Connect with us

Economy

Stoxx 600 at 16-month low. Portuguese debt interest below 2.5% – markets per minute

Published

on

Stoxx 600 at 16-month low.  Portuguese debt interest below 2.5% - markets per minute

The Stoxx 600 hit 16-month lows and is about to record the worst half since the 2008 crash.

European stocks started the session colored red, refreshing their February 2021 “benchmark” lows, fueled by fears of a possible recession, fueled by statements by US Federal Reserve Chairman Jerome Powell in the US Senate.

The Stoxx 600 lost 1.25% to 400.68 points. Of the 20 sectors included in the index, energy and mining companies are suffering losses due to falling prices for oil and other raw materials. The European benchmark par excellence has already lost 19% since its peak in January, so it is one step away from a bear market.

The benchmark is even set to record the worst half since the 2008 financial crisis triggered by the war in Ukraine and hawkish central bank monetary policy to curb inflation, the world’s biggest monetary crisis, according to a Bloomberg report. tightening of the movement since the 2000s.

However, some strategists believe that part of the losses can be won back. The Stoxx 600 should end the year at 467 points, up 14% from Tuesday, according to Bloomberg’s mid-month forecast of 15.

“Now there are interesting opportunities in the medium term. The situation remains the same, but it seems that the market is starting to learn to live with it as it looks for a fund,” defended Diego Fernandez, investment director of A&G Banca Privada. in Madrid, according to Bloomberg.

In other European markets, the focus is on London, which lost 1.02% on the day of celebrations of the sixth anniversary of the Brexit referendum in 2016. After this event, the British FTSE index has already fallen by 8.7%, but now everything can change. that the London benchmark is doing better than some of its peers this year.

See also  Citi downgrades EDP Renováveis ​​on rainy revaluation day - markets

Madrid loses 1.29%, Frankfurt 1.40%, Paris 1.29% and Amsterdam 1.25%. Milan fell 1.43%, while Portugal posted the most timid drop in the block (0.76%).

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Economy

These are the 10 most expensive products in the last week.

Published

on

These are the 10 most expensive products in the last week.

An analysis of the applied values ​​by DECO Proteste shows that the price of the basic food basket “is €207.80 this week, €24.17 more than it was on February 23rd”, but €1.21 less than in the previous month. a week.

From February 23 to September 21, meat has risen in price by 17.82% (up 5.75 euros), while pork chop today costs 25% more, that is, 1.11 euros.

As for fish, the consumer protection association points out that it is now 14.97% more expensive than before the Russian war against Ukraine, 9.03 euros more expensive.

The Consumer Protection Association monitors weekly prices for a basket of 63 staples, which includes items such as turkey, chicken, hake, horse mackerel, onions, potatoes, carrots, bananas, apples, oranges, rice, spaghetti, sugar. , ham, milk, cheese and butter.

This week, in the period from 14 to 21 September, the top ten products with the largest price increases were zucchini (up 10%), spiral pasta (up 8%), cereals (up 7%), plus 6%), Flemish cheese . (plus 5%), Biscuit Maria (plus 5%), orange (plus 5%), flour for cakes (plus 5%), tomato pulp (plus 5%) and horse mackerel (another 4%).

Looking at the period since February 23 this year, DECO Proteste shows that all food categories have shown price increases, with meat (up 17.82%) and fish (up 14.97%) standing out the most. However, there is also an increase in fruits and vegetables (up 14.65%), food products (up 10.23%), dairy products (up 11.15%) and frozen foods (up 2.48%).

In addition, the top 10 products that rose the most between February 23 and September 21 were broccoli (up 55%), cabbage (up 49%), whole chicken (up 33%), fresh hake (up 30%). %), cakes. flour (30% more), turkey steak (28% more), Maria cookies (27% more), pork chops (25% more), vegetable oil 100%, vegetable oil (plus 24%) and tomato pulp (plus 23%).

