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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.
China stocks markets

World economy 26th March 2024

China’s model of economic transition and industrial upgrading will face headwinds

Alicia García Herrero (Natixis) | This year, China’s “Two Sessions” have been particularly important to understand where the Chinese economy is heading as it marked the beginning of a new era, that of Premier Li Qiang. Li Qiang’s first “Work Report” signifies a departure from the previous decade under Premier Li Keqiang’s leadership as Premier, where much more emphasis is put on supply than on demand forces. The focus on…

ECB night

European economy 26th March 2024

ECB: Tomorrow, March 27th, the last big maturity (€216 billion) of the TLTROs

Banca March: tomorrow, March 27th, the ECB and European banks will face the last large maturity of the TLTROs (“Targeted Longer-Term Refinancing Operations”) for an amount of approximately €216 billion. According to our estimates, this maturity will represent a reduction in the balance sheet of around -1.6 p.p. in terms of GDP, and will leave an outstanding balance of €177 billion (8% of the programme’s initial amount). It is important…

Sanchez

Spanish economy 26th March 2024

Brussels calls on Spain to make an “additional effort” to develop a credible fiscal strategy

The European Commission has asked Spain to make an additional effort to develop a credible fiscal strategy to ensure a significant reduction in its high levels of public debt and structural deficit, as it considers that policy action in this regard has been “limited” in recent years. “A further consolidation effort is needed for Spain to achieve a sound budgetary position,” says the report published on Monday, which assesses the…

Talgo

European economy 25th March 2024

Trilantic negotiates possible counter-bid for Talgo with Stadler, no high-speed positioning but increasing presence in Spain

Renta 4: According to press reports, the private-equity fund Trilantic could be negotiating with Stadler the launch of a counter takeover bid on Talgo after the possible rejection of the takeover bid of Magyar Vagon by the government. Assessment: The news could be considered to be positive because it may open a door to the success of a takeover bid for Talgo, but it may be difficult for it to…

melia hotel las arenas

Spanish economy 25th March 2024

Tourism sector continues to show great strength at beginning of year

Intermoney: The INE published on Friday the hotel business activity data for the month of February. Highlights: Overnight stays: Hotel overnight stays in February exceeded 18.5mn, exceeding those of 2023 by +10% and those of 2019 by +12%.Occupancy: Average occupancy stood at 53.1% (+3% year-on-year).Average revenue per occupied room (ARR): €106.7/room (+7% year-on-year and +28% against 2019)Average revenue per available room (RevPAR): €50/room (+14% year-on-year and +36% against 2019). Overnight…

Spanish Banks

Spanish economy 25th March 2024

The six listed Spanish banks to pay out seven billion in dividends in one month

More than five million shareholders of Spanish listed banks will receive more than €7,000 million in dividends in the coming weeks, according to Expansión newspaper. CaixaBank leads the ranking in terms of amount, with more than €2,890 million that will be distributed among its investors. It is followed by BBVA, with more than €2,200 million and Santander, which climbs to third place on the podium, with €1,500 million. Medium-sized institutions…

Grifols

Spanish economy 25th March 2024

Securities Market Commission requires Grifols to disclose EBITDA calculation

Banca March : The National Securities Market Commission (CNMV) announced that the review of Grifols’ accounts has detected some incorrect information – although it will not be necessary to restate the accounts – and is still pending the accounting analysis of the collaboration agreement with ImmunoTek, which could affect the profit and loss account. The regulator considers that the level of indebtedness is correctly reflected in the accounts and that…

construccion gruas

European economy 24th March 2024

Heidelberg, Saint-Gobain, Wienerberger, construction stocks with most potential

Morgan Stanley: The construction sector (SXOP) trades at a premium in line with the 10Y average, not reflecting the increase in returns the sector has seen since 2018. According to Cedar Ekblom, 12M forward ROE SXOP/SXXP is 12% versus the 10Y average of -1%. Within the sector it is noted that the discount in valuation weighs more among heavyside companies, which trades at 11x P/E (-19% discount vs historical) against…

Repsol

Relevant News Item 23rd March 2024

Repsol analyses new growth opportunities in renewables

Renta 4| Repsol (REP) is studying an alliance with the CIP fund (Copenhagen Infrastructure Partners) to produce green hydrogen in the Catalina Project promoted by the Danish fund, which contemplates the development of four wind farms and nine photovoltaic farms with a capacity of 1.1 GW and an estimated energy production of almost 3,000 GWh per year to feed a hydrogen plant with an initial capacity of 500 MW to…

adidas edificio

European economy 23rd March 2024

Adidas loses contract as a supplier to German Football Association (DFB) to Nike after 77 years

Bankinter| Adidas loses the contract as supplier to the German Football Association (DFB) to Nike from 2027 until 2034. ADR falls -4.6% in NY. Adidas has been the official sponsor of the DFB for 77 years; its contract expires at the end of 2026. The DFB explains that Nike’s financial offer was the best “by far”. Some media reports suggest it could have been as much as €100m/year. Analysis: If…