Market information

Wednesday, June 23, 2010

Yesterday the European markets closed with a loss after nine days profit. The optimism resulting from the promise of a strong Yuan by China disappeared yesterday through weak details.

Greece bank face difficulties, Alpha Bank and EFG Bank Ergasias lost 4,6% and 4,1% respectively. Investors are worried about the exposure of French banks to financial weak countries like Greece. The company BNP Paribas lost 1,9% after rating agency Fitch lowered the rating from AA to AA-. Structural issues related to bank activities led to this reduction.

U.S. futures recorded higher today after a loss on Wall Street yesterday. Disappointing figures on the American housing market pushed the stock market down yesterday.

Tonight the United States Federal Funds Target Rate will be announced.

The 6M Euribor remained unchanged at 1.02% and the 10Y Swap decreased by 7 basis points to 2.91%

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, June 22, 2010

While the global financial markets welcomed the Chinese yuan becoming more flexible, Wall Street closed with a loss. Especially the shares of retailers in the U.S. were under pressure, due to the fact that many U.S. retailers import products from China and from now on probably face higher input costs.

The news from China pushed the European debt crisis into the background and the Euro benefited from these circumstances. The Euro currency closed yesterday over $ 1.24.

Last Friday's figures published by The Statistics Bureau of the Netherlands (CBS) show that the Dutch consumer confidence in June continues to decline. The consumer confidence index declined to -18 from -16 in May. On the other hand, the statistics bureau reported that consumers are less negative in June judging their own financial situation over the past 12 months. Moreover, the CBS found that consumers are more tempted to buy large purchases in June than in May.

The 6M Euribor increased by 1 basis point to 1.02% and the 10Y Swap increased by 7 basis points to 3.01%.

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Monday, June 21, 2010

Last Friday the Dutch Central Office of Statistics published figures that show that the consumer confidence index in the Netherlands in June fell to -18. The index for the consumer confidence was -16 in May and -15 in April. The sub indicator for the economic situation declined the most in the last 12 months, it dropped by 10 points. The sub indicator for the willingness to buy increased by 2 points to -10.

Saturday the Chinese authorities announced that the peg between their national currency, the yuan, and the dollar will end. In response the US dollar exchange rate fell against the euro in the Asian trade and the interest in the Japanese and the Chinese stocks rose. The bond markets reaction was negative. Partly due to this news both the 5Y and 10Y Swap increased with 7 basis points.

Figures from the German Central Office of Statistics show that the German producer prices increased by 0.3% in May on monthly basis compared to the previous month. Economists consulted by the Dow Jones expected an increase of 0.1% on a monthly basis. On an annual basis the German producer prices increased with 0.9%. The economists consulted by the Dow Jones expected an increase of 0.7%.

The 6M Euribor increased by 1 basis point to 1.02% and the 10Y Swap increased by 7 basis points to 3.01%.

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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Friday, June 18, 2010

Yesterday, EU leaders agreed to publish the results of a stress test for 25 major European banks. The banks will be called by name and it is expected that the EU makes the results public in July. Rabobank expects that European banks need as a result of this decision EUR 100 billion additional capital. Spain has strongly insisted on this decision, to give financial markets more insight into the solvency and financial soundness of banks in the EU. Earlier, the Spanish government announced to publish the results of a stress test subject to all Spanish banks to restore the confidence in Spanish financial institutions.

In May, the U.S. index of leading economic indicators has grown slower than expected, shown by figures published yesterday by the Conference Board. The index of leading factors rose by 0.4% in May, where economists expected an increase of 0.6%. In April, the index remained unchanged compared to March.

The 6M Euribor remained unchanged at 1.01% and the 10Y Swap increased by 2 basis points to 2.92%.

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Thursday, June 17, 2010

Euro zone inflation for May rose to 1.6% on a yearly basis, up 0,1% from April. Higher energy and import prices resulting from the weakening of the euro are root causes for this increase. Jean-Claude Trichet, president of the European central bank, stated that inflation in the euro zone could increase in the course of the year as the European economy is gathering pace.

The Chancellor of the Exchequer, George Osborne, announced he is planning for dismantling the Financial Services Authority (FSA) according to the Financial Times. The Bank of England would become the financial regulator, giving the central bank a prominent role in the financial sector. Next to monetary policy the bank would now also get a regulating role.

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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