See also  Citi downgrades EDP Renováveis ​​on rainy revaluation day - markets

This increase is explained by the fact that Portugal is “heavily dependent on foreign markets to guarantee the supply of cereals needed for domestic consumption”, which currently “represent only 3.5% of national agricultural production, mainly corn (56%), wheat ( 19%). %) and rice (16 percent).”

“And if in the early 1990s self-sufficiency in grain was about 50%, now the value does not exceed 19.4%, which is one of the lowest rates in the world and forces the country to import about 80% of grain. , notes DECO.

The organization explains that “the Russian invasion of Ukraine, where most of the grains consumed in the European Union come from, and Portugal has thus put even more pressure on the sector, which has been struggling for months with the effects of a pandemic and drought with a strong impact on production and stockpiling.

“Limiting the supply of raw materials and increasing the cost of production, namely the energy needed for agri-food production, can thus be reflected in higher prices in international markets and, consequently, in prices at the consumer,” he emphasizes.

In addition, he points out that “a consistent increase in consumer prices, namely for such products as fuel and food, contributes to an increase in the rate of inflation.”

Continue Reading

Economy

Luxury Algarve Resort Changes Owner Two Years Before Opening – Turismo & Lazer

Published

on

Luxury Algarve Resort Changes Owner Two Years Before Opening - Turismo & Lazer

Singapore’s sovereign wealth fund GIC, one of the world’s largest investors, has bought a majority stake in SIG, owner of a €2.3 billion luxury resort chain, Eje Prime reported.

SIG manages the Sani and Ikos Resort brands, which will debut in Portugal in 2024 with the opening of the country’s first resort in Albufeira. It will be the group’s sixth hotel in Europe with active resorts in Spain and Greece.

According to a Spanish real estate newspaper, the Singapore fund’s deal included the purchase of British Oaktree, Goldman Sachs and Hermes GPE shares in SIG. The deal is expected to close in the last quarter of the year, with Andreas Andreadis and Mathieu Guillemin continuing to lead the company as CEO and Managing Partner, with Stavros Andreadis as Honorary Group Chairman.

The entry of the Singapore Fund will allow SIG to fulfill its plans for the next five years, which include investments of more than 900 million euros in new units in the Mediterranean.

SIG was established in 2015 and today owns ten resorts in Greece and Spain, with a total of approximately 2,750 rooms and suites.

See also  Public debt falls to 269.8 billion euros in November - Public finance
Continue Reading

Economy

Do you have a diesel car and need to fill up? wait for monday

Published

on

Do you have a diesel car and need to fill up?  wait for monday

From this Monday, fuel prices will fall again, but this time only in the price of diesel fuel: in the main national oil companies, “the evolution of quotations in euros indicates a drop in prices to 2 cents per liter of diesel fuel, while 95th gasoline will maintain the registered price,” an industry source told Multinews.

The trend is also being replicated at private brand gas stations, which usually operate near hypermarkets, with “a sharp drop of 0.0187 euros per liter for diesel, while gasoline 95 will register the same trend, albeit slightly, 0.0025 euros – another source said.

So after all, filling a tank with 60 liters of diesel fuel costs 1.2 euros cheaper. In the petrol version, there is no change in the travel time to the service station.

According to official figures from the DGEG (Directorate General of Energy and Geology), both diesel and petrol 95 have been declining for four consecutive weeks. Recall that last week diesel fuel kept a higher price than gasoline 95 (1727 euros/l against 1695 euros), and this week this difference will disappear.

Also, according to DGEG data, the average price of regular diesel this Thursday was 1.752 euros per liter, while the average price of regular gasoline 95 was 1.693 euros per liter, indicating a downward trend. Average prices are based on data provided by over 2,400 stations across the country and include discounted prices.

This fuel price update takes into account the cost of a barrel of Brent oil on international markets. A barrel of oil has been trading at a low level for several weeks now. After peaking in the early days of the war in Ukraine, when oil hit $140 a barrel, fuel prices soared to record highs, the price of this “black gold” is now lower.

See also  Jim Cramer & Rob Maurer Discuss TSLA Inventory, Elon Musk, and Battery Day

Continue Reading

Trending