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Story economy with high inflation



Inflação alta trama economia

The Portuguese economy is showing signs of slowing down in a “context of high inflation”. The warning was issued by the National Institute of Statistics due to the fact that “short-term indicators (ICP) related to economic activity in terms of production available for September indicate a slowdown in activity”, after accelerating in August, resuming the slowdown profile recorded in the period from March to July, and recorded the lowest level since March 2021.”

The economic climate indicator, which summarizes the balance of extreme responses to questions about qualitative company surveys, also declined between August and October, “reinforcing the downward move that began in March and hitting a low since April 2021.”

The total volume of domestic transactions for cash withdrawals, payments for services and purchases at TTP terminals in October increased year on year by 12.9% (14.2% in the previous month).

The data follows statistics released by the Bank of Portugal this Thursday, which also show that economic activity and private consumption are slowing down. An indicator measuring economic activity recorded a 6.2% year-on-year change in September after rising 6.5% in the previous month. According to the statistics of the institution headed by Mario Centeno, private consumption rose by 2.3%, down from the 2.9% recorded in August this year.

The manufacturing producer price index showed an annual rate of change of 21.6% in October, slowing down for the third month in a row, after registering the highest increase in the current series in July (25.9%).

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Excluding the energy component, this indicator increased by 14.7% year on year (15.6% in September). The consumer goods index continued to accelerate, rising from 15.3% year-on-year in September to 15.7% in October.

The annual change in the consumer price index (CPI) was 10.1% in October 2022, the highest since May 1992, up 0.8 percentage points from the previous month.

According to the Employment Survey, the unemployment rate in Q3 2022 was 5.8%, down 0.1 p.p. higher than the previous quarter (6.1% over the same period). Total employment increased by 1.0% compared to the same period in 2021 (1.9% in Q2). Average monthly gross wages per worker (per job) increased by 4.0% in the 3rd quarter. In real terms, based on the IPC option, this remuneration decreased by 4.7%.

warning signs
Just this week, the European Central Bank (ECB) said that people on lower incomes will be hit “harder” by inflation and rising interest rates from the end of this year and even risk being unable to pay their debts.

A warning that did not surprise the economists contacted by our newspaper. João Cesar das Neves even said that “the risk is not in the future, but in the present”, ensuring that “we are already living in this reality and that it will get even worse in the near future”.

A view shared by Paulo Rosa, an economist at Banco Carregosa, points to an increase in the risk of default on the loan in 2023 as higher interest rates reduce household disposable income, penalizing those with tight budgets already weakened by high inflation. “Mortgage loans in Portugal are mostly indexed to the Euribor, a variable interest rate that increases as the ECB’s interest rate rises, increasing the cost of borrowing for the Portuguese, placing low-income families in a context of insolvency.”

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Nuno Mello, an analyst at XTB, also said that high inflation will continue during the last quarter of this year and throughout 2023. European governments should take measures to provide assistance that will ease the financial situation of these same families. The Portuguese government has already taken some measures, such as the possibility of negotiating home loans for those who reach the 35 percent rate. But I am convinced that this will not be enough and we will have to go further.”

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Tesla announces another recall of 80,000 vehicles, and some even have to be recalled



Imagem Tesla recall

Tesla cars suffered this year a large number of requests for “collection”better known as the process revoke🇧🇷 Trouble again and 80,000 vehicles in China will be recalled. If many of recalls was an easy decision as it was over the air (OTA) it really obliges the owners to take the car to the workshop.

In fact, this year, many millions of Tesla electric vehicles received revoke for fixes.

Many of the reviews are related to issues resolved via OTA.

Whenever there is a safety issue, the NHTSA must issue a "safety recall", even if the car manufacturer does not have to physically recall any vehicles, leading to some confusion.

Once again last month, Tesla's "1 Million Vehicles" collection of vehicles generated a lot of news as the impact on drivers was almost negligible considering the update only changed via OTA the software that runs the car system. to work with windows.

These cases have prompted Tesla CEO Elon Musk to complain about the term "recall = collection" and how it is being used in the media against Tesla. Today The American company again announced new collections in China about 80,000 cars.

13,000 Tesla electric vehicles have seat belt problems

The recall includes 67,698 imported Model S and Model X vehicles with a battery-related software issue, according to Chinese authorities. Again, the fix is ​​a simple software update. Nonetheless, this time there is also a physical collection due to the problem with the seat belt in approximately 13,000 Model 3 vehicles: 2,736 imported and 10,127 made in China.

over 20 recalls there were many collections in 2022. However, Tesla is not the only automaker to be hit by major recalls this year. OUR Ford also just confirmed that it is recalling another half a million vehicles. due to fire hazards, and many car manufacturers have also recalled millions of vehicles this year.

