Weekly Summary from 2 to 6 February 2009
| Date: February 8, 2009 | Source: Economic @ 21 |
| Category: WEEKLY SUMMARY | |
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The meeting held this week by the European Central Bank (ECB), ultimately decided to keep interest rates at 2% now ignoring potential deflationary risks, but do not rule out further cuts in future meetings. Meanwhile the Euribor one-month intraday closing has a floor that will not break in February, which is close to 2%, at least until the ECB has decided to review again. Therefore, it is likely that the Euribor February closing an average of 2.2%. Meanwhile, on Friday closed at 2.209%,
However, experts predict that the year Euribor reaches to around 2% in the first quarter of 2009, estimates in line with our view and shown months ago.
The annual rate of Spanish inflation closed the month of December at 1.4%, the lowest in a decade. Falling oil prices and the slowdown in consumption are the main reasons for this decline.
Moreover, data from the Eurozone inflation for December 2008 showed a price increase of 1.6%, representing a decrease of 0.5% compared to November last year and no less than a decrease of 1.5% over inflation of the 2007.
This is the first time since August 2001 that Spanish inflation is below the average for the Eurozone.
More information here .
A barrel of Brent crude was negotiated in the last week $ 44.63 per barrel, roughly the same price at which they exchanged at the end of last week ($ 44.21) continues to inform OPEC the fair price should be around to $ 50, so that warns of further cuts in production if prices remain too low.
To view the history of prices click here .
Its counterpart, the West Texas Intermediate closed at $ 40.17 this week with a drop of 3.6% compared to the end of last week after learning the bad U.S. jobs data does expect further declines in demand for crude the country.
The euro traded against the dollar at the close on Friday at $ 1.292 per euro, a slight increase over last week, also due to the expected depreciation of the dollar after the announcement of the high growth of unemployment in the U.S..
Other changes of exchange here .
Second week of recovery for the Dow 35 that back this week by 1.1% but with low volume of high volatility in the markets marked by global economic uncertainty.
On the other side of the Atlantic, New York also points to recovery in a volatile week that is repaid with gains of around 4.5% for the Dow Jones on expectations that the new Obama administration accelerated the economic stimulus plan after hearing the bad employment data of the country in January 2009.
HIGHLIGHTS OF THE WEEK
INTERNATIONAL:
We highlight the bad employment data in the U.S. economy, whose unemployment rate has now reached 7.6% of the workforce, the highest since 1992 and the largest job losses in 34 years.
The European Central Bank decided to keep rates in the eurozone at 2% ahead despite risks of deflation.
NATIONAL:
Is extended to three the number of years that the unemployed can defer mortgage payments instead of two as it was before.
He shoots the number of bankruptcy proceedings in Spain in 2008 increasing by threefold compared to 2007.
