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☆ Spain's 12-month inflation slows down again in December to 5.8%
▼ + stars: | 2022-12-30 | by ( ) www.reuters.com time to read: +1 min

Still, core inflation, which strips out volatile fresh food and energy prices, was at 6.9% year-on-year, higher than the 6.3% recorded a month ago, the INE data showed. In November, Spain had the lowest inflation in the 27-member European Union with a rate of 6.7%, after peaking in July at around 11%. Core inflation is taking longer to come down because it took longer to go up," Economy Minister Nadia Calviño said in an interview with broadcaster SER. Spain's European Union-harmonised 12-month inflation was 5.6%, down from 6.7% in November and below the 6.0% expectation from analysts polled by Reuters. Reporting by Joanna Jonczyk-Gwizdala and Belén Carreño, Editing by David Latona and Andrei KhalipOur Standards: The Thomson Reuters Trust Principles.

☆ Spain's November retail sales fall 0.6% on year
▼ + stars: | 2022-12-29 | by ( ) www.reuters.com time to read: +1 min

Dec 29 (Reuters) - Spanish retail sales fell 0.6% in November from a year earlier on a seasonally and calendar-adjusted basis, after rising 1.0% in October, the National Statistics Institute (INE) said on Thursday. As shoppers grapple with the rising cost of living exacerbated by the war in Ukraine, food sales in Spain recorded an annual decrease of 3.6% in November, INE said. Meanwhile, sales of other goods grew 0.5% year-on-year. On Tuesday, Prime Minister Pedro Sanchez announced a new raft of measures worth 10 billion euros ($10.64 billion) to ease the pain of inflation, which includes slashing value-added tax on essential foods to 0% from 4% during the first six months of 2023. ($1 = 0.9401 euros)Reporting by Jakub Olesiuk; Editing by David Latona and Elaine HardcastleOur Standards: The Thomson Reuters Trust Principles.

While the error margins are unlikely to distort euro inflation in the long-term, economists say they could warp inflation expectations if not addressed, at a time when the European Central Bank is raising rates aggressively to tame double-digit inflation. As falling energy prices will take time to be reflected in household contracts, the current methodology will underestimate inflation when energy prices fall, CBS said. More volatility could follow when Germany introduces a cap on energy prices in March, that will also cut costs for January and February retroactively, he said. Eurostat has said that only measures that have a direct impact on energy prices, known to consumers before they purchase the energy, should reflect in inflation calculations. FEEDTHROUGH RISKSWith inflation at 10%, the calculation issues are unlikely to significantly impact the aggregate euro zone inflation print.

☆ Youth in Spain see jobs gain after years of instability
▼ + stars: | 2022-12-19 | by ( Belén Carreño | ) www.reuters.com time to read: +5 min

Youth unemployment rates that reached more than 55% in the years after the financial crisis fell to 31% in the third quarter - against an overall unemployment rate of 12.6%, according to the National Statistics Office, INE. Youth unemployment is a chronic problem in southern European countries. Greece, whose rates of youth unemployment are similar to Spain's, wants to reduce its youth unemployment rate to 18% by 2030 and is introducing subsidies for pension and health fund costs to reduce labour costs, as well as special training programmes. Previously, employers used temporary contracts as a safety net in times of crisis. Before the labour reform, the rate of temporary contracts, which in the last decade has been around 25% of all jobs, resulted in a high turnover of jobs, inflating the overall unemployment rate.

☆ Spain tourism soars in October, approaches pre-pandemic levels
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: 1 min

MADRID, Dec 2 (Reuters) - The number of foreign tourists visiting Spain in October soared 39% from the same month last year to 7.18 million, but remained a tad below the 7.59 million tourists who came in October 2019, official statistics showed on Friday. Foreign tourists spent 8.30 billion euros ($8.73 billion) in Spain in October, up from 5.61 billion euros in the same month last year and almost as much as the 8.32 billion euros in October 2019, data from the statistics institute INE showed. ($1 = 0.9509 euros)Reporting by Inti Landauro and Joao Vicente; Editing by Alex RichardsonOur Standards: The Thomson Reuters Trust Principles.

[1/2] People take part in a protest against the electoral reform proposed by Mexican President Andres Manuel Lopez Obrador and in support of the National Electoral Institute (INE) in Ciudad Juarez, Mexico, November 13, 2022. Without opposition support, Lopez Obrador cannot pass his planned electoral overhaul, a constitutional reform which requires a two-thirds majority in Congress. Critics view that as a presidential power grab, something Lopez Obrador denies. If the bill founders, Lopez Obrador has mooted lesser changes that only require a simple majority. Lopez Obrador may have a last chance to reshape the INE when four of its 11 commissioners step down next April.

☆ Tens of thousands march in Mexico City to support president
▼ + stars: | 2022-11-27 | by ( Ana Isabel Martinez | ) www.reuters.com time to read: +2 min

[1/5] People take part in a march in support of Mexican President Andres Manuel Lopez Obrador's government policies and to celebrate his four years in the office, in Mexico City, Mexico November 27, 2022. REUTERS/Henry RomeroMEXICO CITY, Nov 27 (Reuters) - Tens of thousands marched with Mexican President Andres Manuel Lopez Obrador on Sunday in a massive demonstration through the center of the country's capital to show their support for the head of state before a 2024 general election. Foreign Minister Marcelo Ebrard and Mexico City Mayor Claudia Sheinbaum, who were at the march, are likely party candidates to run for the next election, scheduled for the summer of 2024. "AMLO criticizes the salaries of INE councillors," wrote columnist Sergio Negrete on Twitter. "With the cost of his ego-boosting march, he could pay the salaries of 11 INE councillors for 43 years and three months."

