Weekly Summary 1st / December 2008
| Date: December 5, 2008 | Source: Economic @ 21 |
| Category: WEEKLY SUMMARY | |
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One day after the ECB decided to lower rates again to place them at 2.5%, with a drop of 75 basis points (the largest to date), the one year Euribor intraday closes at 3.7% others down another 25 basis points compared to the end of last week, a rate not seen since August 2006 when it closed the month at 3.72%, extending its decline around 1% a day on the absolute value of index compared with the closing of last week. Therefore, and as we indicated last week, this continues, soon we could see a near-heights Euribor in June 2003 when he was at the low end, closing the month at 2.014% .. Slovenian reaching that result in lower mortgage of more than 300 euros a month on the revised August 2008 based on an estimate around 180,000 euros to 30 years. We may be talking about the first quarter of 2009.
The annual rate of inflation in Spain is reduced to the level of 2.4% was achieved level not since August 2007, This is mainly due to continued declines in oil prices (Brent and Texas) which translates to turn in a drop in prices to final consumers. This triggers and its fourth consecutive drop, following declines of 40, 30, 100 and 120 basis points from 5.3% hit in July.
However, we continue with rates higher than Europe, where inflation stood at 2.1% yoy. for the Eurozone which were not expected to drop from 2.3%, which bodes well for the next review of the market rates and discounted a drop of 50 basis points in the price of money, which portends that there is scope decreases even more in this or subsequent revisions.
Finally the price of oil you choose to break the barrier of $ 50 weekly close to e c dramatically to the $ 39.50 a barrel for Brent and $ 42 a barrel West Texas. These prices not seen since late 2004, probably burdened by poor U.S. jobs data, the main energy consumer in the world.
The OPEC could agree on a possible third cut production at an extraordinary meeting to be held on November 17 in Oran (Algeria)
The ratio Euro / dollar remained static over the last few weeks, as they change weekly close stood at $ 1.271 per euro compared with 1.269 last week.
HIGHLIGHTS OF THE WEEK
The U.S. unemployment data to weigh down European shares. The IBEX 35 lost 4.7% closing at 8491.20 weekly points. In contrast, the stock of the New World changed its trend in early afternoon trading to close up ground lost during the week due to falling oil prices going up on the last day 3.09% for the Dow Jones and 4, 44% for the Nasdaq 100.
Oil prices could fall to levels below $ 25 a barrel
Iberdrola and Gamesa have joined forces to create joint ventures in Spain and Continental Europe
Sacyr sells 100% of Itinere to Citigroup for € 3.96 each share
Vehicle sales in Spain have their second largest fall in history
December 18, 2008 at 21:26
[...] Suggests, as was already mentioned in previous publications, that savings on an average mortgage may be around 300 euros a month, a [...]