www.bethelfinance.com
Bethel Finance news:
The shekel strengthened against both the dollar and the euro at the opening of inter-bank trading today, following the relatively successful European summit. The shekel-dollar exchange rate is down 0.40%, compared with Friday's representative rate, at NIS 3.76/$, and the shekel-euro exchange rate is down 0.44% at NIS 5.0/€. On world markets, the euro is weaker against the US dollar.
Dun & Bradstreet has published a review that predicts global growth of 2.5% in 2012. D&B economists believe that developed countries will show growth of 1.2% in 2012, developing markets will grow 5.6%, and that Israel will have growth of 3.4% in 2012.
Despite the fact that the European summit ended on a positive note this past weekend, Psagot Investment House Ltd. analyst Ori Greenfeld is not optimistic. He believes that without the aggressive intervention of the European Central Bank (ECB) in markets, the hoped-for change in European markets will not occur, and the debt crisis will continue to overshadow trading in the near future.
USG senior analyst Eli Ben-David points out this morning that the European summit came to a successful close on Friday after 26 of 27 euro zone members agreed that the EU should change its treaty and tighten its belt on fiscal matters. "Granted the countries are welcoming the new agreement, but the tone is still extremely pessimistic about implementing the treaty. There could be many obstacles on the way to finalizing the legislation, and it is likely that we will encounter continued pressure on the European economy, which could bring about a rise in risk premiums for the problematic countries' bonds."
The ECB continues to throw the ball into the European leaders' court, and is still not intervening aggressively in the bond market.
No comments:
Post a Comment