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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.
Spain Budget2021

Spanish economy 4th December 2020

Spain Already Has A Budget For 2021, At Last

On Thursday, Parliament approved the 2021 Budget with the support of 11 parties and 188 votes, including Catalan and Basque separatists. Thus, the future of the new accounts, the first of the minority, left-leaning coalition government, is finally clear. They would come into effect on January 1, leaving behind those of 2018, drawn up by the previous PP government and still in force. The budgetary plan includes broad tax increases and the birth of the Tobin and Google taxes.

manufacturing activity

In the World, World economy 4th December 2020

The Global Manufacturing Cycle Continues To Expand Despite The Recent Moderation In The PMIs

Morgan Stanley | The global manufacturing PMI moderated in November to 53.7 after reaching the peak in October (54.3). Even so it is still above the last 10 years average. In addition, 86% of the PMIs that make it up are still in expansion territory.The PMIs are sequential indicators so it is quite normal to see this moderation after the strong rebound. As for services PMIs, the Eurozone’s main economies saw it fell back to levels below the 50-point threshold. The biggest drop was in France, the lower in Spain.

Christmas2020

Spanish economy 4th December 2020

Plan For A Pandemic Christmas In Spain: Communities Closed Except For Visiting Families

It is now official. Spain has a common plan for 2020 Christmas in order to avoid a third wave of coronavirus infections. Among the measures approved are delaying the limit on mobility on Christmas Eve and New Year’s Eve until 1:30 a.m., perimetral confinements of regions throughout the Christmas period, except for travel of family and friends. In addition, dinners and lunches will be hold for no more than 10 people, without specifying whether children or adults, on December 24, 25 and 31 and January 1. 

Rutte

European politics 3rd December 2020

Consensus Among Major Dutch Political Parties

Nick Ottens (Atlantic Sentinel) | Earlier this month, I took an in-depth look at the draft election manifesto of the Netherlands’ ruling liberal party (VVD), which is likely to win the next election. (Disclosure: I’m a party member.). Now that most other parties have released their manifestos as well, it’s possible to make a comparison.

spain greenfield

World economy 3rd December 2020

Green Bonds Market To Top The $1Tr Mark In 2021

Many governments have committed to a net-zero carbon pledge, and many more should follow. In total, 26 countries now, or are about to, have a net-zero carbon pledge set in law and many others are currently discussing potential targets. However, only 11 governments have already launched sovereign green bonds. AXA IM expect this figure to grow as an increasing number of countries are due to put their words and commitment into action and investments, which are likely to be financed through green bonds. After Germany, Hungary, Sweden and the Netherlands launching theirs over 2020, Italy, Spain and the UK have already pledged to issue a green bond next year and certainly many others are likely to follow.

oil spain1

In the World, World economy 3rd December 2020

Will Oil Companies Become Utilities?

Alphavalue | Against growing environmental constraints, as well as an uncertain perspective on hydrocarbons, oil companies are modifying their strategy. The electrification of the energy mix appears as an opportunity for the mutation to integrated energy companies. The big oil companies want to be a part of the growing market of renewable energies, but they will compete against the powerful utilities.

BBVA Sabadell

Spanish economy 3rd December 2020

BBVA And Banco Sabadell: Their Alternatives After Their Non-Merger

After ruling out its integration with Banco Sabadell and with improved macro perspectives in Turkey, where it owns over 49.85% of Garanti bank, BBVA can potentially devote a higher amount to increasing shareholder remuneration. This could be through share repurchases as it does not need to strengthen provisions and has excess capital. For its part, Banco Sabadell has announced it will develop a new business plan that will prioritise the domestic market as a formula to increase the creation of value.

debt pile up

In the World, World economy 3rd December 2020

Global Debt Burden Could Exceed $277 Bn By 2020; Many Emerging Economies To Face Another Lost Decade

Intermoney | In the first nine months of the year, according to the Institute of International Finance (IIF), which represents a sort of international banking association, global debt has increased by $15 trillion and is likely to exceed $277 trillion by 2020. Thus, at the end of this year, the world debt would amount to 365% of GDP, compared to 320% at the end of 2019, along with the high figures in developed countries that are only possible due to the role of last resort lender of their central banks.

china blues 1

In the World, World economy 2nd December 2020

Tailwinds For China May Get Stronger Still

Chinese equities are responding positively to the macro tailwinds. The S&P China 500 Index – a diversified index which includes both onshore and offshore listings – is up nearly 31% year-to-date. This compares to the S&P 500 Index which is up around 13% over the same period. These are encouraging signs for those interested in Chinese equities – strategic and tactical investors alike.

sector auto spain

European economy 2nd December 2020

Manufacturing PMIs: Second Wave Slows The Recovery Momentum

Activity slowed in November in many European countries, but remained at a relatively fast speed of expansion in most economies, except for Spain and France, where manufacturing activity contracted. Two surprises are worth mentioning: Sweden and Switzerland saw a stronger acceleration of manufacturing activity in October.