Weekly Summary from 16 to 20 February 2009
| Date: February 21, 2009 | Source: Economic @ 21 |
| Category: WEEKLY SUMMARY | |
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This week Euribor has made a feint intraday rebound that was finally overcome by the downward trend that has also been affected in recent months. While we are waiting for the ECB's decision on the further declines in interbank lending rate, the Euribor softens lowering to close at 2.074% appearing to be landing on the support of 2%, official exchange rate set by the Trichet presides entity ..
However, experts predict that the Euribor continue its downward path next discounting rates to drop up to 50 basis points, which could place them at 1.5% in an attempt to revive the ailing economy.
The inflation rate in the Spanish economy fell 0.8% in January, six tenths less than in December and the lowest scoring in the last forty years, since 1969.
For the first time since inflation began to subside in August, the correction in the price index is based more on economic recession and the slowdown in consumption in the lower oil prices. Moreover, as unusually low level of inflation facing employers and unions for higher wages.
According to data released by the National Statistics Institute (INE), the Consumer Price Index (CPI) fell by 1.2% from December.
A barrel of Brent crude for April delivery to back down this week to close at 40, $ 88 per barrel despite the insistence by OPEC the fair price should be around $ 50, so warns of further cuts in production if prices are too low.
Corrected OPEC last week lowered its forecast of changes in demand for crude this year and predicted that this year the world consumed 85.1 million barrels per day (mbd), 600,000 bpd less than in 2008 due to the global economic crisis.
Its counterpart, the West Texas Intermediate for March delivery closed this week lowered to the $ 37.80 in New York, representing a rise of over 10% in a week in anticipation of the approval of the economic recovery plan , which would stimulate demand for oil in the country.
The ratio Euro / Dollar exchange today $ 1.284 per euro, remaining virtually unchanged compared to the change last week.
Other changes of exchange here .
Rife in the markets panic after returning the markets to a minimum of 2004 for the Ibex 35 , touching touching 7,603.60 points (-7.5% weekly), or until 2002 for the Dow Jones stood at the 7365.67 points (-6% weekly). The bad economic data and market crashes hasty press world leaders to meet on Sunday in Berlin before the G20 summit .