☆ Spain's 12-month inflation down to 7.3% in October
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: 1 min

Nov 15 (Reuters) - Spanish consumer prices rose 7.3% year-on-year in October, down from 8.9% in the period through September, final data released by the National Statistics Institute showed on Tuesday. Analysts polled by Reuters saw the 12-month inflation through October at 7.3%, the same as the flash estimate released two weeks ago. Core inflation, which strips out volatile food and energy prices, was 6.2% year-on-year, the same level as a month earlier. The 12-month European Union-harmonised price stood at 7.3%, the same as the INE's previous estimate two weeks ago. Reporting by Marta Serafinko, editing by Inti LandauroOur Standards: The Thomson Reuters Trust Principles.

☆ Mexico's president dismisses mass protest against electoral overhaul
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +2 min

[1/2] An areal view shows people protesting against the electoral reform proposed by Mexican President Andres Manuel Lopez Obrador and in support of the National Electoral Institute (INE), in Monterrey, Mexico, November 13, 2022. "They did it in favor of corruption, in favor of racism, classism, discrimination," Lopez Obrador said in a regular news conference. Lopez Obrador, has long criticized the country's electoral authorities, including accusing them of helping to engineer his defeats when he ran for the presidency in 2006 and 2012. The president argues his plan will make the INE more democratic by allowing the public to vote for its board. Reporting by Mexico City Newsroom; Editing by Paul SimaoOur Standards: The Thomson Reuters Trust Principles.

☆ Mexicans Protest President’s Plans to Overhaul Election Agency
▼ + stars: | 2022-11-13 | by ( Juan Montes | ) www.wsj.com time to read: 1 min

MEXICO CITY—Tens of thousands of Mexicans demonstrated on Sunday across the country against an overhaul of the electoral system proposed by President Andrés Manuel López Obrador that opponents say risks undermining Mexico’s democracy. Demonstrators took to the streets in more than two dozen cities, waving flags and wearing caps and T-shirts in the pink colors of Mexico’s autonomous agency in charge of organizing elections. They shouted slogans in defense of the National Electoral Institute, or INE, as the agency is known.

☆ Tens of thousands protest Mexican president's electoral reform plan
▼ + stars: | 2022-11-13 | by ( ) www.reuters.com time to read: +3 min

[1/5] Demonstrators march against the electoral reform proposed by Mexican President Andres Manuel Lopez Obrador and in support of the National Electoral Institute (INE) in Mexico City, Mexico, November 13, 2022. In the past, Lopez Obrador pursued contentious policies by pitching referendums - including on the cancellation of a part-built airport - to claim popular mandates for his objectives. Organizers put the number at hundreds of thousands but some political allies of Lopez Obrador gave far lower estimates. Lopez Obrador posted a video message on his Twitter as he celebrated his 69th birthday - but did not address the protests. Reporting by Stefanie Eschenbacher, Dave Graham and Carlos Carrillo in Mexico City; editing by Diane CraftOur Standards: The Thomson Reuters Trust Principles.

☆ Chile inflation slows to 8-month low in positive surprise
▼ + stars: | 2022-11-08 | by ( Fabian Cambero | ) www.reuters.com time to read: +2 min

SANTIAGO, Nov 8 (Reuters) - Chile's inflation slowed to its lowest level in eight months in October, official data showed on Tuesday, a positive surprise likely to reinforce the central bank's take that its aggressive monetary tightening cycle has come to an end. According to INE, inflation last month was boosted mainly by higher food and non-alcoholic beverage prices, as well as transportation costs. Scotiabank's Chile senior economist Anibal Alarcon, on the other hand, said he already forecasts an aggressive rate cut of between 100 and 200 basis points in January 2023 after October's "true disinflationary surprise". "We expect the market to align with our view very quickly with significant falls in nominal rates," Alarcon added. Reporting by Fabian Andres Cambero and Gabriel Araujo; Editing by Steven Grattan and Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

LONDON, Oct 21 (Reuters) - It's not the first time the 145-year-old London Metal Exchange (LME) has found itself in crisis. Register now for FREE unlimited access to Reuters.com RegisterMarch brought Nickel Crisis II, a much scarier update of the original, and now we have the unfolding Russian Metal Crisis. It's perilous legal territory and would have a significant impact on LME price and physical premiums. Meanwhile, CME's (CME.O) cobalt contract has steadily built up liquidity since its end-2020 launch even as activity in the LME's contract has steadily dwindled. Disgruntled funds have already voted with their feet, the collective departure causing LME trading volumes to slide by 6% over the first nine months of this year.

ShFE stocks, bonded warehouse stocks and Yangshan premiumSHANGHAI SQUEEZEThe ShFE copper contract has been characterised by low inventory and rolling tightness for some time. It is probable that troubled trade house Maike Group is also somehow in the Shanghai copper cocktail right now. LONDON'S RUSSIAN DILEMMAChina's strong call on copper is being felt in London, where falling LME stocks have rekindled time-spread volatility. The micro-macro divergence looks set to accentuate as LME stocks are stripped for shipment to China. Over 60% of LME copper stocks at the end of September were Russian metal.

LONDON, Sept 21 (Reuters) - London Metal Exchange (LME) warehouses saw 11,200 tonnes of copper arrivals on Tuesday, the largest single-day warranting since June. LME inventory remains ultra-low by any historical yardstick, representing just two days' worth of global usage. At their peak of 175,000 tonnes in February last year they dwarfed registered LME copper inventory of 74,000 tonnes. Registered exchange stocks combined with LME shadow and INE bonded stocks represent the total statistically verifiable copper inventory landscape. Global Copper stocks, including LME Shadow and INE bonded...WHAT YOU CAN'T SEEThere is obviously more copper "out there" in the statistical dark.

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