Market information

Friday, February 19, 2010

The Fed, the system of central banks in the United States, increased the discount rate (the interest rate for short term emergenc y bank loans) from 0.5% to 0.75%. The United States sees the interest rate decrease as an important first step in deducting the support measures which were set during the crisis.

The British pound decreasesdagainst the euro, because of worries about the slow recovery of the economy of the United Kingdom. Moreover, the British government spends record amounts on financing stimulation programs, which increases public dept.

The American index on leading economic indicators increased in December for the tenth time in a row, as shown by figures from the Conference Board. The index increased in January by 0.3% after an increase of 1.1% in December. The increase was lower than expected, economists expected an increase of 0.4%.

The 6M Euribor decreased by 1 bp to 0.96% and the 10Y Swap increased by 4 bp to 3.46%.

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Thursday, February 18, 2010

Wednesday, the Organization for Economic Co-operation and Development (OECD) published quarterly figures regarding the economic growth of the biggest developed economies. The gross national product of the United States and Japan increased the most, respectively 1.4% and 1.1%. In the eurozone, growth dropped from 0.4% in Q3 to 0.1% in Q4. Over whole 2009 the gross domestic product of the OECD-countries is lower than the year before. On a yearly basis, it decreased 0.7% against a decline of 3.7% in the third quarter of 2009.

On Februari 23, the Dutch state reopens two loans to raise EUR 2 bln. This concerns a loan with maturity date 2012 and a coupon rate of 2.5%, and a loan with maturity date 2016 and a coupon rate of 4%. In 2009 the government raised for almost EUR 240 bln using sovereign bonds and short term loans. The Dutch government needs extra funds to finance its expenses. In 2008 the government collected EUR 160 bln.

China decreased its interest in American state bonds in December with USD 34.2 bln to USD 755.3 bln. Before the country announced to have its doubts about the improving amounts which America lends on the financial markets in order to finance the government budget deficit. The biggest shareholder of American governmental debt is Japan, which increased its share with 1.5% to USD 768,8 bln in December 2009.

The 6M Euribor increased with one basis point to 0.97%. The 10Y Swap remained unchanged on 3.42%.

In the attachment below, today’s market data on money and capital market rates as well as other rates are presented. For more history of these rates or other rates feel free to ask: .(JavaScript must be enabled to view this email address)

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Wednesday, February 17, 2010

Yesterday, the figure for economic sentiment in Europe was announced. This figure measures the expectation of economic growth for the next six months in the Eurozone. The figure fell from 46.4 to 40.2, where the expectation of several analysts was a drop to 41.5. A year ago, the figure was around zero.

The Central Planning Bureau (CPB) expects the Dutch economy to grow in the coming years. For 2010, a economic growth of 1.5% is expected and for 2011 the CPB expects an economic growth of 2%.

Today, the number of the industrial production in the US over January will be announced. A slight increase is expected, from 0.6% to 0.7%. The number of the trade balance over December in the Euro zone is expected. Analysts expect a slight growth in comparison with November.

The 6M Euribor and the 10Y Swap remained unchanged at respectively 0.96% and 3.42%.

In the attachment below, today’s market data on money and capital market rates as well as other rates are presented. For more history of these rates or other rates feel free to ask: .(JavaScript must be enabled to view this email address)

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Tuesday, February 16, 2010

The gold price is currently USD 1116.10, this is the highest point since a week. Because the stability of the euro is under discussion, investors are seeking a safe harbor.

The creditors of Dubai World did not receive a proposal as yet, this was announced Monday. This causes uncertainty for the investors. The European exchanges are not effected yet, but the United Arab Emirates (UAE) fall by almost 5%.

Today the figure of the ZEW index of Februariywill be published. The index measures the expectations of future economic growth in the Euro-zone within the next 6 months. Analysts expect a decrease to 41.4, initially the ZEW Index was 46.4.

In the attachment below, today’s market data on money and capital market rates as well as other rates are presented. For more history of these rates or other rates feel free to ask: .(JavaScript must be enabled to view this email address).

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Monday, February 15, 2010

The economy is the Eurozone increased less steeper than expected in the last quarter of 2009. The economy increased with 0,1% instead of the expected 0,3%. The year-over-year growth equals -2,1%, while a decrease of -1,8% was expected.

The industrial production in Japan increased for the tenth month in a row. On a monthly basis the production increased with 1,9%.

The consumer confidence in the United States decreased unexpectedly. The index equaled 73,7, where analysts expected 75. Last month the confidence index equaled 74,4. Main reason for this decrease is the uncertainty on the American labor market.

The 6M Euribor equals 0.97% and the 10Y Swap decreased with 2 bp to 3.40%.

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