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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.
USA reflation

In the World, World economy 9th January 2021

Reflationary Thesis Strengthens As Democrats Win Slim Senate Majority

Salman Ahmed (Fidelity International) | Georgia run-off elections on 6 January handed the Democratic party effective control of the US Senate with a slim majority that will limit the ambitions of a Biden presidency. However, this will be able to boost fiscal spending to help the economy recover from Covid-19 and grow by more than 7% in 2021. This further strengthens the reflationary thesis, but means a potential taper tantrum is top of the list of factors we are watching. 

obras 11 1000x528

Spanish economy 8th January 2021

Spanish Construction And Engineering Sectors Propose A €100 Bn Investment Plan

Seopan, the employers’ association for the large Spanish construction companies, together with the engineering firm’s Tecniberia, have proposed a €100.428 Bn infrastructure investment plan. This could generate some 1.4 M jobs until 2026 with 2,277 actions in 10 macro-projects and 32 investment lines. All Spanish administrations’ tenders in public works fell by 31% to €12.7 Bn in 2020.

US China relations

In the World, World economy 7th January 2021

China Will Overtake The US As The World’s Largest Economy In 2028, Five Years Earlier Than Expected

China will confirm its transformation into the world’s largest economy in 2028, five years earlier than previously predicted. This is the result of the “ability” with which the Asian giant has managed the coronavirus crisis and its greater relative impact on the large Western economies, according to the latest edition of the World Economic League, produced by the Center for Economic and Business Research (CEBR).

Capitolio assault

In the World, World economy 7th January 2021

Investors Ignore The Assault On Capitol: 10-Year US Bond Yields Exceed 1% For The First Time Since March

Yesterday’s assault on the US Capitol by Trump supporters on the grounds of election fraud is an episode of violence not seen in the almost two and a half centuries of the existence of the US,” Banca March’ analysts note. What is suprising is the fact that investors ignore that “this is a direct attack on democratic institutions”, Link Securities points out.

vehicle re registration spain

Spanish economy 7th January 2021

Car Registrations Fell By 11.8% In France In December, While In Spain They Rose By 0.1%

The poor sales data in the main EU countries will eventually be reflected in production volumes, which we estimate in Q4’20 have evolved above the sales curve and will tend to adjust to the reality of the market. Even more so if we consider that the implementation of the new WLTP type-approval cycle as of January 1st will lead to an increase in the retail price of vehicles.

China EU trade deal 1

European politics 6th January 2021

EU-China Trade Agreement Equivalent To “Phase 1” Deals With The US

After seven years of negotiations, the EU and China announced the trade agreement that will seek to boost new and lucrative opportunities for companies on both sides. The deal is the most ambitious China has ever  reached with a third economic bloc in terms of market access, fair competition, and sustainable development, said  EU Trade Commissioner Valdis Dombrovskis.

Spain tourism

Spanish economy 6th January 2021

Tourism In Spain Ends 2020 With Worst Figures In 25 Years

The latest data until October shows that Spain received 17.9 M international tourists in the first ten months of the year. Meanwhile, spending declined by 77.3%. On its part, Exceltur expected levels of tourism GDP and income from foreign tourism to fall by €106.16 Bn in 2020 down to €46.43Bn, equivalent to the levels of 1995.

ElisabethRiver Crossing pk

Ibex, Markets, Spanish economy 5th January 2021

Abertis’ Makes First Major Investment In The US With The Purchase Of Elizabeth River Crossings In Virginia

The consortium formed by Abertis and Manulife Investment Management, a institutional infrastructure investor, have acquired from Macquarie Infrastructure Partners II and Skanska a 100% stake in Elizabeth River Crossings , in Virginia (US). The deal was closed for a total equity amount of €1bn. Within the consortium Abertis will hold 55.2%.

IAG

Spanish economy 5th January 2021

IAG Makes Changes After Brexit, While British Airways Gets A 2.23 Bn Loan

Following the Brexit deal, IAG has had to implement plans to ensure ownership and control, guaranteeing the EU license of the various airlines. These include the creation of a national ownership structure for Aer Lingus and changes to the existing one in Spain. In addition, IAG is still exploring ways to improve its liquidity position. In this regard, British Airways has received commitments for a 5 year early repayment loan from UK Export Finance valued at £2bn. At the close of November 30, IAG had a liquidity position of £8bn, which did not include this loan from UKEF.