Weekly Summary from 23 to 27 February 2009
| Date: February 27, 2009 | Source: Economic @ 21 |
| Category: WEEKLY SUMMARY | |
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While we are waiting for the ECB's decision on the further declines in interbank lending rate, the Euribor continues to fall until softened close at 2.033% in intraday trading, appearing to be landing on the support of the 2% official rate rate established by the entity that presides Trichet ..
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.
Meanwhile, in February closed with a monthly average of close to 2.135% , setting minimum summer of 2005.
The Index of Consumer Prices (HICP) or Harmonized Inflation (measured in the same way in all countries of the Euro zone), in Spain fell in February tenth , to put the annual rate of 0.7% since marked 0.8% in January, thus continuing the path of moderation in prices that began in July 2008 as the leading indicator developed by the National Statistics Institute (INE).
It will be a new low since June 1969 confirmed the definitive national data of inflation to be published on 12 March.
At the time of publication, a barrel of Brent crude for April delivery suffers with a sharp rise from 12% to reach 45 weekly, $ 88 per barrel reaching out to OPEC estimates that the fair price deck should be placed around $ 50.
His counterpart West Texas Intermediate oil for April delivery rebounded even stronger and more aligned with President Brent up to $ 44.28 in New York, assuming a recovery of 17% per week in anticipation of the approval of the economic recovery plan, to stimulate demand for oil in the country.
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The ratio Euro / Dollar is exchanged at $ 1.2718 today the euro, remaining virtually unchanged compared to last week's change, forming a support near $ 1.26 per euro.
Other changes of exchange here .
New shocks in stock markets around the world after various publications of bad macroeconomic performance and business, as well as the third U.S. aid to rescue Citigroup again ..
The IBEX 35, the main reference market in Spain, lost 9.8% monthly, making it one of the worst months in history.
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 .
HIGHLIGHTS OF THE WEEK
INTERNATIONAL:
The U.S. GDP shrank 6.2% in the last quarter of 2008
U.S. will increase its stake to 36% stake in Citigroup and the stock market collapses.
Publications of U.S. home sales data yields below expectations, being 4,490,000 for owned homes (-6.3% on the expected data) and of 309,000 for new homes (-6.5 % of the expected data).
NATIONAL:
The government of Spain reduced by 42.7% public offer of employment for 2009 to 20,561 seats available . Only be restored to 30% of the places that are free.
The harmonized inflation rate dropped Spanish to 0.7% in February according to the National Statistics Institute (INE). The final data will be published on March 13.
