Top Stories

Articles by The Corner

About the Author

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's tourism

Spanish economy 7th May 2020

Foreign Tourist Arrivals In Spain Plunge 64.3% In March; Only Domestic Tourism Can Save The Season

Spain received two million international tourists in March, 64.3% less than year earlier, after its borders were closed from the mid-month to curb the Covid-19 pandemic, according to the Statistics on Tourist Movements at Borders (Frontur). In 2019, Spain clocked up for the seventh consecutive year an all-time record in international tourist arrivals, with 83.7 million visitors. But with borders closed sine die, it seems that only domestic tourism can save the 2020 season.

Repsol

Ibex, Markets 7th May 2020

Repsol Makes Two Major Discoveries In Mexico, In The Midst Of The Oil Crisis

Repsol has found oil in two important deep-water deposits in the Gulf of Mexico, specifically in the wells known as Polok-1 and Chinwol-1. These are located in Block 29 of the Salina Basin, in the south-east area of the Gulf and off the coasts of the states of Veracruz and Tabasco. The effects of the coronavirus pandemic determined Spanish oil and gas group’s results first quarter 2020 results. It recorded an adjusted net result of 447 million euros, a 27.7% decrease from the 618 million euros a year earlier.

Oil: reflections and outlook for 2019

World economy 7th May 2020

Oil: The Relief Rally

Julius Baer | The narrative of the oil market story is changing. The mood brightens as fears about an overflowing oil market calm and hopes about a swifter-than-expected demand rebound grow. This sentiment factor likely continues to fuel the oil price bounce in the very near term, amplified by investors chasing the market bottom. We stick to our Constructive view and long position in nearby futures contracts.

The sale of Telefonica's share in 02 is unblocked

Ibex, Markets 6th May 2020

Telefónica Would Rather Merge Its British Subsidiary With Liberty Global Than Go Public

The company acknowledges that it is in the process of negotiating with Liberty Global for a possible integration of its assets in the UK, but there is no guarantee this will be successful or that the final terms will be met. Liberty Global offers pay television, broadband and telephony services in the UK through the Virgin Media brand. In addition, it has a mobile virtual operator or MVNO based on British Telecom’s network that expires at the end of 2021 (which would have already negotiated a switch to Vodafone).

Karlsruhe Court

European economy 6th May 2020

Why Is The German Constitutional Court Now Challenging The ECB’s Purchase Programme And European Justice?

The German Constitutional Court surprised everyone yesterday with a ruling that some of the European Central Bank (ECB)’s actions, carried out as part of its 2015 bond purchase programme (PSPP), are unconstitutional. This decision clashes directly with the judgement of the European Court of Justice (ECJ). The decision does not call into question the entire debt purchase programme, but rather the part relating to the Bundesbank’s intervention.

ECB both christines

European economy 6th May 2020

The ECB Buys £26.75 Bn Of Bonds In April: 41% Italian, 31% French, 16% Spanish, And Just 2.3% German (Under Its Usual Purchase Programm)

Banca March | The European Central Bank expects an economic contraction of 5.5% in 2020 and a recovery in 2021 to growth of 4.3%. In this context of deteriorating growth forecasts, the ECB continues to increase its asset purchases to support the region’s economy. Even though, it does not reveal the composition of the purchases within this specific programme of support for European economies hit by COVID-19, we can take a look at its usual programme of sovereign debt purchases (known as the PSPP).

Jay Powell

Markets, World economy 5th May 2020

US Corporate Bonds: New York FED To Start Purchases “In Early May”

Markus Allenspach, Head Fixed Income Research, Julius Baer | At this stage, the corporate bond market needs support from the Federal Reserve to digest the negative news flow, such as the net tightening of lending standards for commercial and industrial loans in the senior loan officers’ survey published yesterday or the numerous cyclical data showing the depth of the contraction in the current quarter.

unemployment spain

Spanish economy 5th May 2020

Spain Loses Almost 950,000 Jobs Since The Beginning Of The Coronavirus Confinement

The Social Security has lost 947,896 affiliates since the beginning of the COVID-19 crisis and up to end-April, leaving the total number of contributors at 18.39 million. Meanwhile unemployment grew in these last two months by more than 585,000 people, exceeding 3.8 million unemployed. The Ministry of Labour has not included the almost 3.5 million Spaniards protected by a situation of total or partial suspension from work via temporary layoffs.

The trick of the Italian budget law

European politics 5th May 2020

Are Italy’s Days In The Eurozone Numbered?

Asad Zangana (Schroeders) | Many economies are facing a deep recession as a result of Covid-19, but Italy went into this crisis in a more precarious situation than most. The country stands out as the most likely candidate to exit the eurozone for several reasons. First, with gross debt estimated at 135% of GDP in 2019, it faces a significant challenge in both servicing its debt, but also refinancing it.