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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.
DavidSanchez

Spanish Politics 23rd May 2025

President Sánchez’s brother goes on trial, and his hirer shows he’s capable of anything, gaining parliamentary immunity in less than 24 hours

David Sánchez, the Prime Minister’s brother, will go to trial for influence peddling and prevarication. The judge who investigated the case concluded that after Pedro Sánchez mentioned his brother was a musician, the PSOE leader in Extremadura, Miguel Angel Gallardo, created an ad hoc job for him as coordinator of the two music conservatories in Badajoz, whose provincial council Gallardo presided over. David Sánchez’s position was put out to tender,…

Spanish banks

Spanish economy 23rd May 2025

Bank of Spain Director of Economics resigns after presenting annual report

Ángel Gavilán, the Director of the Economics and Research Department at the Bank of Spain, has resigned after presenting – out of loyalty – the first Bank of Spain report with former minister José Luis Escrivá as the new governor. It was known that the presented report had omitted the widely shared concern about the Spanish pension system, which, after the reform launched by Escrivá himself, faces increasing expenses and…

utilities

European economy 22nd May 2025

Review of energy demand model, prices and GDP evolution: Equalweight on Iberdrola, Naturgy, Solaria, Acciona and Redeia; Underweight on Endesa and Enagas

Morgan Stanley: The analyst team provides an overview of its model for energy demand, prices and GDP evolution. Gas and power curves have normalised in the short term, and imply prices aligned with the team’s estimates. They see less downside risk in these prices and, therefore, less risk of downward EPS revisions, especially attractive for companies trading at low multiples. On the other hand, Rob Pulleyn reiterates the data centre…

construccionCM

European economy 22nd May 2025

Eurozone construction output falls by 1.1% year-on-year in March compared to -0.6% in February

Link Securities | Eurostat reported that Eurozone construction output, in seasonally adjusted data, rose 0.1% in March from February. In the month under review, output increased by 0.9% in building construction; by 4.1% in civil engineering construction; and by 0.1% in specialised construction activities. On a year-on-year basis, construction output decreased by 1.1% in March in the Eurozone (-0.6% in February). By sector of activity and at a year-on-year rate,…

telefonica edificio

Spanish economy 22nd May 2025

Telefónica sells all shares in Telefónica Móviles del Uruguay to Millicom for €389 million

Link Securities | On Wednesday Telefónica Hispanoamérica, S.A., a wholly owned subsidiary of Telefónica (TEF), reached an agreement for the sale to Millicom Spain, S.L. of all the shares it holds in Telefónica Móviles del Uruguay S.A., representing 100% of its share capital. The transaction amount (firm value) for this company is $440 million (around €389 million at the current exchange rate), and the corresponding price is subject to the…

espana servicios hosteleria

Spanish economy 21st May 2025

Spanish Social Security system gains 229,742 employed persons up to middle of May, closing in on 21.8 million mark

CdM | Social Security enrolment has increased by 229,742 employed persons in the first half of May, to 21,783,878 contributors in the daily series of affiliates, a new record figure, according to data published on Tuesday by the Ministry of Inclusion, Social Security and Migration. In the seasonally adjusted series, 21,557,126 affiliates have been reached in the first fortnight of May, thanks to the increase of 45,531 affiliates in the…

Puig

Spanish economy 21st May 2025

Puig Brands claims 31% loss of value since IPO due to evolution of sector, not business operations

Link Securities | Marc Puig, president and CEO of Puig Brands, attributed the 31% loss of its share price since its IPO on 3 May 2024 to market doubts about the evolution of the sector, and not to the operation of the business, Expansión reports today. He believes this is due to the market’s assumption that the sector will be affected by increased uncertainty, something that was not foreseen last…

escriva

In Spain 21st May 2025

Bank of Spain no longer sees any problem with Spanish pension system

A significant shift – highlighted by several Spanish media outlets – in the view that the Bank of Spain has held until now regarding the scale of the challenges facing the Spanish economy. In the first report with former minister José Luis Escrivá as governor of the Bank, the entity’s constant concerns about the sustainability of the pension system have disappeared. As the newspaper El Mundo explains, “After the warning…

china central bank

In the World 21st May 2025

China’s central bank cuts one-year rate to 3% and five-year to 3.50%

Bankinter | China’s central bank (PBoC) lowers the one-year interest rate to 3% from 3.10% previously. The 5-year rate is cut to 3.50% from 3.60%. Bankinter analysis team’s view: The central bank is once again taking action, with the aim of reactivating the economy. On 7 May it cut the 7-day repo rate to 1.40% from 1.50% and the reserve requirement for banks to 9.0% from 9.5%. It also announced…

IPC varios Eurozona.

European economy 20th May 2025

Eurozone final CPI confirms 2.2% in April and core rate 2.7% due to 4% rebound in services

CdM| The year-on-year inflation rate in the Eurozone remained stable in April at 2.2%, while in the European Union as a whole the rate moderated by one tenth of a percentage point compared to March, to 2.4% year-on-year, according to the second reading published on Monday by Eurostat and reported by Europa Press. According to data from the statistical office for the Eurozone, in April the price of energy recorded…