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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.
alemania germany ZEW

In Europe 13th May 2025

Moody’s confirms Germany’s rating at Aaa, with stable outlook, but stagnant economy still expected for 2025

Bankinter | Moody’s confirms its rating at Aaa, with a stable outlook. It views the defence and infrastructure investment plan positively and revises its growth forecasts upwards by 0.5 p.p. to 1.4% in 2026 and 1.3% on average between 2026 and 2023. For 2025, it still expects the German economy to remain stagnant. Analysis team’s view: Good news. The support of the rating agencies should bolster the Bund, following the…

acerinox industria acero

World economy 12th May 2025

US tariff uncertainty causes Acerinox’s profit to drop to €10 million in Q1 2025 from €53 million in Q1 2024

Renta 4 | Negative. Acerinox has published its results for Q1 2025, which reflect the slowdown in demand caused by uncertainty generated by tariffs in the United States, a circumstance that has caused Q1 2025 figures to be slightly below our estimates and those of the market consensus (Q1 2025 EBITDA €102 million, compared to Renta 4’s estimate of €111 million, and €109 million, consensus). Neutral/slightly negative impact on the…

renewables auction

Spanish economy 12th May 2025

Spain appeals to US Supreme Court to avoid €358 million arbitration award

Spain has filed an appeal with the US Supreme Court claiming sovereign immunity to avoid paying three arbitration awards totaling €358 million in favor of NextEra, 9Ren, and Blasket, stemming from the cuts in subsidies for renewable energy projects between 2010 and 2013. In the document, dated May 1st and accessed by the newspaper Expansión, Spain requests that the court annul the judgment issued in August 2024 by the Court…

banco sabadell

Relevant News Item 12th May 2025

Banco Sabadell plans to distribute €1.3 billion from year’s results between cash dividends and share buybacks

Link Securities | Banco Sabadell (SAB) reported yesterday that, given that capital was generated at a faster rate than announced in Q1 2025, the entity will be able to allocate €100 million more than estimated this year to remunerate its shareholders. In total, the planned distribution charged to 2025 results will be €1.3 billion between cash dividends and share buybacks, which, added to the €2.1 billion charged to 2024, amounts…

sacyr 4 588x353

World economy 9th May 2025

Sacyr wins water concession in Chile with initial investment of €260m

Intermoney | Sacyr (SCYR) (Buy, Target Price €4.4/share), the Group has been awarded a water cycle concession in the region of Antofagasta (Chile), which will involve an initial investment of €260 million, with a duration of 35 years. This is the largest water reuse project in Latin America, which involves the construction of a wastewater treatment plant for subsequent commercialisation. The main function of the project will be to capture…

iberdrola renovables

Spanish economy 9th May 2025

Iberdrola to halve investment in renewables next year to focus efforts on networks

Banco Sabadell | According to press reports, Iberdrola will halve its investment in renewable energy next year, from around €8 billion to €4/€5 billion per year. Iberdrola has decided to continue rebalancing its investment effort towards networks and reduce its investment in renewables, where it will invest selectively. Thus, between 2024 and 2026, the investment forecast for networks amounts to €21.5 billion. Of the €15.5 billion it will invest in…

EEUU deficit comercial

World economy 9th May 2025

US imports increase 4.4% to new record high of $419 billion

Link Securities | The Department of Commerce reported that the US trade deficit stood at $140.5 billion in March, reaching a new monthly record and exceeding the $132.4 billion projected by the FactSet consensus of analysts. In February, the trade deficit stood at $123.2 billion. In March, imports rose 4.4%, reaching a new all-time high of $419 billion, as many customers brought forward purchases in anticipation of the upcoming tariff…

Ignacio Rivera presidente del IEF 768x513 1

Spanish economy 8th May 2025

Spain’s 100 Largest Family Business Groups Call for PSOE-PP State Pacts

The president of the Family Business Institute – and of the Estrella Galicia brewery – Ignacio Rivera, is calling for a state pact on energy on the same day that Pedro Sánchez and Alberto Núñez Feijóo clash again in Congress. “We represent 90% of the business fabric in this country, generate 70% of private employment, and contribute 70% of GDP… and we are worried,” he asserts. “We are not doing…

endesa cartel

Relevant News Item 8th May 2025

Improved generation and marketing businesses plus lower taxes help Endesa achieve net profit of €583 million

Bankinter | Good results for Q1 2025 and attractive assessment. Key figures compared to market consensus: EBITDA €1,431 million (+33%) versus €1,370 million estimated; NPA €583 million (+100%) versus €481 million estimated; Funds from Operations (FFO): €1,243; Net debt €10,159 million versus €9,294 million in December 2024. The management team maintains its 2025 guidance, which envisages EBITDA of between €5.4 billion and €5.6 billion (between +3% and +7%) and ordinary…