In any case, the fact that the vast majority of calls from electric brand a quick fix with over-the-air (OTA) software updates — rather than taking cars back to the dealership like other car manufacturers — shows that Tesla's level of connectivity to its cars is a huge advantage in the industry.

The software update system (OTA) allows the buyer to fix many problems easily and conveniently, and for Tesla itself means big money savings.

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Lidl wants to dominate the fast-charging market for electric vehicles at affordable prices



Estação de carregamento, no Lidl, aberta 24 horas por dia

One of the EU’s goals for electric vehicles is to guarantee charging points so that tram drivers don’t have to worry about being on the road when they travel. To meet this need and dominate this market, Lidl intends to offer affordable prices.

We may soon see this initiative in more supermarkets.

Despite being a supermarket chain, Lidl has been guaranteeing electric vehicle charging stations in its stores for some time. However, a new journey has now begun, the launch of the first ultra-fast charging station, which has the distinction of guaranteeing a price well below what can be found on the market.

With this new equipment, in addition to the aesthetic aspects, Lidl takes on technical and cost commitments, guaranteeing the best on the market. After all, she not only placed the charger in her supermarkets, but also created, in turn, a space with protection for vehicles, users and chargers, in an area open 24/7 (i.e. 24 hours a day, 7 days in Week). . . .

This provides better visibility of the infrastructure and reduces the risk of internal combustion engine vehicles occupying space reserved for electric vehicles.

Lidl bets on affordable charging points

The first station will be installed in a Lidl supermarket near the French city of Lyon. The space is equipped with five charging points ranging from 22 to 360 kW. Thus, each client will be able to choose the one that best suits his needs.

For example, a 22 kW charger has a competitive cost of 25 cents per kWh. When we move to more powerful stations of 90, 180 or 360 kW, the price becomes 40 cents higher per kWh.

The strategy adopted by Lidl in some of its stores is already rolling out to other countries, such as Germany, where the supermarket chain is installing its first fast-charging stations, with 150kW stations priced at 48 cents per kWh.

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European Stock Markets Fall, Interest Rates Rise, Oil Rebounds – Markets in a Minute



Europe is turning green.  Oil and gold down.  Percentage Increases - Markets Per Minute

Euribor climbs three and six months to new highs in almost 14 years

Euribor rates rose today to new highs since early 2009 at three and six months and fell at 12 months.

The six-month Euribor rate, most used in Portugal for home loans and entering positive territory on June 6, rose today to 2.374%, plus 0.006 points, the highest since January 2009.

The six-month average Euribor rose from 1.596% in September to 1.997% in October.

The six-month Euribor has been negative for six years and seven months (from November 6, 2015 to June 3, 2022).

The three-month Euribor, which entered positive territory for the first time since April 2015 on July 14, also rose today, setting a new high since February 2009 at 1.922% plus 0.014 points.

The three-month Euribor was negative between 21 April 2015 and 13 July last year (seven years and two months).

The three-month average Euribor rose from 1.011% in September to 1.428% in October.

On the other hand, over a 12-month period, Euribor fell today, settling at 2.860%, down 0.019 points from Thursday, after rising to a new high since January 2009 of 2.879% on Thursday.

After rising to 0.005% on April 12, positive for the first time since February 5, 2016, the 12-month Euribor has been in positive territory since April 21.

The average Euribor rate for 12 months increased from 2.233% in September to 2.629% in October.

Euribor began to rise more significantly from February 4, after the European Central Bank (ECB) admitted that it could raise key interest rates this year due to rising inflation in the eurozone, and the trend accelerated with the start of the Invasion of Ukraine on February 24.

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On October 27, to curb inflation, the ECB raised three key interest rates by 75 basis points, the third consecutive increase this year, after raising three interest rates by 50 basis points on July 21. growth after 11 years, and on September 8 by 75 basis points.

Changes in Euribor interest rates are closely linked to increases or decreases in ECB key interest rates.

Three-, six- and 12-month Euribor rates hit record lows respectively: -0.605% on December 14, 2021, -0.554% and -0.518% on December 20, 2021.

Euribor is set on the basis of the average rate at which a group of 57 Eurozone banks are willing to lend money to each other in the interbank market.


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