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Spain’s Housing Prices Fall 5.1% On Year In Second Quarter

fxbom.com
04:35 PM

MADRID -(Dow Jones)- Spain’s housing prices continued to fall in the second quarter following the removal of tax exemptions for home purchases late last year, according to data released Monday by the country’s Public Works ministry.

Spain’s housing price index in the April to June period fell 5.1% from a year earlier and 1.4% from the first three months of 2011, the ministry said.

Prices have been falling by more than 3% on the year since the first quarter of 2009. After a 10-year boom, when prices increased three-fold and housing starts soared, Spain is now digesting a huge stock of empty houses that many analysts estimate to number around a million.

European equities begin the week in the red

fxbom.com
04:31 PM

FXstreet.com (Barcelona) – Markets over Europe are heading lower within the initial hour of the new week, led down by losses in the financial sector as banks come under pressure following Friday´s bank stress tests results which saw 8 institutions failing including 5 in Spain.

So far in the major financial centers over the continent, the FTSE 100 is off nearly 60 points or 0.98% while the DAX and CAC 40 simirlarly drop by 0.97% and 1.02% respectively.

USD/CHF pares initial sell-off

fxbom.com
04:27 PM

FXstreet.com (Barcelona) – The USD/CHF dropped to a fresh historic low of 0.8042 in early trade over Asia, as overall uncertainty regarding the US and Eurozone debt situations drove investors to the safety of the Swiss franc. The pair has since battled back to the day´s opening price of 0.8150 however, remaining consolidated around their in morning trade over Europe.

Techincally, the Kshitij Consultancy Services team writes: “Dollar-Swiss has seen a downside breakout of its 0.8300-8550 sideways range. The overall downtrend remains intact. With Support-turned-Resistance in 0.8280-8300 region, the outlook remains bearish for a fall to 0.8070-50-8000 or even 0.7950 in the coming weeks. 0.8070 is a significant Support level seen on the downside and while it holds, we migth see a rally to 0.8250-8300.”

New Bank Tax Eyed To Involve Private Sector In 2nd Greek Bailout-Report

fxbom.com
04:24 PM

FRANKFURT -(Dow Jones)- A new tax on banks is envisaged as part of the second bailout package for Greece, Germany’s Die Welt reports Monday, without citing concrete sources.

The tax hasn’t been fully agreed to, the paper says. The tax would affect all banks, “not only those directly involved in Greece,” the paper writes.

Heads of state and government from the 17 euro-zone states are meeting Thursday in Brussels to iron out the details of a second bailout plan for the embattled Hellenic Republic.

Economists Predict Greek Debt Restructuring – Survey

fxbom.com
11:43 AM

By Phil Izzo
Of THE WALL STREET JOURNAL
All but one of 49 economists surveyed by the Wall Street Journal last week said Greece will be forced to restructure its debt.

Fifty-three economists, who are mostly U.S.-based, take part in the survey, but not everyone answers every question. Forty-eight of the 49 respondents to the question on Greece think a restructuring is inevitable. “Restructuring, default, or forgiveness by lenders,” said Allen Sinai of Decision Economics. “There’s too much debt for Greece to pay down.”