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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.
hedge funds

In the World, World economy 28th October 2020

A Moment In Markets – The Big Movers Coming Up

Positive economic data from China last week gave markets the confidence that there is a way out of the ongoing slump for the global economy. But are the US and Europe going to paint an equally encouraging picture? The US will disclose its third quarter gross domestic product (GDP) growth numbers on Thursday 29 October while Eurozone’s figures will be released the following day. Quarter-on-quarter GDP change in Q3 is forecasted to be 29.9% for the US (after a decline of 31.4% in Q2) and 9.3% for Eurozone (after a fall of 11.8% in Q2). Risk assets will draw comfort from knowing that an economic recovery is underway globally.

Trump coronavirus2

In the World, World politics 28th October 2020

History Will Tell If The Coronavirus Is To Trump What Hurricane Katrina Was To George W. Bush’s Legacy

Regina Borromeo (Robeco ) | Since the summer, our view has been that voting momentum will follow the path of the pandemic and the economic recovery. Trump’s handling of the coronavirus pandemic has been compared to George W. Bush’s mishandling of the disaster response to Hurricane Katrina, which coincided with a fall in the President’s polling and approval ratings. National polls have seen Biden extend his lead to over 10% recently, a larger spread compared to 2016 when Hilary Clinton ran against Trump. 

Repsol

Ibex, Markets, Spanish economy 28th October 2020

Repsol Leaves Ecuador After The Sale Of Its Assets To Canadian Firm New Stratus Energy For €5 M

Repsol has reached a good intentions agreement with the Canadian company New Stratus Energy for the sale of assets in Ecuador, so that the oil company will leave the South American country, where it has been present for almost twenty years. The deal amounts about $5 M (about € 4.2 M) to be paid in two installments, although there could be additional contingent payments linked to certain circumstances, such as an extension of the service contracts term, which would bring it up to $12 M (about € 10.1 M). 

Spain ratings

Spanish economy 27th October 2020

Spain: Expecting The Unexpected

Economists are getting used to expecting the unexpected. The unprecedented fall in Spain’s GDP—seen during the first half of the year—was followed by one of the highest growth rates ever recorded. In the third quarter of the year, quarterly GDP growth was around 14%. The unusual extent of the growth seen during the recovery is mirrored by the atypical way in which it has taken shape. Growth is expected to return to more ‘normal’ levels in the fourth quarter, i.e. about 2%. While this rate is high in comparison with any quarter in Spain’s recent history, it indicates a sharp slowdown.

spain budget 2021

Spanish economy 27th October 2020

Spain’s Reconstruction Budget Plan For 2021 Includes 151% More Spending On Health Care Than At Present

The Council of Ministers today approved the draft General State Budget for 2021, following the agreement reached last night by the coalition government. The proposal will be focused on mitigating the effects of the pandemic’s effects with the largest public expenditure in history. This amounts to 239.765 billion euros – an increase of 10% – including an advance of 27 billion of European funds. Now the most difficult part remains: obtaining parliamentary support for the Budget.

full employment

Spanish economy 27th October 2020

Spain jobless rate soars to 16.26%, despite adding 569,600 jobs in Q3, according to the EPA

The number of employed people increased in the third quarter of the year by 569,600 compared to the previous quarter which saw the greatest impact of the pandemic from confinement. The total number of employed stood at 19.17 million. However, the number of unemployed also increased by 355,000 to 3.722.900, equivalent to a rate of 16.26%, the highest since the first quarter of 2018, according to the Labour Force Survey (EPA) published on Tuesday.

Nick Timothy

Interviews 27th October 2020

“We Have To Leave Economic And Cultural Ultraliberalism Behind. There Is Real Scepticism About These Policies”

Tristan de Bourbon | His book ‘Remaking One Nation’ was launched on the first day of the British lockdown, March 23rd. An ideal moment to talk about the many challenges facing the Conservatives, his own party. Nick Timothy, former advisor to Theresa May, is an atypical figure. In the book, he tackles the cultural gap between politicians and the majority of the population. Also the need to recreate a common identity in a socially and ethnically diverse country, which he considers devastated by “ultraliberalism.”

negative rates2

European economy 26th October 2020

Deflation, The Greatest Threat For The Eurozone In The Short Term

Philippe Waetcher (Natixis AM) | The low inflation observed in the euro zone will translate into very weak wage dynamics. Demand will be weak while health constraints will weigh on activity. A situation that will not make it possible to fix on medium-term prospects compatible with the recovery plans. Inflation is the answer. The government on this point has more power than the central banks.