into 1.593% in direct and indirect voting rights and 2.427% in financial instruments. In other news, Bank of America downgraded its recommendation for Amadeus, believing that it will perform ‘worse than the market’ due to…

Companies, Ibex 2nd September 2025

Supply and demand for Puig Brands stable within tedious range since May

Renta 4 | By the lows of last April, it had accumulated a 49% drop from its IPO highs. Since May, supply and demand have stabilised in a tedious range, with support at €15.7 and resistance at €17.45. Although this range could break downwards, we would be paying particular attention to the upper end, which is the transition zone of the main downtrend and a tactical turning point upwards. The…

In the World 2nd September 2025

US Private Consumption Deflator stabilises at 2.6% in July and, together with weak labour market, supports further 25 bp rate cut

Bankinter | The US Private Consumption Deflator (PCE) was in line with expectations in July: up 2.6% versus 2.6% previously. The core rate rose to 2.9% versus 2.9% estimated and 2.8% previously. Analysis team’s view: Figures in line with expectations. The PCE stabilised after rebounding in May and June. This inflation, together with weak labour market data in recent months, supports our view of a further rate cut of 25…

Companies 2nd September 2025

Airtificial enters space sector with collaboration agreement with PLD Space for development of “Miura 5” rocket

CdM | Airtificial has taken another step forward in its business diversification process and has entered the space sector after its Aerospace & Defence division signed a collaboration agreement with PLD Space for the development of the “Miura 5” rocket, an orbital launcher that, according to the company, will place Spain and Europe ‘at the forefront of the new space race’. Airtificial has explained that it will manufacture composite panels…

In Spain 2nd September 2025

Spain, with 10.4%, still leads euro area, with 6.2%, in unemployment

The unemployment rate for the euro area dropped by one-tenth of a percentage point in July, to 6.2%, while the rate for the European Union also fell by one-tenth, settling at 5.9%. These figures, published by Eurostat, show Spain with the highest level of unemployment among the 27 member states, with a rate of 10.4% for the second consecutive month. Eurostat’s data indicates that 13 million people were unemployed in…

Ibex, Markets 1st September 2025

Investors should not resist data centre trend, even if valuations appear high; EW maintained for Merlin Properties

Morgan Stanley | Our analyst Bart Gysens continues to see attractive risk/return in EU real estate, although he prefers to focus on idiosyncratic stocks while awaiting a turnaround in bond yields. In the logistics sector, which is under greater pressure, he believes we have already passed the peak of deterioration in sentiment and demand, with CTP being his top recommendation. In terms of relative value, he prefers office stocks in…

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