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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.
Ford

Spanish economy 23rd June 2022

Ford Will Manufacture The New Electric Cars In Almusafes (Valencia)

Ford’s Valencian plant in Almussafes has finally been chosen to develop the automaker’s two new electric vehicles, thus beating the German plant in Saarlouis with which it was competing. The news guarantees the maintenance of employment in the region in the coming years and ensures that the Valencian plant, which employs around 6,000 people after several redundancy plans, will maintain its workload from 2025. By 2024, the plant was expected…

Stock markets

EuroStoxx Reports, Markets, Relevant News Item 23rd June 2022

Downward revisions to profits remain

A&G | The Q1 results season was solid on both sides of the Atlantic. And up to now EPS for 2022 has been revised 3% upwards by S&P500 and 11% by the STOXX 600. The weighting of the raw material sectors, particularly in Europe, helped to drive EPS estimates (ex EPS estimates for raw materials they rose only 2% YTD in Europe). We are beginnning to see signs of a…

aena airport

Companies, Spanish economy 22nd June 2022

Aena offers best traffic figures from main European airports(22.2 M passengers)

Morgan Stanley | We have analysed the air traffic from the main European aiports (ADP, Aena, Fraport, Heathrow, Zurich) in May. In general, all of them have beaten our expectations. Specifically, Aena offers the best figures, with 22.2 million passengers, only -10% vs 2019 (and -7% vs 2019 in seat capacity). Looking ahead to the summer, we expect seat capacity to stabilise (-5%/-8% vs 2019), which could come under pressure…

Indra Tecnocom

Companies, Ibex, In Spain 22nd June 2022

Indra signs agreement with Airways New Zealand to modernise the country’s airborne radar network

Link Securities| Indra has signed a contract with Airways New Zealand, the country’s air navegation services’ provider, to modernise the airborne radar netwtork with state of the art technology, according to Europa Press on Tuesday. Separately, Indra said in a statement that this move will reinforce the security of the country’s air traffic, allowing for an increase in capacity as well as a reduction in emissions. As part of the agreement,…

escriva

Spanish economy, Spanish Politics 22nd June 2022

The Two Secretaries Of State Of The Minister For Inclusion, Social Security And Migration -The Most ‘Sophisticated’ Minister In The Cabinet- Resign

The resignation of both comes in the midst of negotiating far-reaching reforms such as pension and self-employed quotas, as well as welcoming migrants due to the war in Ukraine. The two Secretaries of State that the Minister for Inclusion, Social Security and Migration, José Luís Escrivá – who, with an arrogance worthy of a better cause, disqualified a few weeks ago the Bank of Spain’s criticism of the Government’s proposed…

ECB night

Spanish economy 22nd June 2022

ECB Anti-Fragmentation Tool Will Have No Limits

Link | The governor of the Central Bank of France and member of the ECB’s Governing Council, François Villeroy de Galhau, said in an interview yesterday that the tool being designed by the ECB to prevent fragmentation in the eurozone must send a message that there will be no limits. The more credibility it has, he said, the less it may have to be used. Villeroy defended the sale of…

CaixaBank

Ibex, Relevant News Item 21st June 2022

Risk in estimating banking sector profits is on the rise: Caixabank in top picks

Morgan Stanley | We run over the main themes which are affecting the banking sector at the moment. In terms of balance sheets, the sector has on average 420 bp of excess capital, lending support to dividends. The sector in Europe has greater cash yield (div + buybacks). Exposure to Russia has been decreasing proactively, on average 12% down vs figures pre-Q1 2022. Net interest income has the support of…

Lamanodedios

Spanish Politics 21st June 2022

Andalusia: More Than 150,000 Socialist Voters Lent Their Vote To The PP

Fernando González Urbaneja | If achieving power is difficult, losing it is bitter; few know how to lose. When Felipe González lost, he did so with the sweet feeling that it was a close call, thus mitigating a defeat that had been foretold; he knew how to lose, half-heartedly; and it did not take him long to realise that his time was up. On Sunday in Seville almost none of…

Sabadell

Spanish economy 21st June 2022

S&P maintains Sabadell rating (BBB-), improves outlook to positive vs stable

Renta 4 | S&P has maintained Sabadell’s long-term debt rating at BBB-, while improving the outlook to “positive” from “stable”. Valuation: Positive news. This improvement of the outlook opens the door to a possible improvement of the rating in a time period of 12-24 months if it increases the size of its buffer of subordinated instruments. And that it offers a clear vision on its Additional Loss-Absorbing Capacity (ALAC) cushion…

Iberdrola

Ibex, Relevant News Item 20th June 2022

Electricity sector: Moncloa looks to impose a charge on companies via decree law. We prefer Iberdrola and Ecoener

Banc Sabadell | The Government is looking for the “quickest” formula to increase tax pressure on the big electricity companies. The most feasible and fast option would be to implement a surcharge on corporate tax via a decree law, with which the the energy firms’ ‘windfall profits’ from the rise in prices would be additionally taxed. Given the technical complexity of this, it is being considered whether to include it…