Problems in the financial sector stle petrvvaj. The price of oil fell to 98.65 USD / barrel, even though OPEC dreamed of you. The koruna strengthened to 24.11 per euro and on Monday in the USA, the fourth largest investment bank in the USA went bankrupt. Pinme vm tdenn summary of the stock market.
Problem v Lehman Brothers hbou trhy
Last Monday, financial markets were encouraged to rescue the two largest mortgage lenders in the United States – Freddie Mac and Fannie Mae. But the day after the sale of euphoria was due to sales due to Lehman Brothers problems.
The lead of Freddie Mac and Fannie Mae was somewhat contradictory, and there were strong voices against it. So the end of this rescue did not last long, or the problems in the financial sector persevere, and this is evidenced by several days of negotiations to take over Lehman Brothers, the bank’s fourth largest investment bank, which last week reported the second quarter’s biggest loss in history.
After Bank of America and Barclay’s did not receive a financial guarantee from the American government, Lehman Brothers declared bankruptcy on Monday. Shares of Lehman Brothers fell 42 percent in the last quarter. Since the end of the year, their thorn price has fallen by 94 percent.
The stock market is still shaken
The stock market was still supported last week by the fall in the price of oil, mainly the titles of retailers, transport companies and construction companies. Of course, the financial and energy sectors have lost ground. The S&P index rose 0.8 percent, the Dow Jones 1.8 percent and the Nasdaq piblin 0.5 percent.
Japan’s Nikkei lost 0.1 percent, Britain’s FTSE posted a staggering 3.3 percent. However, the Central European stock exchanges did not follow the worlds, when the stock market lost 6 percent, the Warsaw TIG 1.3 percent, the Budapest BUX wiped out profits from the weekly sweat every week and closed the same. The MSCI index, following stock market developments, fell 2 percent, while the MSCI worlds fell just 0.8 percent.
In addition, on Monday of this week, Bank of America took over the loss-making Merill Lynch, and the AIG company reported financial problems. Problems in the financial sector are not fixed.
These, together with the bankruptcy of Lehman Brothers, caused an alarm on the stock exchanges. During Monday’s trading and the world’s stock exchanges lost more than 3 percent. The PX index crack even 6.5 percent.
The dollar wiped out the profit, the koruna strengthened more sharply
The dollar managed to strengthen during the week, weakened it and the data published in the second week, namely retail sales in August, which fell against expected growth.
An unpleasant surprise was the published data from the housing market, when unsustainable house sales were declining more, it was not expected. Therefore, the dollar strengthened by only 0.6 percent to 1.42 EUR / USD last week, when the jet traded at 1.38 EUR / USD on Thursday morning.
At first, on the contrary, they supported the interest in the Czech crown, which last week strengthened by 70 halls to 24.11 EUR / CZK. The Czech crown was thus influenced by the release of the Polish Prime Minister Donald Tusk regarding the adoption of the euro in Poland in 2011, which stimulated interest in the entire Central European region.
So he strengthened not only the Polish zloty and the Czech koruna, but also the Hungarian forint. The zloty posted 2.5 percent, the forint 0.8 percent.
Graph: Development of the EUR / CZK exchange rate
Macroeconomic data published in the region were for me to change. Inflation in the Czech Republic fell more than unexpectedly to 6.5 percent in August, while growth in the second quarter was revised by 0.1 percent to 4.6 percent. August inflation in Hungary thus fell slightly below the current level of 6.5 percent.
The price of oil has fallen, even though OPEC has been dreaming
At its regular meeting, OPEC surprisingly decided to dream its flower by 520 thousand barrels a day, which resulted in the price of oil rising above 100 USD / barrel, but with the sending of the dollar, the price fell again. The regular public supply of oil in the USA was also a pleasant surprise, as it fell by a high 5.9 million barrels as a result of Hurricane Gustav, which forced the closure of production platforms in the Gulf of Mexico.
Over the past week, even after the weakening of the dollar, the price of oil fell by almost 8 USD / barrel and closed the week at 98.65 USD / barrel. The price of gold fell by 42 USD per troy ounce to 766 USD / ounce. The price of some agricultural commodities such as wheat (0.9 percent) and re (0.4 percent) also decreased, while the price of corn and soybeans increased – by 2.5, respectively. 1.8 percent.