Minimum Wage (Interview)
Madrid – The General Secretary of the CCOO, Unai Sordo, in an interview with EFE called on the Ministry of Labor to be more ambitious with the minimum occupational wage (SMI) for 2024 and to carry out the increase with an agreement, and it reiterates its intention. Minimum increases of 5%, up to 1,134 euros per month.
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Minimum salary
Madrid – The Ministry of Labor sees room to reach a tripartite agreement with social agents to increase the professional minimum wage (SMI) by 4% in 2024, based on what was established in the collective bargaining agreement between employers and unions.
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OPEC meeting
one – The OPEC+ cartel, led by Saudi Arabia and Russia, decided this Thursday that its oil supply levels will be adjusted next year with “voluntary” cuts, which have been extended by Riyadh and Moscow until March 31, 2024.(
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– Saudi Arabia says it will extend a voluntary cut of one million barrels of oil per day until the end of March 2024 and increase its production to 9 million barrels per day.
– Russia announces it will voluntarily cut its oil exports by 500,000 barrels per day until the end of March 2024, while Kuwait and Oman will cut crude oil production by 135,000 and 42,000 barrels per day, respectively.
– OPEC has criticized plans to cut investment in the oil sector at the Dubai climate summit.
– Next January, Brazil will join the OPEC+ alliance of thirteen members of the Organization of the Petroleum Exporting Countries (OPEC) and ten oil-producing countries, including Russia, Kazakhstan and Mexico, according to a statement from OPEC.
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Euribor November
MADRID – Twelve-month Euribor, the most widely used indicator in Spain to measure mortgage lending, closed November at an average rate of 4.022%, marking its second monthly drop of the year, although its reduction will not reduce mortgage payments. mortgages.
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Electricity prices
MADRID – The average price of electricity in the wholesale market was 63.44 euros/megawatt hour (MWh) in November, the lowest since spring 2021.
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Spain deficit
Madrid – All public administrations, except local ones, accumulated a deficit of 22,781 million euros between January and September, 3.7% less than the same period in 2022 and equal to 1.56% of GDP.
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EU Inflation
BRUSSELS – Annual inflation in the euro area fell five-tenths to 2.4% in November, and is close to the 2% target set by the European Central Bank (ECB) after seven straight months of decline, the leading indicator of Eurostat said.
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– Eurozone unemployment rose by 48,000 in October, although the unemployment rate remained at 6.5%. (Text sent at 12:41 p.m.
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Luxury trade
MADRID – The luxury sector in Spain, which had a turnover of 17 billion euros in 2022, plans to increase its income by 7% through 2027 thanks to a recovery in tourism and demand from new residents from abroad. McKinsey for the association of high-end brands CÃrculo Fortuny.
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Mobile Capital
Barcelona – The Mobile World Capital Barcelona Foundation, linked to the celebration of the MWC technology congress in the Catalan capital, proposes to open “a new phase”. Hint, work to “humanize technology”.
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– The Spanish pavilion at the 2024 edition of MWC in Barcelona will host 45 technology SMEs, 18% more than this year. (Text sent at 11:53.
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Short markets
MADRID – Spain’s main stock market index, the IBEX 35, rose 0.34% at midday to near 10,100 points in a session marked by a slowdown in inflation in Europe.
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– The Spanish stock market fell 0.04% this Thursday, affected by the collapse of most banks and the rise of Wall Street and despite the fall in inflation in Europe and the United States, but it remains above 10,000 points (10,058 ,2) and continues in February, 2020 levels, according to market data.
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– Among the large values, only BBVA has fallen by 2.18% (the largest decline in IBEX), while Telefónica has advanced by 1.72% (the fifth largest increase in that index); Inditex 0.77%, Iberdrola 0.35%, Repsol 0.11% and Banco Santander 0.08%.
– Other European stock markets closed higher: Paris up 0.59%, London up 0.41%; Frankfurt, 0.3%, Milan, 0.16% and the Euro Stoxx 50 index, which includes major companies listed in Europe, 0.27%.
– At the moment, Wall Street is progressing unevenly, while its main indicator, the Dow Jones Industrial Average, gains 0.74%, the selected S&P 500 loses 0.14% and the Nasdaq market composite index, which groups technology, another 0.72%, on the day. In the US, prices linked to consumption fell 3% in October as OPEC+ announced new cuts in oil production from its partners.
– The ECB sets the euro’s reference exchange rate at 1.0931 dollars, compared with 1.0985 the previous day.
– At the close of the stock market in Europe, Brent oil, Europe’s benchmark, lost 0.61% to trade at $82.59 a barrel, while the US benchmark West Texas Intermediate (WTI) fell 1.10% to $77.
– At the end of the credit market, the yield on Germany’s ten-year bond, considered safe, closed at 2.444%, up 1.5 basis points from the previous day, and interest on long-term Spanish debt rose. Four hundred and was 3.466%. The risk premium rose to 102 basis points.
– The ten-year US Treasury yield rose to 4.342% (+0.071) and the two-year yield to 4.715% (+0.067) during this period.
– Gold prices fell 0.29% to $2,038.3 a troy ounce.
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TELEFÓNICA EMPLOYMENT
MADRID – Telefónica has extended the working day in Spain to four days a week until March 31, at the request of the unions, pending the conclusion of negotiations on the collective agreement and the planned employment regulation file (ERE). UGT and CCOO.
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China industry
SHANGHAI (China) – Activity in China’s manufacturing sector contracted for a second straight month in November, falling faster than in October and worse than analysts expected, according to official data released by the National Bureau of Statistics (ONE) on Thursday. Asian country.
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