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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.
Pfizer vaccine

World economy 13th November 2020

Pfizer’s Vaccine Breakthrough Sweet Nectar For Corporate Bonds

Mondher Bettaieb Loriot / Claudia Fontanive-Wyss (Vontobel AM) | The recovery takes hold now that a Covid-19 vaccine is on the immediate horizon. Pfizer has announced that they, together with BIoNTech, are the first drugs-makers to achieve credible positive readings on the effectiveness of their Covid-19 vaccine trials. The recovery stage is generally the sweet spot for corporate bonds and credit spreads as corporates further increase cash flows, act for the benefit of bondholders and, in the end, reduce leverage.

armyok

European politics 12th November 2020

Third Countries Are Invited to Join European Military Projects

As the European Union comes to terms with a changing strategic environment, it needs to do more to provide for its own defense and security. This includes better and more comprehensive EU-NATO coordination but also the participation of non-EU members in projects and processes initiated within EU structures. This discussion is especially important now, when the EU, while coping with COVID-19, is simultaneously seeking to build its open strategic autonomy.

Brazil

In the World, World economy, World politics 12th November 2020

Brazil–Less Significant Economic Contraction Than Originally Expected

The impact of the coronavirus pandemic has put an end to the modest economic rebound since 2017. The recovery followed Brazil’s longest and deepest recession in 2014-2016, when GDP shrank by almost 9%. However, Brazil’s less stringent containment measures and stronger fiscal support have led to smaller output losses compared to most other countries in the region. In 2020 GDP is expected to contract by 4.6% (an upward revision from the 6.2% contraction expected in August). Business confidence has rebounded since June.

agri food

Spanish economy 12th November 2020

The Resilience Of Spanish Agri-Food Exports

Caixabank Research | The agri-food sector is a key pillar of the Spanish economy’s foreign sector. In 2019, sales overseas amounted to €50.361 Bn, 5.9% more than in 2018, representing 17.4% of total exports. Within the general pattern of decline in international trade due to the Covid-19 pandemic, Spanish agri-food exports grew by 4.9% year-on-year in January- July 2020, which contrasts with the drop in total exports of goods (-14.6%). So the weight of agri-food exports increased significantly to 30% in April.

spanish companies

Spanish economy 12th November 2020

Public Aid Saved 25% Of Spanish Companies From Their Liquidity Risks

Spain is the country most affected by the decline in productivity due to the Covid-19 pandemic because its economy is more vulnerable. The reason is it depends on the most affected sectors, like tourism, hotels and restaurants, having fewer manufacturing companies, according to a recent article in the European Central Bank’s Economic Bulletin. The article analyses the impact of the Covid-19 pandemic on the productivity of German, French, Italian and Spanish companies.

EU recovery fund

European politics 11th November 2020

Agreement To Unlock The EU Recovery Fund, But Conditions Remain Uncertain

After four months of negotiations, the Council and the European Parliament agreed yesterday the new 2021-2027 budgetary framework. Although the full breakdown is not known, the budget will mobilise more than 1.8 trillion euros during this period. In addition, both bodies agreed to unblock the Next Generation EU programme. The accord includes reinforcing with an extra €15 Bn the funding of key programmes such as EU4Health, which will triple its previous budget, Erasmus+ or Horizon Europe (R&D).

tokyo stock exchange 1

Spanish economy 11th November 2020

Japanese Investors Were Net Buyers Of Spanish Bonds In September

Bonds from the European Union have become popular among Japanese investors. Already in July, Japanese funds bought record amount of Italian debt. However in September, they purchased a net 235 billion yen ($2.15 billion) of Spanish bonds, while selling a net 127.7 billion yen of Italian paper during the month, the data from Japan’s Ministry of Finance showed.

Singles Day.jpg

World economy 11th November 2020

China’s Singles’ Day Expectations: 800 M Consumers To Buy At The “Holiday Season” Start

Bankinter | As China has overcome the confinement phase, there are good prospects for Singles’ Day in China (11.11) which is expected to reach new highs on the day of the highest volume of online purchases in the world. This year it is expected that 800 million consumers will buy on Singles’ Day (200 of the Generation Z- born at the end of the decade of the 90s – recently incorporated into the consumption chain).

pfizer anuncia 1

Ibex, Spanish economy 10th November 2020

The Ibex35 Had The Highest Rise In A Day In The Last Decade After Pfizer And BioNtech Announcement

Banca March | Euphoria yesterday in a good part of the world’s stock exchanges, after the Pfizer-BioNTech consortium announced an effectiveness of over 90% in its prototype of a vaccine against the Covid-19. In Europe, the Ibex 35 took the lead (up 8.5%), as it registered the highest rise in a session in the last 10 years. This excellent news reminds us how quickly the world can change once there is a remedy. And it can favour countries and/or sectors which up to now have been more affected by social isolation.