Market Information

Market information

Thursday, April 22, 2010

The interest rate on Greek sovereign debt has increased to more than 8%. This is the highest rate since 1998. The difference with German sovereign debt has increased to more than 500 basis points. The rise in the interest rates the Greek government has to pay follows after a delegation of the International Monetary Fund and the European Union has met with the Greek government to discuss the financial aid plan. In protest to proposed cost cuts by the Greek government, civil servants are planning to strike again today. They have to give in most in reply to the financial aid plan as the government tries to formulate plans that reign in expenses.

The Dutch Central Statistics Bureau published new estimates of consumer confidence in the Netherlands. The index decreased 3 points from a month earlier to -15 in April 2010. The most important drivers of this decrease in consumer confidence are the willingness to buy and the confidence of consumers to make large purchases.

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)

marktinformatie 22 april 2010Download market data

Wednesday, April 21, 2010

The first quarter 2010 amount of dismissal applications at the UWV is lower than expected. The labor market seems to be increased but the unemployment rates are still much higher than before the crisis in 2008.

Resigning Minister of Finance Jan Kees de Jager indicates that Dutch Airlines can’t count on governmental support because of the closed airspace.

The conclusion of the Global Financial Stability Report from the IMF is that the high accumulated deficits of developed countries are a huge threat for the stability of the global financial system. It is essential that governments establish midterm credible and transparent programs that enable deficits to reduce.

Citigroup raises the target price of DSM from EUR 33 to EUR 38 because of the stronger economic recovery in this sector. Despite the high commodity prices the hold advice remains.

The 6M Euribor remained unchanged at 0.95%. The 10Y Swap increased 3 basis points to 3.27%.

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).

Marketinformation April 21 2010Download market data

Tuesday, April 20, 2010

The nuisance caused by the Icelandic volcanic eruption and the fraud of the American bank Goldman Sachs, which came to light last Friday, was noticeable at the Amsterdam stock exchange. Airlines and banks rates decreased strongly.

Gold decreased yesterday 1.32% in value. Investors prefer to hold dollars as a consequence of the scandal around Goldman Sachs.

The dollar increased yesterday against the euro. The American currency increased with 0.77%.

The spread between ten year Greek bonds and ten year German bonds increased further to 454 basis points. The results of the agreement over loans to Greece seems to be disappeared.

The 6M Euribor remained unchanged at 0.95%. The 10Y Swap increased 2 basis points to 3.24%.

Marktinformatie 20 april 2010Download market data

Monday, April 19, 2010

In case Goldman Sachs loses the lawsuit against the SEC the faces major consequences. Goldman was sued by the SEC for the misleading of investors. This lawsuit could result in a significant number of private lawsuits. The total loss of the investors amounts to $ 1 billion.

Rabobank has also been confronted with misleading, but by Merrill Lynch, according to a spokesman of Rabobank. The damage caused by Merril added up to USD 45 million. The case against Goldman Sachs was a reason for Rabobank to take legal action against Merrill because of the similarities of the two cases.

The Dutch gas trading company GasTerra had 25% less revenue in 2009 compared to the year before. Turnover fell by EUR 5.6 billion to EUR 18.3 bn. The revenues of the Dutch gas are an important source of income for the Dutch treasury, since the company 50% owned by the State. The two main causes for this decline are the crisis and the large amount of surplus in the gas market.

The 6M Euribor has remained the same at 0.95%. The 10Y swap decreased by 8 basis points to 3.22%.

Marktinfo 19-4-2010Download market data

Thursday, April 15, 2010

A lot of economic figures have been published recently. In the United States the latest CPI and figures about retail sales were published. Aside from this, the Fed has published its so called ‘Beige Book’. The euro zone and Japan published information about industrial production and China has published figures about GDP growth, industrial production and CPI.

Consumer prices in the United States rose 2.3% in March of this year compared to a year earlier. Compared to a month earlier, prices rose just 0.1%. The economic recovery taking place in the US seems to proceed with moderated inflation.
Retail sales rose 1.6% in March compared to a month earlier. Analysts interpret this as a sign that consumers are actively taking part in the economic recovery.
This was underlined by the publication of the Federal Reserve’s ‘Beige Book’. Ben Bernanke was able to state that the economy has grown somewhat in March. Looking forward the Federal Reserve expects that consumer demand will be large enough to sustain moderate economic growth.

Euro zone industrial production rose 0.9% from a month earlier in February. Compared to a year earlier production rose 4.1%. Consulted analysts were less positive about these developments: they expected 0.1% and 2.8% respectively. Japans industrial production shrunk 0.6% in February compared to a month earlier. Year on year growth was still positive at 31.3% for last February.

China's economic growth came out at 11.9% at the end of the first quarter compared to a year earlier. Industrial production rose 18.1% for the same period and consumer prices rose 2.4%. This fast growth of the Chinese economy in combination with the low inflation will make it difficult for the Chinese central bank to cool down the economy with interest rate measures. Most probably, according to economists, China will sooner or later have to decide to revaluate the exchange rate of the renminbi.

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)

Market information 04-15-2010Download market data

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