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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 yuanesCM

World economy 11th April 2025

China already feeling pressure of trade war on CPI – falls 0.1% year-on-year in March

Link Securities | According to official data, China’s consumer price index (CPI) fell by 0.1% year-on-year in March, falling below the consensus expectation of a 0.1% increase and marking the second consecutive month of decline, as the trade war with the US threatens to put further downward pressure on prices. However, the latest fall was significantly more moderate than the 0.7% in February, supported by a smaller fall in food…

aena el prat

Spanish economy 10th April 2025

Aena confirms traffic forecasts up 3.4% to 320 million passengers by 2025, and announces 10-for-1 share split

Intermoney | Aena (Buy, PO €215) held its shareholders’ meeting yesterday at which its chairman Ignacio Lucena confirmed their passenger traffic guidance in Spain of 320 million, implying an annual increase of +3.4%. The forecast was formally announced at the last presentation of the 2024 annual results, held at the end of February. In addition, the operator approved a future 10-for-1 share split, something that was also announced then and…

Ferrovial currantesCM

In Europe 10th April 2025

Ferrovial doubles UK portfolio to €1,656 million in 2024, mainly due to London-Birmingham track installation

Alphavalue / Divacons | The Spanish construction, services and concessions company doubled its UK construction portfolio in 2024 to €1.656 billion, driven by two major contracts, especially the track installation on the London-Birmingham high-speed line. The group is thus reversing the decline of 2023 in a context of reactivation of public projects. The 225 kilometres of the new high-speed line between London and Birmingham has a total budget of €2.16…

defensa 1

Spanish Politics 10th April 2025

Spain to allocate extra €2.08 billion to Defence in 2024 by redeploying funds to Ministry contracts

Alphavalue/DIVACONS | Spain will allocate an additional €2.08 billion in 2024 to Defence by reallocating funds to Ministry contracts, in response to NATO pressure to meet the 2% of GDP target. Currently, Spain is the country with the lowest relative expenditure of the 32 members (1.3%). Although it had committed to reaching 2% by 2029, the government now says it will do so ‘as soon as possible’, without specifying a…

repsol sede madrid

Spanish economy 9th April 2025

Repsol to launch partial sale (49% stake) of solar and wind portfolio in Spain valued at over €900 million

Banc Sabadell | Repsol (REP) will sell a part (49% stake) of a solar (300 MW) and wind (400 MW) portfolio in Spain that will come on stream in 2025 with a combined capacity of 706 MW, according to press reports. The valuation is estimated at over €900 million. Assessment: Positive news with little impact (3.8% capitalisation/8% NFD’24) if confirmed as more asset rotation was expected by 2025. We recall…

japon EEUU

In the World 9th April 2025

Japan may get priority in negotiations with US

Banca March | Japan will receive a ‘reciprocal’ tariff of 24%, in addition to the 25% already implemented on cars. As Prime Minister Shigeru Ishiba pointed out, the automotive industry is a ‘pillar’ of its economy. In an effort to ease tensions, Ishiba and Trump spoke on the phone, reflecting Japan’s willingness to seek an agreement. Scott Besset, US Treasury Secretary, expressed his expectation that Japan would be treated as…

naturgy eolica

Spanish economy 9th April 2025

Naturgy’s electricity distributor to invest €1.33 billion until 2028 to apply remote metering and sensor technologies to grid

Link Securities | UFD, the energy group’s electricity distributor, will invest €1.33 billion until 2028 to reinforce and digitise its electricity grid in Spain, according to Bolsamania.com. The objective of these investments is to improve the service offered to its customers and to promote the development of the energy transition, as established in the new Strategic Plan. The investments made by UFD also aim to incorporate and provide a quality…

exports gorgeous

Spanish economy 9th April 2025

Government estimates €15 billion in exports to US – 80% – to be affected by tariffs

Spain is not among the countries most directly exposed to Donald Trump’s tariff onslaught, but even so, 80% of its exports to the United States will be compromised by the trade war that the White House has declared on the rest of the world. To this must be added the indirect impact from the damage suffered by other partners and the changes that occur in global value chains. Spain is…

gestamp edificio

Spanish economy 8th April 2025

Gestamp potentially more affected by secondary tariff repercussions

Deutsche Bank | Gestamp (GEST) will present its Q1-25 results on 8 May after the close of trading and will hold a conference call that same afternoon. As for its counterparts, the year has started with a difficult quarter considering European and North American production volumes. With the presentation of the results, we expect the outlook to be updated taking into account the impact of tariffs, but it should be…

Alemania PIB

In Europe 8th April 2025

Germany’s February trade balance stands at €17.7 billion

Bankinter | February’s Trade Balance and Industrial Production, not yet affected by the new tariff environment. (i) Industrial Production -down 4.0% in February against the 3.6% drop estimated and 1.6% previous. (ii) Trade balance €17.7 billion against €18.5 billion estimated and €16.2 billion previous (revised from €16 billion). Exports up 1.8% month-on-month versus 1.5% estimated and 0.0% previous (revised from 2.5% down). Imports up 0.7% month-on-month against the 0.4% drop…