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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.

In the World, World economy 24th July 2025

US imposes 15% tariffs on Japan in exchange for opening its agricultural and automotive markets to US companies

Link Securities | US President Donald Trump announced yesterday a trade agreement with Japan that will result in the imposition of 15% trade tariffs on Japanese imports, instead of the 25% tariffs announced in the initial letter. Government officials from both countries confirmed that this tariff reduction will also apply to automobiles. Trump said Japan agreed to open its agricultural and automotive markets to US companies. Bloomberg quoted a senior…

In the World 24th July 2025

Several EU countries, including France and Germany, considering ‘anti-coercion’ measures against US to deter trade disputes

Link Securities | According to a report published yesterday by the financial news website CNBC, the European Union (EU) appears to be considering the possibility of deploying its ‘anti-coercion instrument’ — designed as a ‘nuclear option’ to deter trade disputes — in response to the imminent threat of the US government imposing a 30% tariff on EU imports. According to reports, several EU member states, including France and Germany, are…

Companies, Relevant News Item 24th July 2025

Repsol exceeds consensus and fulfils commitments: earns €603 million and announces €350-million share buyback programme

Renta 4 | Repsol (REP) has published its results for Q2 2025, significantly exceeding our estimates and those of the consensus, both in EBIT (up 16% versus consensus) and in adjusted earnings (up 41% versus consensus), recording declines of 19% year-on-year and 18% year-on-year, respectively, reflecting the volatile environment of the quarter, with lower realisation prices for crude oil offset by higher gas prices in upstream and where the industrial…

Companies, Ibex 24th July 2025

Rental income from Inmobiliaria Colonial’s French subsidiary rises to €123 million; Colonial’s rental income could reach €197 million, up 3%

Intermoney | SFL, the French subsidiary of Inmobiliaria Colonial (COL) (Buy, Target Price €8.5/share), reported its H1 2025 figures on Wednesday after the market closed. Rental income rose by 1% in equivalent terms to €123 million, in line with Intermoney’s expectations for Colonial. Compared to the figure reported a year ago, rental income fell by 3% due to asset sales. The 1% growth is divided between a 5% decline due…

European politics, In Europe 23rd July 2025

Some EU members open to higher US tariffs if enough products exempted from them

Link Securities | According to the financial website Barron’s, citing an article by Bloomberg, some European Union (EU) member states are open to higher tariffs from the Trump administration if enough products are exempted from them. On the other hand, some member states want to activate their anti-coercion instrument (ACI), which gives EU officials the power to impose new tariffs on US technology companies, set specific limits on US investments…

In Spain 23rd July 2025

Gas consumption for electricity rises 41% in Spain in first half of year due to blackout

CdM | In the first half of the year, coinciding with the blackout on 28 April, gas consumption for electricity generation in Spain rose by 41.2%, as the country relied heavily on fossil fuels to stabilise its electricity grid. As Enagás pointed out in a statement on its results, the growth in demand for gas for electricity generation was due to the ‘increased share of combined cycles after the blackout,…

Companies 23rd July 2025

Banco Sabadell says TSB final sale price to be adjusted to tangible book value between initial price date and transaction’s closing date

Link Securities | In relation to the sale of TSB Banking Group plc and the proposed distribution of an extraordinary dividend conditional upon the closing of such sale, decisions which are subject to the Extraordinary General Shareholders’ Meetings called for 6 August 2025, the Spanish National Securities Market Commission has requested certain clarifications in relation to some aspects covered in the information made available by Banco Sabadell. In this regard,…

Companies 23rd July 2025

Metrovacesa reports weak results with deliveries below expectations but reiterates 2025 targets

Renta 4 | Metrovacesa (MVC) has reported weak results for Q2 25-H1 25, with figures below our estimates as a result of lower-than-expected deliveries. In this regard, Metrovacesa is proceeding with the delivery of 177 homes in Q2 2025, compared to Renta 4’s estimate of 230 homes (delivery of 423 homes in H1 2025 versus 675 in H1 2024 and versus Renta 4’s estimate of 476). The average price of…

Companies, Relevant News Item 23rd July 2025

ACS wins contract for data centres in US worth over €5 billion

Intermoney | ACS (ACS) (Buy, Target Price €63) has, through its US subsidiary Turner, secured a contract with US AI giant CoreWeave to build a data centre complex in the state of Pennsylvania, involving a total investment of around €5.2 billion, according to Expansión newspaper. Turner is partnering with local company Wohlsen on this contract. The two partners will build a facility with an initial capacity of 100 MW, expandable…

Companies, Ibex 22nd July 2025

Laboratorios Rovi’s gross margin could reach 63% thanks to lower raw material costs and higher sales of Okedi

Renta 4 | Laboratorios Rovi (ROVI) will publish its Q2 2025 results on Thursday 24 July at 10 a.m. We expect some improvement on the figures recorded in the previous quarter, although it is true that the year-on-year comparison in this second quarter is much more challenging, and in this regard, Rovi will present figures that, at first glance, appear worse. Thus, we expect Rovi to report revenues of €160…

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