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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.
OPEC post mortem

World economy 5th May 2025

OPEC agrees to increase production in June by 411,000bd despite lower demand estimates

Bankinter | OPEC agrees to increase production in June by 411,000bd. As a reference, in April OPEC increased its production by 138,000bd and 411,000bd in May. Therefore, it introduces this amount for the second consecutive month. OPEC has the objective of bringing 2.2Mbd to market and, if this increase is maintained, it would achieve its objective in September this year, compared to July 2026, as predicted in April. As a…

EEUU manufacturas

Spanish economy 5th May 2025

Spain’s Manufacturing PMI continues downward trend, now at 48.1

According to a publication by S&P Global, the Purchasing Managers’ Index for the manufacturing sector in Spain, the manufacturing PMI, decreased in its April reading to 48.1 points from 49.5 points in March. This figure is also significantly below the 50.3 points expected by analysts in the FactSet consensus. This marks the third consecutive monthly contraction indicated by the index, with April’s reading being the lowest level reached by this…

banco santander

Spanish economy 5th May 2025

Santander sells 49% of Santander Polska to Erste Group Bank for €6.8 billion

Erste Group Bank AG (“Erste”) to acquire a c.49% stake in Santander Bank Polska S.A. (“Santander Polska”) and 50% of Santander’s Polish asset management business TFI for a total cash consideration of €7 billion. The all-cash transaction at 584 zlotys per share values the bank at 2.2 times first quarter 2025 tangible book value per share, excluding the declared dividend of 46.37 zlotys per share, and represents a premium of…

Airbus 320

European economy 4th May 2025

Airbus closes agreement to acquire certain assets of Spirit AeroSystems

Alphavalue/DIVACONS | The aerospace and defence company closed a deal to acquire certain assets of Spirit AeroSystems, completing a key part of the struggling supplier’s split with Boeing. The transaction is expected to close in 3Q25, pending regulatory approvals. Airbus will provide Spirit with a $200 million interest-free credit facility to ensure the continuity of its programmes, while it will receive a $439 million payment from Spirit as compensation. The…

Repsol

Spanish economy 4th May 2025

Weak 1Q25 results for Repsol: €366 million profits compared to 1Q24’s €969 million, due to fall in oil prices

Bankinter | Weak Q1 2025 results, affected by the fall in oil prices. Guidelines maintained despite the complex context. BNA figures versus market consensus estimates: Exploration and Production €458 million (+3.6%) versus €382 million estimated, Industrial €131 million (-82.1%) versus €192 million estimated; Customer €160 million (-2.6%) versus €157 million estimated, Low Carbon Generation €5 million versus €7 million estimated. Key figures compared with market consensus: Revenue €14,408 million (-5.1%…

iberdrolaTC

Spanish economy 2nd May 2025

Networks division drives Iberdrola’s 1Q25 results: company earns €2,004 million (up 26%) excluding capital gains

Bankinter | First quarter 2025 results beat estimates thanks to the network division. Maintains 2025 guidance (single-digit growth) excluding the positive impact of past cost recognition in the US. Growth would reach double digits with this impact. Key figures compared with consensus: EBITDA excluding capital gains €4,643 million (+12%) versus €4,491 million est.; NAV excluding capital gains €2,004 million (+26%) versus €1,707 million est.; Funds generated from operations €3,502 million…

wholeshale electricity market

In Spain 2nd May 2025

Blackout in Spain reinforces case for investment in energy/electricity storage and backup generators

Natalia Luna (Columbia Threadneedle Investments) | Last Monday, Spain and Portugal suffered a major power outage that left both countries without electricity for around 12 hours. The blackout affected public transport, network services and hospitals, although some critical services were fortunately able to withstand the outage thanks to emergency generators. According to my research, this appears to be the worst blackout on record in Europe. Nationwide blackouts of this kind…

caixabank sunset

Spanish economy 30th April 2025

CaixaBank reports 1Q25 attributable profit of €1,470m, 14% beat versus company-compiled consensus of €1,294m

Jefferies | While the 1Q25 print was a welcomed 14% net income beat, this was mainly driven by better other revenues and impairments, which we think the market will look through to some extent. Elsewhere, core dynamics are progressing as expected and FY25 guidance is reiterated. €148m special banking tax accrual, in line with the near-€600m guidance for FY25. CaixaBank reported 1Q25 attributable profit of €1,470m, a 14% beat versus…

Banco Santander office

Spanish economy 30th April 2025

Santander: 1Q25 First Look – 9% Beat, with Many Moving Parts across Geos

Iñigo Vega (Jefferies) | A 9% net income beat, mainly driven by revenues (trading and other income) and lower other provisions. Strong prints in South EU, alongside Poland and the US, while key geos in Latam and the UK were soft. The print looks good enough to us, with LLPs the only notable miss driven by €100m in extra NPL provisions booked at Corp Centre. FY25 guidance maintained despite EZ…

banco santander new

In Europe 29th April 2025

Erste Bank reportedly considering acquiring 49% of Santander Bank Polska

Renta 4 | Erste Bank is reportedly considering acquiring 49% of Santander Bank Polska (in which it has a 62% stake) which could lead to a takeover bid for 100%, according to press reports. Banco Santander has confirmed in a statement to the National Securities Market Commission (CNMV) that it has received interest from various parties and that it is in talks with Erste Group Bank AG for a possible…